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

XML.TO vs. ZWE.TO

Last updated Jul 25, 2026
Documentation

XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) and ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) are both Foreign Large Cap Equities funds. XML.TO is passively managed, while ZWE.TO is actively managed. Over the past 10 years, XML.TO returned 7.49%/yr vs 8.34%/yr for ZWE.TO. At a 0.44 correlation, their price movements are largely independent. XML.TO charges 0.40%/yr vs 0.65%/yr for ZWE.TO.

Performance

XML.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 (CAD-Hedged) (XML.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, XML.TO achieves a 9.26% return, which is significantly higher than ZWE.TO's 6.37% return. Over the past 10 years, XML.TO has underperformed ZWE.TO with an annualized return of 7.49%, while ZWE.TO has yielded a comparatively higher 8.34% annualized return.

XML.TO

1D
0.42%
1M
4.75%
6M
8.26%
YTD
9.26%
1Y
15.77%
3Y*
14.42%
5Y*
9.44%
10Y*
7.49%
ALL TIME*
7.71%

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)

XML.TO

iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)
CA$12.85KCA$7.78KCA$9.01K

ZWE.TO

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

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

2026 (YTD)202520242023202220212020201920182017
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		9.26%17.56%14.13%11.69%-6.94%13.27%-5.87%16.26%-4.34%15.14%
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 XML.TO and ZWE.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

0.26

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

0.32

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

0.43

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2016

0.44

The correlation between XML.TO and ZWE.TO shifts across timeframes, from 0.26 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.

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

Sectors
XML.TO
ZWE.TO

Financial Services

19.7%
23.8%

Industrials

15.7%
14.3%

Consumer Defensive

12.6%
7.9%

Healthcare

12.2%
13.3%

Communication Services

9.1%
6.6%

Utilities

9.0%
9.3%

Energy

7.7%
9.4%

Consumer Cyclical

5.1%
3.7%

Technology

4.4%
5.9%

Real Estate

2.9%

-

Basic Materials

1.6%
5.9%

Financial Services

XML.TO
19.7%
ZWE.TO
23.8%

Industrials

XML.TO
15.7%
ZWE.TO
14.3%

Consumer Defensive

XML.TO
12.6%
ZWE.TO
7.9%

Healthcare

XML.TO
12.2%
ZWE.TO
13.3%

Communication Services

XML.TO
9.1%
ZWE.TO
6.6%

Utilities

XML.TO
9.0%
ZWE.TO
9.3%

Energy

XML.TO
7.7%
ZWE.TO
9.4%

Consumer Cyclical

XML.TO
5.1%
ZWE.TO
3.7%

Technology

XML.TO
4.4%
ZWE.TO
5.9%

Real Estate

XML.TO
2.9%
ZWE.TO

-

Basic Materials

XML.TO
1.6%
ZWE.TO
5.9%

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iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)

BMO Europe High Dividend Covered Call Hedged to CAD ETF

Often compared with XML.TO:
XML.TO vs. XIN.TOXML.TO vs. XSP.TOXML.TO vs. XEQT.TOXML.TO vs. XMI.TOXML.TO vs. HXQ.TOXML.TO vs. XMW.TOXML.TO vs. XMU.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XML.TO
XML.TO Risk / Return Rank: 7373
Overall Rank
XML.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XML.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XML.TO Omega Ratio Rank: 8484
Omega Ratio Rank
XML.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
XML.TO Martin Ratio Rank: 6363
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.

XML.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 (CAD-Hedged) (XML.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.

XML.TOZWE.TODifference
Sharpe ratioReturn per unit of total volatility
1.71
1.28

+0.43

Sortino ratioReturn per unit of downside risk
2.43
1.79

+0.64

Omega ratioGain probability vs. loss probability

1.36

1.23

+0.13

Calmar ratioReturn relative to maximum drawdown

2.45

1.48

+0.97

Martin ratioReturn relative to average drawdown

7.64

5.43

+2.21

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

The current XML.TO Sharpe Ratio is 1.71, which is higher than the ZWE.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XML.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

XML.TO vs. ZWE.TO - Drawdown Comparison

The maximum XML.TO drawdown since its inception was -28.62%, smaller than the maximum ZWE.TO drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for XML.TO and ZWE.TO.

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Drawdown Indicators

XML.TOZWE.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.62%

-35.38%

+6.76%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-9.56%

+3.10%

Max Drawdown (3Y)

Largest decline over 3 years

-7.46%

-13.60%

+6.14%

Max Drawdown (5Y)

Largest decline over 5 years

-12.34%

-13.60%

+1.26%

Max Drawdown (10Y)

Largest decline over 10 years

-28.62%

-35.38%

+6.76%

Current Drawdown

Current decline from peak

0.00%

-0.96%

+0.96%

Average Drawdown

Average peak-to-trough decline

-3.43%

-4.08%

+0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

2.60%

-0.53%

Volatility

XML.TO vs. ZWE.TO - Volatility Comparison

iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) has a higher volatility of 2.68% compared to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) at 2.23%. This indicates that XML.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

XML.TOZWE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.68%

2.23%

+0.45%

Volatility (6M)

Calculated over the trailing 6-month period

7.79%

9.09%

-1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

9.27%

11.01%

-1.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.81%

12.57%

-2.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.92%

15.20%

-3.28%

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

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

Dividends

XML.TO vs. ZWE.TO - Dividend Comparison

XML.TO's dividend yield for the trailing twelve months is around 2.66%, less than ZWE.TO's 6.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%2.79%1.91%3.33%0.00%
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

XML.TO and ZWE.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 0.65% for ZWE.TO.

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

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