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XMI.TO vs. ZWE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMI.TO vs. ZWE.TO

Last updated Jul 25, 2026
Documentation

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) are both Foreign Large Cap Equities funds. XMI.TO is passively managed, while ZWE.TO is actively managed. Over the past 10 years, XMI.TO returned 6.30%/yr vs 8.34%/yr for ZWE.TO. At a 0.46 correlation, their price movements are largely independent. XMI.TO charges 0.40%/yr vs 0.65%/yr for ZWE.TO.

Performance

XMI.TO vs. ZWE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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, XMI.TO achieves a 9.90% return, which is significantly higher than ZWE.TO's 6.37% return. Over the past 10 years, XMI.TO has underperformed ZWE.TO with an annualized return of 6.30%, while ZWE.TO has yielded a comparatively higher 8.34% annualized return.

XMI.TO

1D
1.23%
1M
3.55%
6M
7.91%
YTD
9.90%
1Y
14.17%
3Y*
15.24%
5Y*
8.34%
10Y*
6.30%
ALL TIME*
9.10%

ZWE.TO

1D
0.05%
1M
0.79%
6M
5.08%
YTD
6.37%
1Y
14.07%
3Y*
10.80%
5Y*
9.32%
10Y*
8.34%
ALL TIME*
7.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XMI.TO

iShares MSCI Min Vol EAFE Index ETF
CA$47.75KCA$79.69KCA$218.68K

ZWE.TO

BMO Europe High Dividend Covered Call Hedged to CAD ETF
CA$426.94KCA$422.78KCA$456.08K

XMI.TO vs. ZWE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		9.90%19.69%13.51%9.32%-10.50%7.01%-2.02%9.84%1.71%13.75%
ZWE.TO
BMO Europe High Dividend Covered Call Hedged to CAD ETF		6.37%14.25%7.16%14.84%0.29%19.26%-8.67%22.25%-10.53%11.33%

Correlation

The correlation between XMI.TO and ZWE.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

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

0.41

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

0.41

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

0.45

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2015

0.46

XMI.TO vs. ZWE.TO - Sectors Allocation Comparison

Sectors
XMI.TO
ZWE.TO

Financial Services

19.4%
23.8%

Industrials

14.4%
14.3%

Consumer Defensive

12.1%
7.9%

Healthcare

11.6%
13.3%

Communication Services

8.9%
6.6%

Utilities

8.3%
9.3%

Energy

7.1%
9.4%

Consumer Cyclical

5.0%
3.7%

Technology

4.3%
5.9%

Real Estate

2.9%

-

Basic Materials

1.4%
5.9%

Financial Services

XMI.TO
19.4%
ZWE.TO
23.8%

Industrials

XMI.TO
14.4%
ZWE.TO
14.3%

Consumer Defensive

XMI.TO
12.1%
ZWE.TO
7.9%

Healthcare

XMI.TO
11.6%
ZWE.TO
13.3%

Communication Services

XMI.TO
8.9%
ZWE.TO
6.6%

Utilities

XMI.TO
8.3%
ZWE.TO
9.3%

Energy

XMI.TO
7.1%
ZWE.TO
9.4%

Consumer Cyclical

XMI.TO
5.0%
ZWE.TO
3.7%

Technology

XMI.TO
4.3%
ZWE.TO
5.9%

Real Estate

XMI.TO
2.9%
ZWE.TO

-

Basic Materials

XMI.TO
1.4%
ZWE.TO
5.9%

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol EAFE Index ETF

BMO Europe High Dividend Covered Call Hedged to CAD ETF

Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. EFAVXMI.TO vs. XEF.TOXMI.TO vs. XMW.TOXMI.TO vs. XUU.TO
Often compared with ZWE.TO:
ZWE.TO vs. ZWC.TOZWE.TO vs. EBNK.TOZWE.TO vs. VIDY.TOZWE.TO vs. ZWB.TOZWE.TO vs. VE.TOZWE.TO vs. IDVZWE.TO vs. XEF.TO

Return for Risk

XMI.TO vs. ZWE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMI.TO
XMI.TO Risk / Return Rank: 6060
Overall Rank
XMI.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XMI.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
XMI.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XMI.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
XMI.TO Martin Ratio Rank: 5757
Martin Ratio Rank
ZWE.TO
ZWE.TO Risk / Return Rank: 4949
Overall Rank
ZWE.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
ZWE.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZWE.TO Omega Ratio Rank: 5252
Omega Ratio Rank
ZWE.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
ZWE.TO Martin Ratio Rank: 4848
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.

XMI.TO vs. ZWE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XMI.TOZWE.TODifference
Sharpe ratioReturn per unit of total volatility
1.37
1.28

+0.09

Sortino ratioReturn per unit of downside risk
1.95
1.79

+0.16

Omega ratioGain probability vs. loss probability

1.26

1.23

+0.03

Calmar ratioReturn relative to maximum drawdown

2.33

1.48

+0.85

Martin ratioReturn relative to average drawdown

6.63

5.43

+1.21

XMI.TO vs. ZWE.TO - Sharpe Ratio Comparison

The current XMI.TO Sharpe Ratio is 1.37, which is comparable to the ZWE.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XMI.TO and ZWE.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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Drawdowns

XMI.TO vs. ZWE.TO - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum ZWE.TO drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for XMI.TO and ZWE.TO.

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Drawdown Indicators

XMI.TOZWE.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-35.38%

+12.30%

Max Drawdown (1Y)

Largest decline over 1 year

-6.12%

-9.56%

+3.44%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-13.60%

+5.63%

Max Drawdown (5Y)

Largest decline over 5 years

-21.18%

-13.60%

-7.58%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-35.38%

+12.30%

Current Drawdown

Current decline from peak

0.00%

-0.96%

+0.96%

Average Drawdown

Average peak-to-trough decline

-4.02%

-4.08%

+0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

2.60%

-0.46%

Volatility

XMI.TO vs. ZWE.TO - Volatility Comparison

iShares MSCI Min Vol EAFE Index ETF (XMI.TO) has a higher volatility of 2.80% compared to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) at 2.23%. This indicates that XMI.TO's price experiences larger fluctuations and is considered to be riskier than ZWE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMI.TOZWE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.23%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

8.27%

9.09%

-0.82%

Volatility (1Y)

Calculated over the trailing 1-year period

10.37%

11.01%

-0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.92%

12.57%

-2.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.36%

15.20%

-3.84%

XMI.TO vs. ZWE.TO - Expense Ratio Comparison

XMI.TO has a 0.40% expense ratio, which is lower than ZWE.TO's 0.65% expense ratio.

Dividends

XMI.TO vs. ZWE.TO - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.60%, less than ZWE.TO's 6.62% yield.

PositionTTM20252024202320222021202020192018201720162015
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		2.60%2.69%2.64%2.56%1.98%1.93%1.16%3.74%2.93%2.07%3.29%2.02%
ZWE.TO
BMO Europe High Dividend Covered Call Hedged to CAD ETF		6.62%6.81%7.25%7.25%6.98%6.30%7.74%6.68%7.88%6.59%6.87%2.35%

Frequently Asked Questions

XMI.TO and ZWE.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMI.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMI.TO is cheaper with a 0.40% expense ratio, compared with 0.65% for ZWE.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.40% for XMI.TO and 0.65% for ZWE.TO.

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