XEU.TO vs. ZEB.TO
XEU.TO (iShares MSCI Europe IMI Index ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 10 years, XEU.TO returned 9.91%/yr vs 15.96%/yr for ZEB.TO. At a 0.49 correlation, their price movements are largely independent. XEU.TO charges 0.28%/yr vs 0.25%/yr for ZEB.TO.
Performance
XEU.TO vs. ZEB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEU.TO achieves a 8.15% return, which is significantly lower than ZEB.TO's 21.18% return. Over the past 10 years, XEU.TO has underperformed ZEB.TO with an annualized return of 9.91%, while ZEB.TO has yielded a comparatively higher 15.96% annualized return.
XEU.TO
- 1D
- 1.25%
- 1M
- 4.74%
- YTD
- 8.15%
- 6M
- 9.58%
- 1Y
- 19.62%
- 3Y*
- 17.76%
- 5Y*
- 11.11%
- 10Y*
- 9.91%
ZEB.TO
- 1D
- 1.64%
- 1M
- 6.82%
- YTD
- 21.18%
- 6M
- 24.38%
- 1Y
- 63.15%
- 3Y*
- 34.10%
- 5Y*
- 18.56%
- 10Y*
- 15.96%
XEU.TO vs. ZEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEU.TO iShares MSCI Europe IMI Index ETF | 8.15% | 29.40% | 9.36% | 17.36% | -10.48% | 16.36% | 3.16% | 18.30% | -8.11% | 18.48% |
ZEB.TO BMO Equal Weight Banks Index ETF | 21.18% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
Correlation
The correlation between XEU.TO and ZEB.TO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2014 | 0.49 |
The correlation between XEU.TO and ZEB.TO has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.
XEU.TO vs. ZEB.TO - Sectors Allocation Comparison
Sectors
XEU.TO
ZEB.TO
Financial Services
Industrials
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Healthcare
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Technology
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Consumer Defensive
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Consumer Cyclical
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Basic Materials
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Energy
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Utilities
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Communication Services
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Real Estate
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Financial Services
XEU.TO
ZEB.TO
Industrials
XEU.TO
ZEB.TO
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Healthcare
XEU.TO
ZEB.TO
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Technology
XEU.TO
ZEB.TO
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Consumer Defensive
XEU.TO
ZEB.TO
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Consumer Cyclical
XEU.TO
ZEB.TO
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Basic Materials
XEU.TO
ZEB.TO
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Energy
XEU.TO
ZEB.TO
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Utilities
XEU.TO
ZEB.TO
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Communication Services
XEU.TO
ZEB.TO
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Real Estate
XEU.TO
ZEB.TO
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Return for Risk
XEU.TO vs. ZEB.TO — Risk / Return Rank
XEU.TO
ZEB.TO
XEU.TO vs. ZEB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (XEU.TO) and BMO Equal Weight Banks Index ETF (ZEB.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.
| XEU.TO | ZEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.61 | ||
| Sortino ratioReturn per unit of downside risk | -4.80 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.94 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 7.52 | -5.87 |
| Martin ratioReturn relative to average drawdown | 6.36 | 32.34 | -25.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEU.TO | ZEB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 5.00 | -3.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | 1.38 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.95 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.89 | -0.35 |
Drawdowns
XEU.TO vs. ZEB.TO - Drawdown Comparison
The maximum XEU.TO drawdown since its inception was -32.02%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for XEU.TO and ZEB.TO.
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Drawdown Indicators
| XEU.TO | ZEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.02% | -39.69% | +7.67% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -8.44% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -14.62% | -14.80% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -26.96% | -25.97% | -0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -32.02% | -39.69% | +7.67% |
Current DrawdownCurrent decline from peak | -0.51% | -0.39% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -5.65% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 1.96% | +1.13% |
Volatility
XEU.TO vs. ZEB.TO - Volatility Comparison
iShares MSCI Europe IMI Index ETF (XEU.TO) and BMO Equal Weight Banks Index ETF (ZEB.TO) have volatilities of 5.09% and 5.08%, 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.
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Volatility by Period
| XEU.TO | ZEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 5.08% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.91% | 11.16% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.25% | 12.71% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 13.53% | +1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.09% | 16.91% | -0.82% |
XEU.TO vs. ZEB.TO - Expense Ratio Comparison
XEU.TO has a 0.28% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.
Dividends
XEU.TO vs. ZEB.TO - Dividend Comparison
XEU.TO's dividend yield for the trailing twelve months is around 2.28%, less than ZEB.TO's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEU.TO iShares MSCI Europe IMI Index ETF | 2.28% | 2.47% | 2.68% | 2.96% | 3.03% | 2.42% | 1.98% | 3.56% | 3.28% | 2.27% | 2.91% | 2.33% |
ZEB.TO BMO Equal Weight Banks Index ETF | 2.49% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
Frequently Asked Questions
XEU.TO and ZEB.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.28% for XEU.TO.
XEU.TO is categorized as Europe Equities, while ZEB.TO is Financials Equities. XEU.TO tracks Morningstar Eur GR CAD, while ZEB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for XEU.TO and 0.25% for ZEB.TO.
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