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VXC.TO vs. ZEA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXC.TO vs. ZEA.TO

Last updated Jun 4, 2026

VXC.TO (Vanguard FTSE Global All Cap ex Canada Index ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both Global Equities funds - VXC.TO tracks the FTSE Global All Cap ex Canada China A Inclusion Index while ZEA.TO tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, VXC.TO returned 13.05%/yr vs 9.78%/yr for ZEA.TO. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.22% expense ratio.

Performance

VXC.TO vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) and BMO MSCI EAFE Index ETF (ZEA.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VXC.TO achieves a 13.63% return, which is significantly higher than ZEA.TO's 10.01% return. Over the past 10 years, VXC.TO has outperformed ZEA.TO with an annualized return of 13.05%, while ZEA.TO has yielded a comparatively lower 9.78% annualized return.

VXC.TO

1D
-0.35%
1M
7.19%
YTD
13.63%
6M
12.36%
1Y
30.23%
3Y*
21.78%
5Y*
13.65%
10Y*
13.05%

ZEA.TO

1D
-0.45%
1M
5.71%
YTD
10.01%
6M
10.15%
1Y
22.06%
3Y*
17.46%
5Y*
11.02%
10Y*
9.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXC.TO vs. ZEA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		13.63%15.89%26.06%19.20%-13.02%17.20%14.13%20.47%-2.86%15.94%
ZEA.TO
BMO MSCI EAFE Index ETF		10.01%24.28%11.56%16.02%-8.51%10.64%5.13%16.71%-6.24%16.77%

Correlation

The correlation between VXC.TO and ZEA.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.85

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.81

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2014

0.82

The correlation between VXC.TO and ZEA.TO has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

VXC.TO vs. ZEA.TO - Sectors Allocation Comparison

Sectors
VXC.TO
ZEA.TO

Technology

31.2%
10.5%

Financial Services

15.2%
24.4%

Industrials

10.5%
20.0%

Consumer Cyclical

9.1%
7.6%

Communication Services

9.0%
4.6%

Healthcare

8.4%
10.5%

Consumer Defensive

4.9%
6.8%

Energy

3.8%
3.9%

Basic Materials

3.0%
6.0%

Utilities

2.8%
3.9%

Real Estate

1.6%
1.9%

Technology

VXC.TO
31.2%
ZEA.TO
10.5%

Financial Services

VXC.TO
15.2%
ZEA.TO
24.4%

Industrials

VXC.TO
10.5%
ZEA.TO
20.0%

Consumer Cyclical

VXC.TO
9.1%
ZEA.TO
7.6%

Communication Services

VXC.TO
9.0%
ZEA.TO
4.6%

Healthcare

VXC.TO
8.4%
ZEA.TO
10.5%

Consumer Defensive

VXC.TO
4.9%
ZEA.TO
6.8%

Energy

VXC.TO
3.8%
ZEA.TO
3.9%

Basic Materials

VXC.TO
3.0%
ZEA.TO
6.0%

Utilities

VXC.TO
2.8%
ZEA.TO
3.9%

Real Estate

VXC.TO
1.6%
ZEA.TO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Global All Cap ex Canada Index ETF

BMO MSCI EAFE Index ETF

Often compared with VXC.TO:
VXC.TO vs. XAW.TOVXC.TO vs. XEQT.TOVXC.TO vs. VEQT.TOVXC.TO vs. VFV.TOVXC.TO vs. VTVXC.TO vs. XEF.TOVXC.TO vs. VOO
Often compared with ZEA.TO:
ZEA.TO vs. XEF.TOZEA.TO vs. XEQT.TOZEA.TO vs. XAW.TOZEA.TO vs. IEFAZEA.TO vs. VDU.TOZEA.TO vs. ZSP.TOZEA.TO vs. VFV.TO

Return for Risk

VXC.TO vs. ZEA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXC.TO
VXC.TO Risk / Return Rank: 7575
Overall Rank
VXC.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VXC.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
VXC.TO Omega Ratio Rank: 7777
Omega Ratio Rank
VXC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
VXC.TO Martin Ratio Rank: 7676
Martin Ratio Rank
ZEA.TO
ZEA.TO Risk / Return Rank: 4444
Overall Rank
ZEA.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 4747
Martin Ratio Rank
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.

VXC.TO vs. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) and BMO MSCI EAFE Index ETF (ZEA.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.

VXC.TOZEA.TODifference
Sharpe ratioReturn per unit of total volatility
2.48
1.59

+0.89

Sortino ratioReturn per unit of downside risk
3.45
2.28

+1.17

Omega ratioGain probability vs. loss probability

1.47

1.30

+0.17

Calmar ratioReturn relative to maximum drawdown

3.68

2.03

+1.65

Martin ratioReturn relative to average drawdown

14.87

7.92

+6.95

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXC.TO vs. ZEA.TO - Sharpe Ratio Comparison

The current VXC.TO Sharpe Ratio is 2.48, which is higher than the ZEA.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of VXC.TO and ZEA.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.

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Sharpe Ratios by Period

VXC.TOZEA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.48

1.59

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.00

0.82

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.66

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

0.59

+0.24

Drawdowns

VXC.TO vs. ZEA.TO - Drawdown Comparison

The maximum VXC.TO drawdown since its inception was -27.28%, roughly equal to the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for VXC.TO and ZEA.TO.

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Drawdown Indicators

VXC.TOZEA.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.28%

-27.80%

+0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-8.24%

-10.91%

+2.67%

Max Drawdown (3Y)

Largest decline over 3 years

-16.76%

-14.11%

-2.65%

Max Drawdown (5Y)

Largest decline over 5 years

-21.61%

-23.67%

+2.06%

Max Drawdown (10Y)

Largest decline over 10 years

-27.28%

-27.80%

+0.52%

Current Drawdown

Current decline from peak

-0.35%

-2.13%

+1.78%

Average Drawdown

Average peak-to-trough decline

-3.89%

-4.63%

+0.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.79%

-0.75%

Volatility

VXC.TO vs. ZEA.TO - Volatility Comparison

The current volatility for Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) is 3.81%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 5.70%. This indicates that VXC.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXC.TOZEA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

5.70%

-1.89%

Volatility (6M)

Calculated over the trailing 6-month period

9.86%

11.68%

-1.82%

Volatility (1Y)

Calculated over the trailing 1-year period

12.24%

13.94%

-1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

13.51%

+0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.28%

14.92%

+0.36%

VXC.TO vs. ZEA.TO - Expense Ratio Comparison

Both VXC.TO and ZEA.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VXC.TO vs. ZEA.TO - Dividend Comparison

VXC.TO's dividend yield for the trailing twelve months is around 1.22%, less than ZEA.TO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		1.22%1.39%1.45%1.68%1.82%1.48%1.46%1.80%1.94%1.68%1.85%1.83%
ZEA.TO
BMO MSCI EAFE Index ETF		1.94%2.17%2.77%3.00%3.06%2.48%2.72%2.93%3.03%2.39%2.78%2.42%

Frequently Asked Questions

VXC.TO and ZEA.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.22% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

VXC.TO and ZEA.TO have the same expense ratio: 0.22% per year.

VXC.TO tracks FTSE Global All Cap ex Canada China A Inclusion Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: Vanguard and BMO.

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