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

XIN.TO vs. ZEA.TO

Last updated Jun 4, 2026

XIN.TO (iShares MSCI EAFE Index ETF (CAD-Hedged)) and ZEA.TO (BMO MSCI EAFE Index ETF) are both Global Equities funds - XIN.TO tracks the MSCI EAFE 100% Hedged to CAD Index while ZEA.TO tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, XIN.TO returned 12.75%/yr vs 9.78%/yr for ZEA.TO. A 0.74 correlation means they provide meaningful diversification when combined. XIN.TO charges 0.52%/yr vs 0.22%/yr for ZEA.TO.

Performance

XIN.TO vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.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, XIN.TO achieves a 9.11% return, which is significantly lower than ZEA.TO's 10.01% return. Over the past 10 years, XIN.TO has outperformed ZEA.TO with an annualized return of 12.75%, while ZEA.TO has yielded a comparatively lower 9.78% annualized return.

XIN.TO

1D
-0.52%
1M
4.48%
YTD
9.11%
6M
10.87%
1Y
21.23%
3Y*
16.54%
5Y*
15.09%
10Y*
12.75%

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)

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

2026 (YTD)202520242023202220212020201920182017
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		9.11%20.30%14.27%19.36%1.59%25.71%-0.02%24.88%-10.05%16.34%
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 XIN.TO and ZEA.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

0.86

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

0.84

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

0.83

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.74

The correlation between XIN.TO and ZEA.TO shifts across timeframes, from 0.74 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XIN.TO
ZEA.TO

Financial Services

23.3%
24.4%

Industrials

16.6%
20.0%

Technology

10.9%
10.5%

Healthcare

9.5%
10.5%

Consumer Cyclical

7.2%
7.6%

Consumer Defensive

6.8%
6.8%

Basic Materials

5.7%
6.0%

Communication Services

4.0%
4.6%

Energy

3.3%
3.9%

Utilities

3.1%
3.9%

Real Estate

1.6%
1.9%

Financial Services

XIN.TO
23.3%
ZEA.TO
24.4%

Industrials

XIN.TO
16.6%
ZEA.TO
20.0%

Technology

XIN.TO
10.9%
ZEA.TO
10.5%

Healthcare

XIN.TO
9.5%
ZEA.TO
10.5%

Consumer Cyclical

XIN.TO
7.2%
ZEA.TO
7.6%

Consumer Defensive

XIN.TO
6.8%
ZEA.TO
6.8%

Basic Materials

XIN.TO
5.7%
ZEA.TO
6.0%

Communication Services

XIN.TO
4.0%
ZEA.TO
4.6%

Energy

XIN.TO
3.3%
ZEA.TO
3.9%

Utilities

XIN.TO
3.1%
ZEA.TO
3.9%

Real Estate

XIN.TO
1.6%
ZEA.TO
1.9%

Compare stocks, funds, or ETFs

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iShares MSCI EAFE Index ETF (CAD-Hedged)

BMO MSCI EAFE Index ETF

Often compared with XIN.TO:
XIN.TO vs. XEF.TOXIN.TO vs. XFH.TOXIN.TO vs. XWD.TOXIN.TO vs. XIU.TOXIN.TO vs. GBAL.TOXIN.TO vs. XUS-U.TOXIN.TO vs. XDW0.L
Often compared with ZEA.TO:
ZEA.TO vs. XEF.TOZEA.TO vs. XEQT.TOZEA.TO vs. VXC.TOZEA.TO vs. XAW.TOZEA.TO vs. IEFAZEA.TO vs. VDU.TOZEA.TO vs. ZSP.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIN.TO
XIN.TO Risk / Return Rank: 4848
Overall Rank
XIN.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
XIN.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
XIN.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XIN.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XIN.TO Martin Ratio Rank: 5252
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.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.

XIN.TOZEA.TODifference
Sharpe ratioReturn per unit of total volatility
1.66
1.59

+0.07

Sortino ratioReturn per unit of downside risk
2.37
2.28

+0.09

Omega ratioGain probability vs. loss probability

1.32

1.30

+0.02

Calmar ratioReturn relative to maximum drawdown

2.19

2.03

+0.16

Martin ratioReturn relative to average drawdown

8.95

7.92

+1.03

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

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

The current XIN.TO Sharpe Ratio is 1.66, which is comparable to the ZEA.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of XIN.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

XIN.TOZEA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

1.59

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.03

0.82

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

0.66

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.59

-0.20

Drawdowns

XIN.TO vs. ZEA.TO - Drawdown Comparison

The maximum XIN.TO drawdown since its inception was -58.14%, which is greater than ZEA.TO's maximum drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for XIN.TO and ZEA.TO.

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Drawdown Indicators

XIN.TOZEA.TODifference

Max Drawdown

Largest peak-to-trough decline

-58.14%

-27.80%

-30.34%

Max Drawdown (1Y)

Largest decline over 1 year

-9.72%

-10.91%

+1.19%

Max Drawdown (3Y)

Largest decline over 3 years

-14.23%

-14.11%

-0.12%

Max Drawdown (5Y)

Largest decline over 5 years

-15.40%

-23.67%

+8.27%

Max Drawdown (10Y)

Largest decline over 10 years

-33.68%

-27.80%

-5.88%

Current Drawdown

Current decline from peak

-0.72%

-2.13%

+1.41%

Average Drawdown

Average peak-to-trough decline

-12.36%

-4.63%

-7.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.79%

-0.41%

Volatility

XIN.TO vs. ZEA.TO - Volatility Comparison

The current volatility for iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.TO) is 3.99%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 5.70%. This indicates that XIN.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

XIN.TOZEA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

5.70%

-1.71%

Volatility (6M)

Calculated over the trailing 6-month period

10.68%

11.68%

-1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

12.83%

13.94%

-1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.72%

13.51%

+1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.44%

14.92%

+1.52%

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

XIN.TO has a 0.52% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.

Dividends

XIN.TO vs. ZEA.TO - Dividend Comparison

XIN.TO's dividend yield for the trailing twelve months is around 2.66%, more than ZEA.TO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		2.66%2.90%2.66%2.60%2.27%2.98%2.15%3.06%3.43%2.60%2.90%2.80%
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

With a correlation of 0.91, XIN.TO and ZEA.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, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.52% for XIN.TO.

XIN.TO tracks MSCI EAFE 100% Hedged to CAD Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.52% for XIN.TO and 0.22% for ZEA.TO.

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