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XAW.TO vs. ZGQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XAW.TO vs. ZGQ.TO

Last updated Jun 4, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) are both Global Equities funds - XAW.TO tracks the Morningstar Gbl GR CAD while ZGQ.TO tracks the MSCI All Country World High Quality Index. Both are passively managed. Over the past 10 years, XAW.TO returned 13.22%/yr vs 15.07%/yr for ZGQ.TO. A 0.75 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.50%/yr for ZGQ.TO.

Performance

XAW.TO vs. ZGQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and BMO MSCI All Country World High Quality Index ETF (ZGQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with XAW.TO having a 13.70% return and ZGQ.TO slightly lower at 13.23%. Over the past 10 years, XAW.TO has underperformed ZGQ.TO with an annualized return of 13.22%, while ZGQ.TO has yielded a comparatively higher 15.07% annualized return.

XAW.TO

1D
-0.37%
1M
7.13%
YTD
13.70%
6M
12.70%
1Y
30.51%
3Y*
21.73%
5Y*
13.96%
10Y*
13.22%

ZGQ.TO

1D
-0.05%
1M
6.84%
YTD
13.23%
6M
8.19%
1Y
25.52%
3Y*
20.50%
5Y*
13.96%
10Y*
15.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XAW.TO vs. ZGQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.70%15.87%26.31%18.45%-11.84%18.38%12.37%19.82%-2.28%16.10%
ZGQ.TO
BMO MSCI All Country World High Quality Index ETF		13.23%8.04%29.47%29.38%-18.76%21.44%22.41%28.91%-0.12%19.54%

Correlation

The correlation between XAW.TO and ZGQ.TO is 0.91, 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

0.91

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

0.90

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

0.90

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

0.81

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.75

The correlation between XAW.TO and ZGQ.TO shifts across timeframes, from 0.75 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

XAW.TO vs. ZGQ.TO - Sectors Allocation Comparison

Sectors
XAW.TO
ZGQ.TO

Technology

32.6%
38.4%

Financial Services

13.7%
7.5%

Industrials

9.1%
11.2%

Consumer Cyclical

8.8%
4.0%

Communication Services

8.7%
13.3%

Healthcare

7.8%
13.4%

Consumer Defensive

4.6%
9.3%

Energy

3.3%
0.4%

Basic Materials

2.8%
2.2%

Utilities

2.2%
0.2%

Real Estate

1.4%
0.3%

Technology

XAW.TO
32.6%
ZGQ.TO
38.4%

Financial Services

XAW.TO
13.7%
ZGQ.TO
7.5%

Industrials

XAW.TO
9.1%
ZGQ.TO
11.2%

Consumer Cyclical

XAW.TO
8.8%
ZGQ.TO
4.0%

Communication Services

XAW.TO
8.7%
ZGQ.TO
13.3%

Healthcare

XAW.TO
7.8%
ZGQ.TO
13.4%

Consumer Defensive

XAW.TO
4.6%
ZGQ.TO
9.3%

Energy

XAW.TO
3.3%
ZGQ.TO
0.4%

Basic Materials

XAW.TO
2.8%
ZGQ.TO
2.2%

Utilities

XAW.TO
2.2%
ZGQ.TO
0.2%

Real Estate

XAW.TO
1.4%
ZGQ.TO
0.3%

Compare stocks, funds, or ETFs

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iShares Core MSCI All Country World ex Canada Index ETF

BMO MSCI All Country World High Quality Index ETF

Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT
Often compared with ZGQ.TO:
ZGQ.TO vs. XEQT.TOZGQ.TO vs. XWD.TOZGQ.TO vs. ZUQ.TOZGQ.TO vs. VFV.TOZGQ.TO vs. ZNQ.TOZGQ.TO vs. VOOZGQ.TO vs. VT

Return for Risk

XAW.TO vs. ZGQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XAW.TO
XAW.TO Risk / Return Rank: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
ZGQ.TO
ZGQ.TO Risk / Return Rank: 5555
Overall Rank
ZGQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZGQ.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
ZGQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZGQ.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZGQ.TO Martin Ratio Rank: 6262
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.

XAW.TO vs. ZGQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and BMO MSCI All Country World High Quality Index ETF (ZGQ.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.

XAW.TOZGQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.50
1.83

+0.68

Sortino ratioReturn per unit of downside risk
3.49
2.57

+0.92

Omega ratioGain probability vs. loss probability

1.48

1.34

+0.13

Calmar ratioReturn relative to maximum drawdown

3.76

2.78

+0.98

Martin ratioReturn relative to average drawdown

15.15

11.30

+3.86

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

XAW.TO vs. ZGQ.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.50, which is higher than the ZGQ.TO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of XAW.TO and ZGQ.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

XAW.TOZGQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

1.83

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

0.89

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

0.94

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.93

-0.14

Drawdowns

XAW.TO vs. ZGQ.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, roughly equal to the maximum ZGQ.TO drawdown of -26.68%. Use the drawdown chart below to compare losses from any high point for XAW.TO and ZGQ.TO.

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Drawdown Indicators

XAW.TOZGQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-26.68%

-0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-9.22%

+1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-18.36%

+1.70%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-26.68%

+5.66%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-26.68%

-0.64%

Current Drawdown

Current decline from peak

-0.37%

-1.17%

+0.80%

Average Drawdown

Average peak-to-trough decline

-3.91%

-4.49%

+0.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.02%

2.27%

-0.25%

Volatility

XAW.TO vs. ZGQ.TO - Volatility Comparison

The current volatility for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) is 4.21%, while BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a volatility of 4.57%. This indicates that XAW.TO experiences smaller price fluctuations and is considered to be less risky than ZGQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XAW.TOZGQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

4.57%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

11.49%

-1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

12.25%

14.04%

-1.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.56%

15.83%

-2.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.12%

16.15%

-1.03%

XAW.TO vs. ZGQ.TO - Expense Ratio Comparison

XAW.TO has a 0.22% expense ratio, which is lower than ZGQ.TO's 0.50% expense ratio.

Dividends

XAW.TO vs. ZGQ.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.17%, more than ZGQ.TO's 0.49% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%
ZGQ.TO
BMO MSCI All Country World High Quality Index ETF		0.49%0.60%0.90%1.33%1.34%0.86%0.99%1.10%1.51%1.09%1.35%1.03%

Frequently Asked Questions

With a correlation of 0.91, XAW.TO and ZGQ.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.50% for ZGQ.TO.

XAW.TO tracks Morningstar Gbl GR CAD, while ZGQ.TO tracks MSCI All Country World High Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XAW.TO and 0.50% for ZGQ.TO.

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