XML.TO vs. ZGQ.TO
XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) and ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) are both Global Equities funds - XML.TO tracks the MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index while ZGQ.TO tracks the MSCI All Country World High Quality Index. Both are passively managed. Over the past 10 years, XML.TO returned 7.35%/yr vs 15.07%/yr for ZGQ.TO. At a 0.38 correlation, their price movements are largely independent. XML.TO charges 0.40%/yr vs 0.50%/yr for ZGQ.TO.
Performance
XML.TO vs. ZGQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XML.TO achieves a 3.89% return, which is significantly lower than ZGQ.TO's 13.23% return. Over the past 10 years, XML.TO has underperformed ZGQ.TO with an annualized return of 7.35%, while ZGQ.TO has yielded a comparatively higher 15.07% annualized return.
XML.TO
- 1D
- -0.12%
- 1M
- -0.91%
- YTD
- 3.89%
- 6M
- 5.30%
- 1Y
- 9.71%
- 3Y*
- 13.01%
- 5Y*
- 9.34%
- 10Y*
- 7.35%
ZGQ.TO
- 1D
- -0.05%
- 1M
- 6.84%
- YTD
- 13.23%
- 6M
- 8.19%
- 1Y
- 25.52%
- 3Y*
- 20.50%
- 5Y*
- 13.96%
- 10Y*
- 15.07%
XML.TO vs. ZGQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XML.TO iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) | 3.89% | 17.56% | 14.13% | 11.69% | -6.94% | 13.27% | -5.87% | 16.26% | -3.28% | 15.15% |
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 13.23% | 8.04% | 29.47% | 29.38% | -18.76% | 21.44% | 22.41% | 28.91% | -0.12% | 19.54% |
Correlation
The correlation between XML.TO and ZGQ.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2016 | 0.38 |
The correlation between XML.TO and ZGQ.TO shifts across timeframes, from 0.27 (3 years) to 0.38 (10 years), reflecting how their relationship changes across market environments.
XML.TO vs. ZGQ.TO - Sectors Allocation Comparison
Sectors
XML.TO
ZGQ.TO
Financial Services
Industrials
Healthcare
Consumer Defensive
Communication Services
Utilities
Energy
Consumer Cyclical
Technology
Real Estate
Basic Materials
Financial Services
XML.TO
ZGQ.TO
Industrials
XML.TO
ZGQ.TO
Healthcare
XML.TO
ZGQ.TO
Consumer Defensive
XML.TO
ZGQ.TO
Communication Services
XML.TO
ZGQ.TO
Utilities
XML.TO
ZGQ.TO
Energy
XML.TO
ZGQ.TO
Consumer Cyclical
XML.TO
ZGQ.TO
Technology
XML.TO
ZGQ.TO
Real Estate
XML.TO
ZGQ.TO
Basic Materials
XML.TO
ZGQ.TO
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Return for Risk
XML.TO vs. ZGQ.TO — Risk / Return Rank
XML.TO
ZGQ.TO
XML.TO vs. ZGQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) and BMO MSCI All Country World High Quality Index ETF (ZGQ.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.
| XML.TO | ZGQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.78 | -0.78 |
| Martin ratioReturn relative to average drawdown | 5.42 | 11.30 | -5.88 |
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
| XML.TO | ZGQ.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.83 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 0.89 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.94 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.93 | -0.31 |
Drawdowns
XML.TO vs. ZGQ.TO - Drawdown Comparison
The maximum XML.TO drawdown since its inception was -28.62%, which is greater than ZGQ.TO's maximum drawdown of -26.68%. Use the drawdown chart below to compare losses from any high point for XML.TO and ZGQ.TO.
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Drawdown Indicators
| XML.TO | ZGQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.62% | -26.68% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.88% | -9.22% | +4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.46% | -18.36% | +10.90% |
Max Drawdown (5Y)Largest decline over 5 years | -12.34% | -26.68% | +14.34% |
Max Drawdown (10Y)Largest decline over 10 years | -28.62% | -26.68% | -1.94% |
Current DrawdownCurrent decline from peak | -4.26% | -1.17% | -3.09% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -4.49% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 2.27% | -0.47% |
Volatility
XML.TO vs. ZGQ.TO - Volatility Comparison
The current volatility for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) is 2.60%, while BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a volatility of 4.57%. This indicates that XML.TO experiences smaller price fluctuations and is considered to be less risky than ZGQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XML.TO | ZGQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 4.57% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 6.48% | 11.49% | -5.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.50% | 14.04% | -5.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 15.83% | -6.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.09% | 16.15% | -4.06% |
XML.TO vs. ZGQ.TO - Expense Ratio Comparison
XML.TO has a 0.40% expense ratio, which is lower than ZGQ.TO's 0.50% expense ratio.
Dividends
XML.TO vs. ZGQ.TO - Dividend Comparison
XML.TO's dividend yield for the trailing twelve months is around 2.66%, more than ZGQ.TO's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XML.TO iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) | 2.66% | 2.76% | 2.67% | 2.56% | 2.02% | 1.92% | 1.11% | 3.62% | 2.77% | 1.92% | 3.34% | 0.00% |
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 0.49% | 0.60% | 0.90% | 1.33% | 1.34% | 0.86% | 0.99% | 1.10% | 1.51% | 1.09% | 1.35% | 1.03% |
Frequently Asked Questions
XML.TO and ZGQ.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XML.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XML.TO is cheaper with a 0.40% expense ratio, compared with 0.50% for ZGQ.TO.
XML.TO tracks MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index, while ZGQ.TO tracks MSCI All Country World High Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.40% for XML.TO and 0.50% for ZGQ.TO.
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