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ZCH.TO vs. KWEB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZCH.TO vs. KWEB

Last updated Jun 4, 2026

ZCH.TO (BMO MSCI China ESG Leaders Index ETF) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds - ZCH.TO tracks the MSCI China ESG Leaders Index while KWEB tracks the CSI Overseas China Internet. Both are passively managed. Over the past 10 years, ZCH.TO returned 1.75%/yr vs 0.75%/yr for KWEB. Their correlation of 0.85 suggests significant overlap in exposure. ZCH.TO charges 0.67%/yr vs 0.76%/yr for KWEB.

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.

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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 -9.03% return, which is significantly higher than KWEB's -19.04% return. Over the past 10 years, ZCH.TO has outperformed KWEB with an annualized return of 1.75%, while KWEB has yielded a comparatively lower 0.75% annualized return.

ZCH.TO

1D
-2.32%
1M
-0.59%
YTD
-9.03%
6M
-12.83%
1Y
5.31%
3Y*
11.03%
5Y*
-6.68%
10Y*
1.75%

KWEB

1D
-3.52%
1M
-2.89%
YTD
-19.04%
6M
-22.54%
1Y
-11.65%
3Y*
5.26%
5Y*
-11.83%
10Y*
0.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCH.TO vs. KWEB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZCH.TO
BMO MSCI China ESG Leaders Index ETF		-9.03%33.25%25.33%-11.83%-23.85%-41.03%37.62%17.26%-16.63%37.66%
KWEB
KraneShares CSI China Internet ETF		-19.04%17.88%21.64%-11.06%-11.34%-49.47%55.56%23.54%-28.19%58.92%

Correlation

The correlation between ZCH.TO and KWEB is 0.87, 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

0.87

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

0.88

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

0.87

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

0.87

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2013

0.85

The correlation between ZCH.TO and KWEB has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

ZCH.TO vs. KWEB - Sectors Allocation Comparison

Sectors
ZCH.TO
KWEB

Consumer Cyclical

33.2%
37.7%

Communication Services

30.4%
24.8%

Financial Services

15.6%
2.2%

Healthcare

6.8%
6.0%

Industrials

3.9%
3.1%

Basic Materials

2.9%

-

Real Estate

2.0%
5.2%

Consumer Defensive

1.6%
3.1%

Technology

1.3%
17.6%

Energy

1.2%

-

Utilities

1.2%

-

Consumer Cyclical

ZCH.TO
33.2%
KWEB
37.7%

Communication Services

ZCH.TO
30.4%
KWEB
24.8%

Financial Services

ZCH.TO
15.6%
KWEB
2.2%

Healthcare

ZCH.TO
6.8%
KWEB
6.0%

Industrials

ZCH.TO
3.9%
KWEB
3.1%

Basic Materials

ZCH.TO
2.9%
KWEB

-

Real Estate

ZCH.TO
2.0%
KWEB
5.2%

Consumer Defensive

ZCH.TO
1.6%
KWEB
3.1%

Technology

ZCH.TO
1.3%
KWEB
17.6%

Energy

ZCH.TO
1.2%
KWEB

-

Utilities

ZCH.TO
1.2%
KWEB

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO MSCI China ESG Leaders Index ETF

KraneShares CSI China Internet ETF

Often compared with ZCH.TO:
ZCH.TO vs. XCH.TOZCH.TO vs. HCAL.TOZCH.TO vs. XCHP.TOZCH.TO vs. VEE.TOZCH.TO vs. XIU.TOZCH.TO vs. VUN.TOZCH.TO vs. ZEM.TO
Often compared with KWEB:
KWEB vs. CQQQKWEB vs. FXIKWEB vs. MCHIKWEB vs. KTECKWEB vs. CWEBKWEB vs. KLIPKWEB vs. YINN

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: 1212
Overall Rank
ZCH.TO Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ZCH.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZCH.TO Omega Ratio Rank: 1212
Omega Ratio Rank
ZCH.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
ZCH.TO Martin Ratio Rank: 1111
Martin Ratio Rank
KWEB
KWEB Risk / Return Rank: 55
Overall Rank
KWEB Sharpe Ratio Rank: 55
Sharpe Ratio Rank
KWEB Sortino Ratio Rank: 44
Sortino Ratio Rank
KWEB Omega Ratio Rank: 55
Omega Ratio Rank
KWEB Calmar Ratio Rank: 55
Calmar Ratio Rank
KWEB Martin Ratio Rank: 55
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.

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.TOKWEBDifference
Sharpe ratioReturn per unit of total volatility
0.24
-0.44

+0.68

Sortino ratioReturn per unit of downside risk
0.51
-0.48

+0.99

Omega ratioGain probability vs. loss probability

1.06

0.95

+0.11

Calmar ratioReturn relative to maximum drawdown

0.23

-0.34

+0.56

Martin ratioReturn relative to average drawdown

0.45

-0.66

+1.11

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 0.24, which is higher than the KWEB Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of ZCH.TO and KWEB, 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

ZCH.TOKWEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

-0.44

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.20

-0.26

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.06

0.02

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.13

-0.01

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.

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Drawdown Indicators

ZCH.TOKWEBDifference

Max Drawdown

Largest peak-to-trough decline

-73.84%

-79.41%

+5.57%

Max Drawdown (1Y)

Largest decline over 1 year

-23.50%

-34.83%

+11.33%

Max Drawdown (3Y)

Largest decline over 3 years

-25.64%

-34.83%

+9.19%

Max Drawdown (5Y)

Largest decline over 5 years

-63.44%

-69.24%

+5.80%

Max Drawdown (10Y)

Largest decline over 10 years

-73.84%

-79.41%

+5.57%

Current Drawdown

Current decline from peak

-52.00%

-65.55%

+13.55%

Average Drawdown

Average peak-to-trough decline

-26.62%

-33.17%

+6.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.82%

17.63%

-5.81%

Volatility

ZCH.TO vs. KWEB - Volatility Comparison

The current volatility for BMO MSCI China ESG Leaders Index ETF (ZCH.TO) is 8.06%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 11.36%. 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.

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Volatility by Period

ZCH.TOKWEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.06%

11.36%

-3.30%

Volatility (6M)

Calculated over the trailing 6-month period

15.81%

19.42%

-3.61%

Volatility (1Y)

Calculated over the trailing 1-year period

22.12%

26.77%

-4.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.81%

46.15%

-13.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.56%

38.48%

-9.92%

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.

Dividends

ZCH.TO vs. KWEB - Dividend Comparison

ZCH.TO's dividend yield for the trailing twelve months is around 1.40%, less than KWEB's 7.70% yield.

PositionTTM20252024202320222021202020192018201720162015
KWEB
KraneShares CSI China Internet ETF		7.70%6.16%3.51%1.71%0.00%7.07%0.29%0.08%3.40%0.58%1.19%0.46%
ZCH.TO
BMO MSCI China ESG Leaders Index ETF		1.40%1.28%2.22%3.96%1.21%0.00%0.51%1.18%1.32%0.56%1.65%0.81%

Frequently Asked Questions

ZCH.TO and KWEB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCH.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCH.TO is cheaper with a 0.67% expense ratio, compared with 0.76% for KWEB.

ZCH.TO tracks MSCI China ESG Leaders Index, while KWEB tracks CSI Overseas China Internet. They also come from different issuers: BMO and CICC. Their fees differ too: 0.67% for ZCH.TO and 0.76% for KWEB.

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