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ZEA.TO vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEA.TO vs. DGRO

Last updated Jun 5, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - ZEA.TO is a Global Equities fund tracking the MSCI EAFE Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, ZEA.TO returned 9.90%/yr vs 14.27%/yr for DGRO. A 0.56 correlation means they provide meaningful diversification when combined. ZEA.TO charges 0.22%/yr vs 0.08%/yr for DGRO.

Performance

ZEA.TO vs. DGRO - 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 Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with ZEA.TO having a 10.79% return and DGRO slightly higher at 11.15%. Over the past 10 years, ZEA.TO has underperformed DGRO with an annualized return of 9.90%, while DGRO has yielded a comparatively higher 14.27% 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%

DGRO

1D
0.91%
1M
5.48%
YTD
11.15%
6M
9.49%
1Y
26.00%
3Y*
18.80%
5Y*
13.91%
10Y*
14.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEA.TO vs. DGRO - 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%
DGRO
iShares Core Dividend Growth ETF		11.15%10.39%26.64%8.03%-1.35%25.50%7.65%23.48%5.90%15.17%

Correlation

The correlation between ZEA.TO and DGRO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.61

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

0.56

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

0.59

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

0.61

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2014

0.56

The correlation between ZEA.TO and DGRO has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

ZEA.TO vs. DGRO - Sectors Allocation Comparison

Sectors
ZEA.TO
DGRO

Financial Services

24.4%
21.2%

Industrials

20.0%
10.8%

Healthcare

10.5%
16.4%

Technology

10.5%
19.4%

Consumer Cyclical

7.6%
5.7%

Consumer Defensive

6.8%
11.5%

Basic Materials

6.0%
2.5%

Communication Services

4.6%
0.1%

Energy

3.9%
5.6%

Utilities

3.9%
6.9%

Real Estate

1.9%

-

Financial Services

ZEA.TO
24.4%
DGRO
21.2%

Industrials

ZEA.TO
20.0%
DGRO
10.8%

Healthcare

ZEA.TO
10.5%
DGRO
16.4%

Technology

ZEA.TO
10.5%
DGRO
19.4%

Consumer Cyclical

ZEA.TO
7.6%
DGRO
5.7%

Consumer Defensive

ZEA.TO
6.8%
DGRO
11.5%

Basic Materials

ZEA.TO
6.0%
DGRO
2.5%

Communication Services

ZEA.TO
4.6%
DGRO
0.1%

Energy

ZEA.TO
3.9%
DGRO
5.6%

Utilities

ZEA.TO
3.9%
DGRO
6.9%

Real Estate

ZEA.TO
1.9%
DGRO

-

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 EAFE Index ETF

iShares Core Dividend Growth ETF

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 DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

ZEA.TO vs. DGRO — 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
DGRO
DGRO Risk / Return Rank: 7878
Overall Rank
DGRO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 8383
Sortino Ratio Rank
DGRO Omega Ratio Rank: 7878
Omega Ratio Rank
DGRO Calmar Ratio Rank: 7575
Calmar Ratio Rank
DGRO Martin Ratio Rank: 7676
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. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and iShares Core Dividend Growth ETF (DGRO). 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.TODGRODifference
Sharpe ratioReturn per unit of total volatility
1.62
2.70

-1.08

Sortino ratioReturn per unit of downside risk
2.32
3.85

-1.52

Omega ratioGain probability vs. loss probability

1.30

1.49

-0.19

Calmar ratioReturn relative to maximum drawdown

2.07

4.36

-2.29

Martin ratioReturn relative to average drawdown

8.07

17.35

-9.27

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

ZEA.TO vs. DGRO - Sharpe Ratio Comparison

The current ZEA.TO Sharpe Ratio is 1.62, which is lower than the DGRO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ZEA.TO and DGRO, 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.TODGRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.70

-1.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

1.16

-0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.95

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

1.00

-0.41

Drawdowns

ZEA.TO vs. DGRO - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, roughly equal to the maximum DGRO drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and DGRO.

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Drawdown Indicators

ZEA.TODGRODifference

Max Drawdown

Largest peak-to-trough decline

-27.80%

-29.01%

+1.21%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-5.99%

-4.92%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-14.61%

+0.50%

Max Drawdown (5Y)

Largest decline over 5 years

-23.67%

-15.75%

-7.92%

Max Drawdown (10Y)

Largest decline over 10 years

-27.80%

-29.01%

+1.21%

Current Drawdown

Current decline from peak

-1.43%

0.00%

-1.43%

Average Drawdown

Average peak-to-trough decline

-4.63%

-2.82%

-1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

1.50%

+1.29%

Volatility

ZEA.TO vs. DGRO - Volatility Comparison

BMO MSCI EAFE Index ETF (ZEA.TO) has a higher volatility of 5.56% compared to iShares Core Dividend Growth ETF (DGRO) at 2.22%. This indicates that ZEA.TO's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEA.TODGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.56%

2.22%

+3.34%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

7.33%

+4.37%

Volatility (1Y)

Calculated over the trailing 1-year period

13.93%

9.68%

+4.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

12.03%

+1.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.92%

15.03%

-0.11%

ZEA.TO vs. DGRO - Expense Ratio Comparison

ZEA.TO has a 0.22% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZEA.TO vs. DGRO - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.92%, less than DGRO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.94%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
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 DGRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, DGRO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

DGRO is cheaper with a 0.08% expense ratio, compared with 0.22% for ZEA.TO.

ZEA.TO is categorized as Global Equities, while DGRO is Large Cap Growth Equities. ZEA.TO tracks MSCI EAFE Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.22% for ZEA.TO and 0.08% for DGRO.

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