PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XEU.TO vs. ZWP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEU.TO vs. ZWP.TO

Last updated Jun 4, 2026

XEU.TO (iShares MSCI Europe IMI Index ETF) and ZWP.TO (BMO Covered Call Europe High Dividend ETF) are both Europe Equities funds. XEU.TO is passively managed, while ZWP.TO is actively managed. Over the past 5 years, XEU.TO returned 10.84%/yr vs 10.85%/yr for ZWP.TO. A 0.71 correlation means they provide meaningful diversification when combined. XEU.TO charges 0.28%/yr vs 0.65%/yr for ZWP.TO.

Performance

XEU.TO vs. ZWP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (XEU.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XEU.TO achieves a 6.82% return, which is significantly higher than ZWP.TO's 4.01% return.

XEU.TO

1D
-0.82%
1M
5.05%
YTD
6.82%
6M
8.23%
1Y
18.70%
3Y*
17.08%
5Y*
10.84%
10Y*
9.77%

ZWP.TO

1D
-0.15%
1M
2.94%
YTD
4.01%
6M
5.17%
1Y
15.26%
3Y*
14.07%
5Y*
10.85%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEU.TO vs. ZWP.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XEU.TO
iShares MSCI Europe IMI Index ETF		6.82%29.40%9.36%17.36%-10.48%16.36%3.16%18.30%-10.29%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		4.01%22.37%8.60%16.33%-0.97%12.69%-3.55%13.15%-9.11%

Correlation

The correlation between XEU.TO and ZWP.TO is 0.76, 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

0.76

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

0.70

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

0.71

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2018

0.71

The correlation between XEU.TO and ZWP.TO has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

XEU.TO vs. ZWP.TO - Sectors Allocation Comparison

Sectors
XEU.TO
ZWP.TO

Financial Services

22.5%
24.1%

Industrials

15.6%
13.4%

Healthcare

10.5%
12.5%

Technology

8.4%
5.2%

Consumer Defensive

8.0%
8.3%

Consumer Cyclical

6.5%
3.3%

Basic Materials

5.3%
7.0%

Energy

4.0%
10.0%

Utilities

3.5%
9.8%

Communication Services

3.3%
6.4%

Real Estate

1.4%

-

Financial Services

XEU.TO
22.5%
ZWP.TO
24.1%

Industrials

XEU.TO
15.6%
ZWP.TO
13.4%

Healthcare

XEU.TO
10.5%
ZWP.TO
12.5%

Technology

XEU.TO
8.4%
ZWP.TO
5.2%

Consumer Defensive

XEU.TO
8.0%
ZWP.TO
8.3%

Consumer Cyclical

XEU.TO
6.5%
ZWP.TO
3.3%

Basic Materials

XEU.TO
5.3%
ZWP.TO
7.0%

Energy

XEU.TO
4.0%
ZWP.TO
10.0%

Utilities

XEU.TO
3.5%
ZWP.TO
9.8%

Communication Services

XEU.TO
3.3%
ZWP.TO
6.4%

Real Estate

XEU.TO
1.4%
ZWP.TO

-

Compare stocks, funds, or ETFs

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

iShares MSCI Europe IMI Index ETF

BMO Covered Call Europe High Dividend ETF

Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO
Often compared with ZWP.TO:
ZWP.TO vs. ZDI.TOZWP.TO vs. VIDY.TOZWP.TO vs. HBIL.TOZWP.TO vs. VDY.TOZWP.TO vs. HUTE.TOZWP.TO vs. ZEQ.TOZWP.TO vs. ZWU.TO

Return for Risk

XEU.TO vs. ZWP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEU.TO
XEU.TO Risk / Return Rank: 3535
Overall Rank
XEU.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 3636
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 3838
Martin Ratio Rank
ZWP.TO
ZWP.TO Risk / Return Rank: 3232
Overall Rank
ZWP.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
ZWP.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
ZWP.TO Omega Ratio Rank: 3434
Omega Ratio Rank
ZWP.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZWP.TO Martin Ratio Rank: 3333
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.

XEU.TO vs. ZWP.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 Covered Call Europe High Dividend ETF (ZWP.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.TOZWP.TODifference
Sharpe ratioReturn per unit of total volatility
1.32
1.22

+0.10

Sortino ratioReturn per unit of downside risk
1.90
1.74

+0.17

Omega ratioGain probability vs. loss probability

1.24

1.23

+0.01

Calmar ratioReturn relative to maximum drawdown

1.57

1.43

+0.14

Martin ratioReturn relative to average drawdown

6.06

4.92

+1.14

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

XEU.TO vs. ZWP.TO - Sharpe Ratio Comparison

The current XEU.TO Sharpe Ratio is 1.32, which is comparable to the ZWP.TO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of XEU.TO and ZWP.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.

Loading charts...

Sharpe Ratios by Period

XEU.TOZWP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

1.22

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.78

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.46

+0.07

Drawdowns

XEU.TO vs. ZWP.TO - Drawdown Comparison

The maximum XEU.TO drawdown since its inception was -32.02%, roughly equal to the maximum ZWP.TO drawdown of -30.71%. Use the drawdown chart below to compare losses from any high point for XEU.TO and ZWP.TO.

Loading charts...

Drawdown Indicators

XEU.TOZWP.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.02%

-30.71%

-1.31%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-10.68%

-1.26%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-14.04%

-0.58%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-19.30%

-7.66%

Max Drawdown (10Y)

Largest decline over 10 years

-32.02%

—

—

Current Drawdown

Current decline from peak

-1.74%

-2.33%

+0.59%

Average Drawdown

Average peak-to-trough decline

-5.38%

-4.74%

-0.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.11%

-0.02%

Volatility

XEU.TO vs. ZWP.TO - Volatility Comparison

iShares MSCI Europe IMI Index ETF (XEU.TO) has a higher volatility of 5.16% compared to BMO Covered Call Europe High Dividend ETF (ZWP.TO) at 4.03%. This indicates that XEU.TO's price experiences larger fluctuations and is considered to be riskier than ZWP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XEU.TOZWP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.16%

4.03%

+1.13%

Volatility (6M)

Calculated over the trailing 6-month period

11.85%

10.19%

+1.66%

Volatility (1Y)

Calculated over the trailing 1-year period

14.22%

12.56%

+1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.72%

14.02%

+0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

15.71%

+0.38%

XEU.TO vs. ZWP.TO - Expense Ratio Comparison

XEU.TO has a 0.28% expense ratio, which is lower than ZWP.TO's 0.65% expense ratio.

Dividends

XEU.TO vs. ZWP.TO - Dividend Comparison

XEU.TO's dividend yield for the trailing twelve months is around 2.31%, less than ZWP.TO's 6.16% yield.

PositionTTM20252024202320222021202020192018201720162015
XEU.TO
iShares MSCI Europe IMI Index ETF		2.31%2.47%2.68%2.96%3.03%2.42%1.98%3.56%3.28%2.27%2.91%2.33%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		6.16%6.22%7.13%7.23%7.04%6.45%7.28%6.92%6.45%0.00%0.00%0.00%

Frequently Asked Questions

XEU.TO and ZWP.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEU.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEU.TO is cheaper with a 0.28% expense ratio, compared with 0.65% for ZWP.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for XEU.TO and 0.65% for ZWP.TO.

Portfolio Optimizer

Find the right allocation for XEU.TO and ZWP.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer