VEQT.TO vs. ZPAY.TO

Last updated Jun 24, 2026

VEQT.TO (Vanguard All-Equity ETF Portfolio) and ZPAY.TO (BMO Premium Yield ETF) are both exchange-traded funds - VEQT.TO is a Global Equities fund actively managed by Vanguard, while ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, VEQT.TO returned 13.69%/yr vs 7.62%/yr for ZPAY.TO. A 0.65 correlation means they provide meaningful diversification when combined. VEQT.TO charges 0.24%/yr vs 0.73%/yr for ZPAY.TO.

Performance

VEQT.TO vs. ZPAY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard All-Equity ETF Portfolio (VEQT.TO) and BMO Premium Yield ETF (ZPAY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEQT.TO achieves a 13.11% return, which is significantly higher than ZPAY.TO's 6.16% return.

VEQT.TO

• 1D: -1.22%
• 1M: 2.20%
• YTD: 13.11%
• 6M: 12.42%
• 1Y: 30.96%
• 3Y*: 23.22%
• 5Y*: 13.69%
• 10Y*: —

ZPAY.TO

• 1D: 0.30%
• 1M: 1.13%
• YTD: 6.16%
• 6M: 1.20%
• 1Y: 9.28%
• 3Y*: 9.60%
• 5Y*: 7.62%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VEQT.TO vs. ZPAY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VEQT.TO Vanguard All-Equity ETF Portfolio	13.11%	20.37%	24.98%	16.71%	-10.76%	19.62%	7.89%
ZPAY.TO BMO Premium Yield ETF	6.16%	-0.12%	16.77%	16.69%	-6.49%	9.36%	6.41%

Correlation

The correlation between VEQT.TO and ZPAY.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.65

The correlation between VEQT.TO and ZPAY.TO has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

VEQT.TO vs. ZPAY.TO - Sectors Allocation Comparison

Sectors	VEQT.TO	ZPAY.TO
Technology	25.2%	31.3%
Financial Services	20.8%	15.3%
Industrials	10.6%	7.6%
Basic Materials	8.0%	2.8%
Energy	7.8%	-
Consumer Cyclical	7.2%	0.8%
Communication Services	6.0%	17.1%
Healthcare	5.7%	16.8%
Consumer Defensive	4.0%	8.4%
Utilities	2.7%	-
Real Estate	1.7%	-

Return for Risk

VEQT.TO vs. ZPAY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VEQT.TO

VEQT.TO Risk / Return Rank: 82
VEQT.TO Sharpe Ratio Rank: 82
VEQT.TO Sortino Ratio Rank: 82
VEQT.TO Omega Ratio Rank: 82
VEQT.TO Calmar Ratio Rank: 78
VEQT.TO Martin Ratio Rank: 84

ZPAY.TO

ZPAY.TO Risk / Return Rank: 26
ZPAY.TO Sharpe Ratio Rank: 32
ZPAY.TO Sortino Ratio Rank: 28
ZPAY.TO Omega Ratio Rank: 32
ZPAY.TO Calmar Ratio Rank: 21
ZPAY.TO Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VEQT.TO vs. ZPAY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard All-Equity ETF Portfolio (VEQT.TO) and BMO Premium Yield ETF (ZPAY.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VEQT.TO	ZPAY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.09	+1.45
Sortino ratio: Return per unit of downside risk	3.46	1.46	+1.99
Omega ratio: Gain probability vs. loss probability	1.47	1.21	+0.26
Calmar ratio: Return relative to maximum drawdown	3.86	0.94	+2.93
Martin ratio: Return relative to average drawdown	16.68	2.14	+14.54

VEQT.TO vs. ZPAY.TO - Sharpe Ratio Comparison

The current VEQT.TO Sharpe Ratio is 2.54, which is higher than the ZPAY.TO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VEQT.TO and ZPAY.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEQT.TO vs. ZPAY.TO - Drawdown Comparison

The maximum VEQT.TO drawdown since its inception was -30.45%, which is greater than ZPAY.TO's maximum drawdown of -14.90%. Use the drawdown chart below to compare losses from any high point for VEQT.TO and ZPAY.TO.

Drawdown Indicators

	VEQT.TO	ZPAY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.45%	-14.90%	-15.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-9.94%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-15.46%	-12.50%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-14.80%	-3.52%
Current Drawdown Current decline from peak	-1.40%	-0.83%	-0.57%
Average Drawdown Average peak-to-trough decline	-3.69%	-2.83%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	4.34%	-2.48%

Volatility

VEQT.TO vs. ZPAY.TO - Volatility Comparison

Vanguard All-Equity ETF Portfolio (VEQT.TO) has a higher volatility of 4.69% compared to BMO Premium Yield ETF (ZPAY.TO) at 2.48%. This indicates that VEQT.TO's price experiences larger fluctuations and is considered to be riskier than ZPAY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEQT.TO	ZPAY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	2.48%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	7.15%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	8.56%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	10.60%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	11.94%	+3.85%

VEQT.TO vs. ZPAY.TO - Expense Ratio Comparison

VEQT.TO has a 0.24% expense ratio, which is lower than ZPAY.TO's 0.73% expense ratio.

Dividends

VEQT.TO vs. ZPAY.TO - Dividend Comparison

VEQT.TO's dividend yield for the trailing twelve months is around 1.25%, less than ZPAY.TO's 7.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
VEQT.TO Vanguard All-Equity ETF Portfolio	1.25%	1.42%	1.58%	1.88%	2.09%	1.40%	1.48%	1.43%
ZPAY.TO BMO Premium Yield ETF	7.31%	7.48%	5.67%	6.24%	6.83%	5.95%	5.29%	0.00%

Frequently Asked Questions

Can I hold both VEQT.TO and ZPAY.TO in my portfolio?

VEQT.TO and ZPAY.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEQT.TO or ZPAY.TO?

On fees, VEQT.TO is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEQT.TO or ZPAY.TO?

VEQT.TO is cheaper with a 0.24% expense ratio, compared with 0.73% for ZPAY.TO.

What is the main difference between VEQT.TO and ZPAY.TO?

VEQT.TO is categorized as Global Equities, while ZPAY.TO is Large Cap Growth Equities. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.24% for VEQT.TO and 0.73% for ZPAY.TO.