VEQT.TO vs. ZWU.TO

Last updated Jul 15, 2026

VEQT.TO (Vanguard All-Equity ETF Portfolio) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - VEQT.TO is a Global Equities fund actively managed by Vanguard, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, VEQT.TO returned 13.46%/yr vs 6.24%/yr for ZWU.TO. At a 0.43 correlation, their price movements are largely independent. VEQT.TO charges 0.24%/yr vs 0.65%/yr for ZWU.TO.

Performance

VEQT.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.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 13.96% return, which is significantly higher than ZWU.TO's 11.35% return.

VEQT.TO

• 1D: -0.03%
• 1M: 1.32%
• 6M: 9.81%
• YTD: 13.96%
• 1Y: 27.98%
• 3Y*: 21.71%
• 5Y*: 13.46%
• 10Y*: —

ZWU.TO

• 1D: -0.08%
• 1M: -0.34%
• 6M: 12.06%
• YTD: 11.35%
• 1Y: 15.26%
• 3Y*: 11.63%
• 5Y*: 6.24%
• 10Y*: 5.84%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEQT.TO Vanguard All-Equity ETF Portfolio	13.96%	20.37%	24.98%	16.71%	-10.76%	19.62%	11.43%	13.06%
ZWU.TO BMO Covered Call Utilities ETF	11.35%	13.18%	10.97%	-2.79%	-3.88%	15.80%	-7.09%	15.81%

Correlation

The correlation between VEQT.TO and ZWU.TO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 5, 2019	0.43

The correlation between VEQT.TO and ZWU.TO shifts across timeframes, from -0.04 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

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

Sectors	VEQT.TO	ZWU.TO
Technology	22.0%	-
Financial Services	20.8%	5.3%
Industrials	11.7%	-
Energy	8.2%	23.8%
Basic Materials	7.9%	-
Consumer Cyclical	7.8%	-
Communication Services	6.3%	19.7%
Healthcare	6.1%	-
Consumer Defensive	4.3%	-
Utilities	2.7%	51.0%
Real Estate	2.2%	-

Return for Risk

VEQT.TO vs. ZWU.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: 86
VEQT.TO Sharpe Ratio Rank: 88
VEQT.TO Sortino Ratio Rank: 87
VEQT.TO Omega Ratio Rank: 87
VEQT.TO Calmar Ratio Rank: 82
VEQT.TO Martin Ratio Rank: 88

ZWU.TO

ZWU.TO Risk / Return Rank: 72
ZWU.TO Sharpe Ratio Rank: 74
ZWU.TO Sortino Ratio Rank: 76
ZWU.TO Omega Ratio Rank: 71
ZWU.TO Calmar Ratio Rank: 77
ZWU.TO Martin Ratio Rank: 60

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. ZWU.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 Covered Call Utilities ETF (ZWU.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	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.89	+0.39
Sortino ratio: Return per unit of downside risk	3.13	2.71	+0.42
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.08
Calmar ratio: Return relative to maximum drawdown	3.49	3.15	+0.34
Martin ratio: Return relative to average drawdown	14.96	8.43	+6.52

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

The current VEQT.TO Sharpe Ratio is 2.27, which is comparable to the ZWU.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VEQT.TO and ZWU.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. ZWU.TO - Drawdown Comparison

The maximum VEQT.TO drawdown since its inception was -30.45%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for VEQT.TO and ZWU.TO.

Drawdown Indicators

	VEQT.TO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.45%	-37.41%	+6.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-4.86%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.46%	-12.23%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-23.36%	+5.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.41%	—
Current Drawdown Current decline from peak	-1.27%	-1.57%	+0.30%
Average Drawdown Average peak-to-trough decline	-3.66%	-5.35%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.81%	+0.07%

Volatility

VEQT.TO vs. ZWU.TO - Volatility Comparison

The current volatility for Vanguard All-Equity ETF Portfolio (VEQT.TO) is 3.09%, while BMO Covered Call Utilities ETF (ZWU.TO) has a volatility of 3.37%. This indicates that VEQT.TO experiences smaller price fluctuations and is considered to be less risky than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEQT.TO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	3.37%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	6.76%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	8.12%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	10.56%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	14.20%	+1.55%

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

VEQT.TO has a 0.24% expense ratio, which is lower than ZWU.TO's 0.65% expense ratio.

Dividends

VEQT.TO vs. ZWU.TO - Dividend Comparison

VEQT.TO's dividend yield for the trailing twelve months is around 1.24%, less than ZWU.TO's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEQT.TO Vanguard All-Equity ETF Portfolio	1.24%	1.42%	1.58%	1.88%	2.09%	1.40%	1.48%	1.43%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.06%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

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

VEQT.TO and ZWU.TO have a correlation of -0.04, 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 ZWU.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 ZWU.TO?

VEQT.TO is cheaper with a 0.24% expense ratio, compared with 0.65% for ZWU.TO.

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

VEQT.TO is categorized as Global Equities, while ZWU.TO is Utilities Equities. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.24% for VEQT.TO and 0.65% for ZWU.TO.