ZCH.TO vs. KWEB

Last updated Apr 1, 2026

Compare and contrast key facts about BMO MSCI China ESG Leaders Index ETF (ZCH.TO) and KraneShares CSI China Internet ETF (KWEB).

ZCH.TO and KWEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZCH.TO is a passively managed fund by BMO that tracks the performance of the MSCI China ESG Leaders Index. It was launched on Jan 19, 2010. KWEB is a passively managed fund by CICC that tracks the performance of the CSI Overseas China Internet. It was launched on Jul 31, 2013. Both ZCH.TO and KWEB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZCH.TO vs. KWEB - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI China ESG Leaders Index ETF (ZCH.TO) and KraneShares CSI China Internet ETF (KWEB). The values are adjusted to include any dividend payments, if applicable.

ZCH.TO vs. KWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZCH.TO BMO MSCI China ESG Leaders Index ETF	-7.80%	33.25%	25.33%	-11.83%	-23.85%	-41.03%	37.62%	17.26%	-16.63%	37.66%
KWEB KraneShares CSI China Internet ETF	-15.38%	17.88%	21.64%	-11.06%	-11.34%	-49.47%	55.56%	23.54%	-28.19%	58.92%

Different Trading Currencies

ZCH.TO is traded in CAD, while KWEB is traded in USD. To make them comparable, the KWEB values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZCH.TO achieves a -7.80% return, which is significantly higher than KWEB's -15.38% return. Over the past 10 years, ZCH.TO has outperformed KWEB with an annualized return of 1.36%, while KWEB has yielded a comparatively lower 0.71% annualized return.

ZCH.TO

• 1D: 3.02%
• 1M: -2.74%
• YTD: -7.80%
• 6M: -17.83%
• 1Y: -0.37%
• 3Y*: 7.64%
• 5Y*: -8.57%
• 10Y*: 1.36%

KWEB

• 1D: 2.23%
• 1M: -6.66%
• YTD: -15.38%
• 6M: -28.27%
• 1Y: -16.48%
• 3Y*: 1.54%
• 5Y*: -13.64%
• 10Y*: 0.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCH.TO vs. KWEB - Expense Ratio Comparison

ZCH.TO has a 0.67% expense ratio, which is lower than KWEB's 0.76% expense ratio.

KWEB

KraneShares CSI China Internet ETF

ZCH.TO

BMO MSCI China ESG Leaders Index ETF

Return for Risk

ZCH.TO vs. KWEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCH.TO

ZCH.TO Risk / Return Rank: 12
ZCH.TO Sharpe Ratio Rank: 11
ZCH.TO Sortino Ratio Rank: 12
ZCH.TO Omega Ratio Rank: 12
ZCH.TO Calmar Ratio Rank: 12
ZCH.TO Martin Ratio Rank: 12

KWEB

KWEB Risk / Return Rank: 4
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 4
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 5
KWEB Martin Ratio Rank: 4

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.

ZCH.TO vs. KWEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI China ESG Leaders Index ETF (ZCH.TO) and KraneShares CSI China Internet ETF (KWEB). 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.

	ZCH.TO	KWEB	Difference
Sharpe ratio Return per unit of total volatility	-0.01	-0.57	+0.56
Sortino ratio Return per unit of downside risk	0.16	-0.66	+0.82
Omega ratio Gain probability vs. loss probability	1.02	0.92	+0.10
Calmar ratio Return relative to maximum drawdown	0.01	-0.52	+0.53
Martin ratio Return relative to average drawdown	0.03	-1.25	+1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCH.TO vs. KWEB - Sharpe Ratio Comparison

The current ZCH.TO Sharpe Ratio is -0.01, which is higher than the KWEB Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of ZCH.TO and KWEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZCH.TO	KWEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.57	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	-0.30	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.02	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.14	-0.02

Correlation

The correlation between ZCH.TO and KWEB is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZCH.TO vs. KWEB - Dividend Comparison

ZCH.TO's dividend yield for the trailing twelve months is around 1.38%, less than KWEB's 7.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZCH.TO BMO MSCI China ESG Leaders Index ETF	1.38%	1.28%	2.22%	3.96%	1.21%	0.00%	0.51%	1.18%	1.32%	0.56%	1.65%	0.81%
KWEB KraneShares CSI China Internet ETF	7.37%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%

Drawdowns

ZCH.TO vs. KWEB - Drawdown Comparison

The maximum ZCH.TO drawdown since its inception was -73.84%, smaller than the maximum KWEB drawdown of -79.41%. Use the drawdown chart below to compare losses from any high point for ZCH.TO and KWEB.

Drawdown Indicators

	ZCH.TO	KWEB	Difference
Max Drawdown Largest peak-to-trough decline	-73.84%	-80.92%	+7.08%
Max Drawdown (1Y) Largest decline over 1 year	-22.13%	-31.36%	+9.23%
Max Drawdown (5Y) Largest decline over 5 years	-66.07%	-75.23%	+9.16%
Max Drawdown (10Y) Largest decline over 10 years	-73.84%	-80.92%	+7.08%
Current Drawdown Current decline from peak	-51.35%	-67.12%	+15.77%
Average Drawdown Average peak-to-trough decline	-26.35%	-34.80%	+8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	12.05%	-2.72%

Volatility

ZCH.TO vs. KWEB - Volatility Comparison

The current volatility for BMO MSCI China ESG Leaders Index ETF (ZCH.TO) is 8.08%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 8.72%. This indicates that ZCH.TO experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCH.TO	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	8.72%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	16.23%	18.75%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	25.23%	28.95%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.95%	46.13%	-13.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.49%	38.37%	-9.88%