XEF-U.TO vs. ZDI.TO

Last updated Jun 4, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and ZDI.TO (BMO International Dividend ETF) are both exchange-traded funds - XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index, while ZDI.TO is a International Equity fund actively managed by BMO. XEF-U.TO is passively managed, while ZDI.TO is actively managed. Over the past 5 years, XEF-U.TO returned 7.17%/yr vs 9.60%/yr for ZDI.TO. At a 0.48 correlation, their price movements are largely independent. XEF-U.TO charges 0.21%/yr vs 0.44%/yr for ZDI.TO.

Performance

XEF-U.TO vs. ZDI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and BMO International Dividend ETF (ZDI.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XEF-U.TO is traded in USD, while ZDI.TO is traded in CAD. To make them comparable, the ZDI.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 8.45% return, which is significantly lower than ZDI.TO's 9.31% return.

XEF-U.TO

• 1D: -0.76%
• 1M: 3.58%
• YTD: 8.45%
• 6M: 10.90%
• 1Y: 20.77%
• 3Y*: 15.95%
• 5Y*: 7.17%
• 10Y*: —

ZDI.TO

• 1D: -0.43%
• 1M: 2.09%
• YTD: 9.31%
• 6M: 9.92%
• 1Y: 20.00%
• 3Y*: 15.75%
• 5Y*: 9.60%
• 10Y*: 8.50%

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

XEF-U.TO vs. ZDI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	8.45%	31.24%	2.23%	15.90%	-15.58%	10.81%	10.61%	1.79%
ZDI.TO BMO International Dividend ETF	9.31%	28.35%	1.84%	19.71%	-6.40%	13.70%	-4.33%	3.09%

Correlation

The correlation between XEF-U.TO and ZDI.TO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.48

Over the past year, XEF-U.TO and ZDI.TO have become more correlated (0.89) than their long-term average of 0.48, meaning their price movements have been converging.

Return for Risk

XEF-U.TO vs. ZDI.TO — Risk / Return Rank

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

XEF-U.TO

XEF-U.TO Risk / Return Rank: 38
XEF-U.TO Sharpe Ratio Rank: 38
XEF-U.TO Sortino Ratio Rank: 37
XEF-U.TO Omega Ratio Rank: 38
XEF-U.TO Calmar Ratio Rank: 36
XEF-U.TO Martin Ratio Rank: 42

ZDI.TO

ZDI.TO Risk / Return Rank: 46
ZDI.TO Sharpe Ratio Rank: 45
ZDI.TO Sortino Ratio Rank: 45
ZDI.TO Omega Ratio Rank: 47
ZDI.TO Calmar Ratio Rank: 43
ZDI.TO Martin Ratio Rank: 49

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.

XEF-U.TO vs. ZDI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and BMO International Dividend ETF (ZDI.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.

	XEF-U.TO	ZDI.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.38	0.00
Sortino ratio: Return per unit of downside risk	1.96	1.97	-0.01
Omega ratio: Gain probability vs. loss probability	1.26	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.80	1.90	-0.10
Martin ratio: Return relative to average drawdown	6.90	7.03	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEF-U.TO vs. ZDI.TO - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.38, which is comparable to the ZDI.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XEF-U.TO and ZDI.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.

Sharpe Ratios by Period

	XEF-U.TO	ZDI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.38	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.60	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.35	+0.33

Drawdowns

XEF-U.TO vs. ZDI.TO - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum ZDI.TO drawdown of -40.75%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and ZDI.TO.

Drawdown Indicators

	XEF-U.TO	ZDI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-40.75%	+7.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-10.55%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-13.77%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.18%	-25.59%	-5.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.75%	—
Current Drawdown Current decline from peak	-1.58%	-2.87%	+1.29%
Average Drawdown Average peak-to-trough decline	-5.61%	-7.38%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.85%	+0.18%

Volatility

XEF-U.TO vs. ZDI.TO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and BMO International Dividend ETF (ZDI.TO) have volatilities of 5.01% and 5.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEF-U.TO	ZDI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.18%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	11.76%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	14.57%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	15.98%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	18.39%	+6.02%

XEF-U.TO vs. ZDI.TO - Expense Ratio Comparison

XEF-U.TO has a 0.21% expense ratio, which is lower than ZDI.TO's 0.44% expense ratio.

Dividends

XEF-U.TO vs. ZDI.TO - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 1.63%, less than ZDI.TO's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.63%	1.77%	2.05%	2.09%	2.27%	1.94%	1.41%	0.77%	0.00%	0.00%	0.00%	0.00%
ZDI.TO BMO International Dividend ETF	3.05%	3.34%	3.94%	4.15%	3.99%	3.72%	4.96%	4.92%	5.23%	4.23%	4.62%	4.26%

Frequently Asked Questions

Can I hold both XEF-U.TO and ZDI.TO in my portfolio?

XEF-U.TO and ZDI.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEF-U.TO or ZDI.TO?

On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEF-U.TO or ZDI.TO?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.44% for ZDI.TO.

What is the main difference between XEF-U.TO and ZDI.TO?

XEF-U.TO is categorized as Global Equities, while ZDI.TO is International Equity. They also come from different issuers: iShares and BMO. Their fees differ too: 0.21% for XEF-U.TO and 0.44% for ZDI.TO.