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ZDM.TO vs. EQCL.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZDM.TO vs. EQCL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) and Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO).

ZDM.TO and EQCL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDM.TO is a passively managed fund by BMO that tracks the performance of the MSCI EAFE 100% Hedged to CAD Index. It was launched on Oct 20, 2009. EQCL.TO is an actively managed fund by Global X. It was launched on Oct 10, 2023.

Performance

ZDM.TO vs. EQCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) and Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO). The values are adjusted to include any dividend payments, if applicable.

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ZDM.TO vs. EQCL.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZDM.TO
BMO MSCI EAFE Hedged to CAD Index ETF		2.47%20.34%12.72%4.92%
EQCL.TO
Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD		-0.76%16.95%24.04%3.94%

Returns By Period

In the year-to-date period, ZDM.TO achieves a 2.47% return, which is significantly higher than EQCL.TO's -0.76% return.

ZDM.TO

1D
2.49%
1M
-5.42%
YTD
2.47%
6M
7.97%
1Y
18.63%
3Y*
14.85%
5Y*
11.11%
10Y*
10.59%

EQCL.TO

1D
2.42%
1M
-5.23%
YTD
-0.76%
6M
2.69%
1Y
16.17%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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BMO MSCI EAFE Hedged to CAD Index ETF

Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD

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Often compared with EQCL.TO:
EQCL.TO vs. XEQT.TOEQCL.TO vs. HYLD.TOEQCL.TO vs. HEQL.TOEQCL.TO vs. HEQT.TOEQCL.TO vs. VFV.TOEQCL.TO vs. VEQT.TOEQCL.TO vs. QQCL.TO

ZDM.TO vs. EQCL.TO - Expense Ratio Comparison

ZDM.TO has a 0.22% expense ratio, which is lower than EQCL.TO's 2.20% expense ratio.

EQCL.TO
Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD
ZDM.TO
BMO MSCI EAFE Hedged to CAD Index ETF

Return for Risk

ZDM.TO vs. EQCL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDM.TO
ZDM.TO Risk / Return Rank: 6262
Overall Rank
ZDM.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZDM.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
ZDM.TO Omega Ratio Rank: 6767
Omega Ratio Rank
ZDM.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZDM.TO Martin Ratio Rank: 6060
Martin Ratio Rank
EQCL.TO
EQCL.TO Risk / Return Rank: 5252
Overall Rank
EQCL.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
EQCL.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
EQCL.TO Omega Ratio Rank: 5858
Omega Ratio Rank
EQCL.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
EQCL.TO Martin Ratio Rank: 5757
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.

ZDM.TO vs. EQCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) and Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.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.

ZDM.TOEQCL.TODifference

Sharpe ratio

Return per unit of total volatility

1.12

0.83

+0.28

Sortino ratio

Return per unit of downside risk

1.64

1.27

+0.36

Omega ratio

Gain probability vs. loss probability

1.25

1.21

+0.04

Calmar ratio

Return relative to maximum drawdown

1.38

1.10

+0.27

Martin ratio

Return relative to average drawdown

5.96

5.42

+0.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDM.TO vs. EQCL.TO - Sharpe Ratio Comparison

The current ZDM.TO Sharpe Ratio is 1.12, which is higher than the EQCL.TO Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of ZDM.TO and EQCL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZDM.TOEQCL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.12

0.83

+0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

1.21

-0.71

Correlation

The correlation between ZDM.TO and EQCL.TO is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZDM.TO vs. EQCL.TO - Dividend Comparison

ZDM.TO's dividend yield for the trailing twelve months is around 2.04%, less than EQCL.TO's 10.88% yield.

TTM20252024202320222021202020192018201720162015
ZDM.TO
BMO MSCI EAFE Hedged to CAD Index ETF		2.04%2.13%2.71%2.97%3.20%2.38%2.80%2.90%3.21%2.41%3.23%2.46%
EQCL.TO
Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD		10.88%11.51%10.96%2.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZDM.TO vs. EQCL.TO - Drawdown Comparison

The maximum ZDM.TO drawdown since its inception was -33.13%, which is greater than EQCL.TO's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for ZDM.TO and EQCL.TO.

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Drawdown Indicators

ZDM.TOEQCL.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.13%

-18.97%

-14.16%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-15.29%

+4.04%

Max Drawdown (5Y)

Largest decline over 5 years

-15.63%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.13%

—

—

Current Drawdown

Current decline from peak

-5.97%

-5.50%

-0.47%

Average Drawdown

Average peak-to-trough decline

-5.16%

-1.69%

-3.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

3.11%

-0.36%

Volatility

ZDM.TO vs. EQCL.TO - Volatility Comparison

The current volatility for BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) is 6.56%, while Global X Enhanced All-Equity Asset Allocation Covered Call ETF CAD (EQCL.TO) has a volatility of 7.26%. This indicates that ZDM.TO experiences smaller price fluctuations and is considered to be less risky than EQCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDM.TOEQCL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

7.26%

-0.70%

Volatility (6M)

Calculated over the trailing 6-month period

9.79%

10.34%

-0.55%

Volatility (1Y)

Calculated over the trailing 1-year period

16.82%

19.48%

-2.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.63%

15.05%

-1.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.80%

15.05%

+0.75%