ZCH.TO vs. VFV.TO

Last updated Jun 25, 2026

ZCH.TO (BMO MSCI China ESG Leaders Index ETF) and VFV.TO (Vanguard S&P 500 Index ETF) are both exchange-traded funds - ZCH.TO is a China Equities fund tracking the MSCI China ESG Leaders Index, while VFV.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZCH.TO returned 1.52%/yr vs 16.28%/yr for VFV.TO. At a 0.43 correlation, their price movements are largely independent. ZCH.TO charges 0.67%/yr vs 0.09%/yr for VFV.TO.

Performance

ZCH.TO vs. VFV.TO - 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 Vanguard S&P 500 Index ETF (VFV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCH.TO achieves a -14.87% return, which is significantly lower than VFV.TO's 11.92% return. Over the past 10 years, ZCH.TO has underperformed VFV.TO with an annualized return of 1.52%, while VFV.TO has yielded a comparatively higher 16.28% annualized return.

ZCH.TO

• 1D: -0.46%
• 1M: -4.20%
• YTD: -14.87%
• 6M: -15.20%
• 1Y: -5.53%
• 3Y*: 9.82%
• 5Y*: -8.44%
• 10Y*: 1.52%

VFV.TO

• 1D: -0.01%
• 1M: 0.13%
• YTD: 11.92%
• 6M: 10.99%
• 1Y: 26.31%
• 3Y*: 23.50%
• 5Y*: 16.05%
• 10Y*: 16.28%

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

ZCH.TO vs. VFV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZCH.TO BMO MSCI China ESG Leaders Index ETF	-14.87%	33.25%	25.33%	-11.83%	-23.85%	-41.03%	37.62%	17.26%	-16.63%	37.68%
VFV.TO Vanguard S&P 500 Index ETF	11.92%	12.18%	35.23%	23.23%	-12.58%	27.51%	15.61%	25.14%	2.95%	13.69%

Correlation

The correlation between ZCH.TO and VFV.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.43

The correlation between ZCH.TO and VFV.TO shifts across timeframes, from 0.28 (5 years) to 0.43 (all time), reflecting how their relationship changes across market environments.

ZCH.TO vs. VFV.TO - Sectors Allocation Comparison

Sectors	ZCH.TO	VFV.TO
Consumer Cyclical	33.5%	9.9%
Communication Services	30.1%	10.7%
Financial Services	15.6%	10.9%
Healthcare	6.6%	8.3%
Industrials	3.8%	7.8%
Basic Materials	2.7%	1.7%
Real Estate	2.4%	1.8%
Consumer Defensive	1.5%	4.5%
Technology	1.4%	39.1%
Energy	1.2%	3.1%
Utilities	1.2%	2.1%

Return for Risk

ZCH.TO vs. VFV.TO — 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: 7
ZCH.TO Sharpe Ratio Rank: 7
ZCH.TO Sortino Ratio Rank: 7
ZCH.TO Omega Ratio Rank: 7
ZCH.TO Calmar Ratio Rank: 7
ZCH.TO Martin Ratio Rank: 7

VFV.TO

VFV.TO Risk / Return Rank: 74
VFV.TO Sharpe Ratio Rank: 77
VFV.TO Sortino Ratio Rank: 75
VFV.TO Omega Ratio Rank: 78
VFV.TO Calmar Ratio Rank: 68
VFV.TO Martin Ratio Rank: 69

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. VFV.TO - 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 Vanguard S&P 500 Index ETF (VFV.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.

	ZCH.TO	VFV.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	2.22	-2.47
Sortino ratio: Return per unit of downside risk	-0.22	3.02	-3.24
Omega ratio: Gain probability vs. loss probability	0.97	1.41	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.21	3.07	-3.28
Martin ratio: Return relative to average drawdown	-0.42	11.54	-11.96

ZCH.TO vs. VFV.TO - Sharpe Ratio Comparison

The current ZCH.TO Sharpe Ratio is -0.25, which is lower than the VFV.TO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZCH.TO and VFV.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.

Drawdowns

ZCH.TO vs. VFV.TO - Drawdown Comparison

The maximum ZCH.TO drawdown since its inception was -73.84%, which is greater than VFV.TO's maximum drawdown of -27.43%. Use the drawdown chart below to compare losses from any high point for ZCH.TO and VFV.TO.

Drawdown Indicators

	ZCH.TO	VFV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-73.84%	-27.43%	-46.41%
Max Drawdown (1Y) Largest decline over 1 year	-25.89%	-8.62%	-17.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.89%	-19.05%	-6.84%
Max Drawdown (5Y) Largest decline over 5 years	-63.44%	-22.19%	-41.25%
Max Drawdown (10Y) Largest decline over 10 years	-73.84%	-27.43%	-46.41%
Current Drawdown Current decline from peak	-55.08%	-1.28%	-53.80%
Average Drawdown Average peak-to-trough decline	-26.77%	-3.34%	-23.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.10%	2.29%	+10.81%

Volatility

ZCH.TO vs. VFV.TO - Volatility Comparison

BMO MSCI China ESG Leaders Index ETF (ZCH.TO) has a higher volatility of 6.95% compared to Vanguard S&P 500 Index ETF (VFV.TO) at 4.44%. This indicates that ZCH.TO's price experiences larger fluctuations and is considered to be riskier than VFV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCH.TO	VFV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	4.44%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	16.15%	9.34%	+6.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.15%	11.95%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.81%	15.02%	+17.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	16.61%	+11.94%

ZCH.TO vs. VFV.TO - Expense Ratio Comparison

ZCH.TO has a 0.67% expense ratio, which is higher than VFV.TO's 0.09% expense ratio.

Dividends

ZCH.TO vs. VFV.TO - Dividend Comparison

ZCH.TO's dividend yield for the trailing twelve months is around 1.50%, more than VFV.TO's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFV.TO Vanguard S&P 500 Index ETF	0.84%	0.92%	0.99%	1.20%	1.31%	1.06%	1.33%	1.55%	1.69%	1.51%	1.65%	1.63%
ZCH.TO BMO MSCI China ESG Leaders Index ETF	1.50%	1.28%	2.22%	3.96%	1.21%	0.00%	0.51%	1.18%	1.32%	0.58%	0.74%	0.81%

Frequently Asked Questions

Can I hold both ZCH.TO and VFV.TO in my portfolio?

ZCH.TO and VFV.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCH.TO or VFV.TO?

On fees, VFV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCH.TO or VFV.TO?

VFV.TO is cheaper with a 0.09% expense ratio, compared with 0.67% for ZCH.TO.

What is the main difference between ZCH.TO and VFV.TO?

ZCH.TO is categorized as China Equities, while VFV.TO is S&P 500. ZCH.TO tracks MSCI China ESG Leaders Index, while VFV.TO tracks S&P 500 Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.67% for ZCH.TO and 0.09% for VFV.TO.