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ZEA.TO vs. CIE.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEA.TO vs. CIE.NEO

Last updated Jun 5, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds - ZEA.TO tracks the MSCI EAFE Index while CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index. Both are passively managed. Over the past 10 years, ZEA.TO returned 9.90%/yr vs 11.97%/yr for CIE.NEO. A 0.70 correlation means they provide meaningful diversification when combined. ZEA.TO charges 0.22%/yr vs 0.73%/yr for CIE.NEO.

Performance

ZEA.TO vs. CIE.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI EAFE Index ETF (ZEA.TO) and iShares International Fundamental Common Class (CIE.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZEA.TO achieves a 10.79% return, which is significantly lower than CIE.NEO's 18.32% return. Over the past 10 years, ZEA.TO has underperformed CIE.NEO with an annualized return of 9.90%, while CIE.NEO has yielded a comparatively higher 11.97% annualized return.

ZEA.TO

1D
0.72%
1M
4.84%
YTD
10.79%
6M
10.55%
1Y
22.50%
3Y*
17.95%
5Y*
11.18%
10Y*
9.90%

CIE.NEO

1D
0.42%
1M
6.88%
YTD
18.32%
6M
20.08%
1Y
40.12%
3Y*
24.89%
5Y*
15.60%
10Y*
11.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEA.TO vs. CIE.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZEA.TO
BMO MSCI EAFE Index ETF		10.79%24.28%11.56%16.02%-8.51%10.64%5.13%16.71%-6.24%16.77%
CIE.NEO
iShares International Fundamental Common Class		18.32%34.92%12.83%15.59%-2.83%14.42%1.33%11.29%-8.19%16.74%

Correlation

The correlation between ZEA.TO and CIE.NEO is 0.85, 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

0.85

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

0.82

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

0.78

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

0.77

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.70

The correlation between ZEA.TO and CIE.NEO shifts across timeframes, from 0.70 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

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BMO MSCI EAFE Index ETF

iShares International Fundamental Common Class

Often compared with ZEA.TO:
ZEA.TO vs. XEF.TOZEA.TO vs. XEQT.TOZEA.TO vs. VXC.TOZEA.TO vs. XAW.TOZEA.TO vs. IEFAZEA.TO vs. VDU.TOZEA.TO vs. ZSP.TO
Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. DFIVCIE.NEO vs. FCCM.NEOCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO

Return for Risk

ZEA.TO vs. CIE.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZEA.TO
ZEA.TO Risk / Return Rank: 4747
Overall Rank
ZEA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 4949
Martin Ratio Rank
CIE.NEO
CIE.NEO Risk / Return Rank: 8383
Overall Rank
CIE.NEO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 8888
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 8989
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 7474
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 7979
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.

ZEA.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and iShares International Fundamental Common Class (CIE.NEO). 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.

ZEA.TOCIE.NEODifference
Sharpe ratioReturn per unit of total volatility
1.62
2.89

-1.27

Sortino ratioReturn per unit of downside risk
2.32
3.95

-1.63

Omega ratioGain probability vs. loss probability

1.30

1.55

-0.24

Calmar ratioReturn relative to maximum drawdown

2.07

3.63

-1.56

Martin ratioReturn relative to average drawdown

8.07

15.02

-6.95

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

ZEA.TO vs. CIE.NEO - Sharpe Ratio Comparison

The current ZEA.TO Sharpe Ratio is 1.62, which is lower than the CIE.NEO Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of ZEA.TO and CIE.NEO, 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

ZEA.TOCIE.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.89

-1.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

1.13

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.66

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.44

+0.16

Drawdowns

ZEA.TO vs. CIE.NEO - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and CIE.NEO.

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Drawdown Indicators

ZEA.TOCIE.NEODifference

Max Drawdown

Largest peak-to-trough decline

-27.80%

-40.08%

+12.28%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-11.10%

+0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-15.44%

+1.33%

Max Drawdown (5Y)

Largest decline over 5 years

-23.67%

-20.55%

-3.12%

Max Drawdown (10Y)

Largest decline over 10 years

-27.80%

-40.08%

+12.28%

Current Drawdown

Current decline from peak

-1.43%

0.00%

-1.43%

Average Drawdown

Average peak-to-trough decline

-4.63%

-7.13%

+2.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

2.68%

+0.11%

Volatility

ZEA.TO vs. CIE.NEO - Volatility Comparison

BMO MSCI EAFE Index ETF (ZEA.TO) has a higher volatility of 5.56% compared to iShares International Fundamental Common Class (CIE.NEO) at 4.82%. This indicates that ZEA.TO's price experiences larger fluctuations and is considered to be riskier than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEA.TOCIE.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.56%

4.82%

+0.74%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

11.56%

+0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

13.93%

13.94%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

13.85%

-0.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.92%

18.18%

-3.26%

ZEA.TO vs. CIE.NEO - Expense Ratio Comparison

ZEA.TO has a 0.22% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.

Dividends

ZEA.TO vs. CIE.NEO - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.92%, less than CIE.NEO's 2.11% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.11%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
ZEA.TO
BMO MSCI EAFE Index ETF		1.92%2.17%2.77%3.00%3.06%2.48%2.72%2.93%3.03%2.39%2.78%2.42%

Frequently Asked Questions

ZEA.TO and CIE.NEO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.73% for CIE.NEO.

ZEA.TO tracks MSCI EAFE Index, while CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.22% for ZEA.TO and 0.73% for CIE.NEO.

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