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

ZEA.TO vs. PDN

Last updated Jun 5, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and PDN (Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF) are both exchange-traded funds - ZEA.TO is a Global Equities fund tracking the MSCI EAFE Index, while PDN is a Foreign Small & Mid Cap Equities fund tracking the FTSE RAFI Developed x US Mid/Small. Both are passively managed. Over the past 10 years, ZEA.TO returned 9.90%/yr vs 9.29%/yr for PDN. A 0.74 correlation means they provide meaningful diversification when combined. ZEA.TO charges 0.22%/yr vs 0.49%/yr for PDN.

Performance

ZEA.TO vs. PDN - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI EAFE Index ETF (ZEA.TO) and Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN). 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 PDN is traded in USD. To make them comparable, the PDN values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZEA.TO achieves a 10.79% return, which is significantly lower than PDN's 12.34% return. Over the past 10 years, ZEA.TO has outperformed PDN with an annualized return of 9.90%, while PDN has yielded a comparatively lower 9.29% 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%

PDN

1D
0.63%
1M
2.06%
YTD
12.34%
6M
12.77%
1Y
29.43%
3Y*
19.71%
5Y*
9.60%
10Y*
9.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEA.TO vs. PDN - 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%
PDN
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		12.34%31.99%9.21%10.85%-11.46%8.05%8.78%13.32%-11.45%22.42%

Correlation

The correlation between ZEA.TO and PDN 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

0.84

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

0.84

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

0.82

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

0.74

The correlation between ZEA.TO and PDN shifts across timeframes, from 0.74 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

ZEA.TO vs. PDN - Sectors Allocation Comparison

Sectors
ZEA.TO
PDN

Financial Services

24.4%
11.4%

Industrials

20.0%
22.4%

Healthcare

10.5%
5.4%

Technology

10.5%
10.3%

Consumer Cyclical

7.6%
11.1%

Consumer Defensive

6.8%
4.7%

Basic Materials

6.0%
10.0%

Communication Services

4.6%
3.3%

Energy

3.9%
5.1%

Utilities

3.9%
2.4%

Real Estate

1.9%
8.6%

Financial Services

ZEA.TO
24.4%
PDN
11.4%

Industrials

ZEA.TO
20.0%
PDN
22.4%

Healthcare

ZEA.TO
10.5%
PDN
5.4%

Technology

ZEA.TO
10.5%
PDN
10.3%

Consumer Cyclical

ZEA.TO
7.6%
PDN
11.1%

Consumer Defensive

ZEA.TO
6.8%
PDN
4.7%

Basic Materials

ZEA.TO
6.0%
PDN
10.0%

Communication Services

ZEA.TO
4.6%
PDN
3.3%

Energy

ZEA.TO
3.9%
PDN
5.1%

Utilities

ZEA.TO
3.9%
PDN
2.4%

Real Estate

ZEA.TO
1.9%
PDN
8.6%

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid 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 PDN:
PDN vs. VSSPDN vs. FNDCPDN vs. AVDVPDN vs. PXFPDN vs. VXFPDN vs. SPYPDN vs. VEA

Return for Risk

ZEA.TO vs. PDN — 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
PDN
PDN Risk / Return Rank: 5555
Overall Rank
PDN Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
PDN Sortino Ratio Rank: 5656
Sortino Ratio Rank
PDN Omega Ratio Rank: 5757
Omega Ratio Rank
PDN Calmar Ratio Rank: 4949
Calmar Ratio Rank
PDN Martin Ratio Rank: 5555
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. PDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN). 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.TOPDNDifference
Sharpe ratioReturn per unit of total volatility
1.62
2.22

-0.60

Sortino ratioReturn per unit of downside risk
2.32
3.10

-0.77

Omega ratioGain probability vs. loss probability

1.30

1.41

-0.11

Calmar ratioReturn relative to maximum drawdown

2.07

2.69

-0.62

Martin ratioReturn relative to average drawdown

8.07

11.24

-3.17

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. PDN - Sharpe Ratio Comparison

The current ZEA.TO Sharpe Ratio is 1.62, which is comparable to the PDN Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZEA.TO and PDN, 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.TOPDNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.22

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.73

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.65

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.69

-0.09

Drawdowns

ZEA.TO vs. PDN - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, smaller than the maximum PDN drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and PDN.

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Drawdown Indicators

ZEA.TOPDNDifference

Max Drawdown

Largest peak-to-trough decline

-27.80%

-32.53%

+4.73%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-10.99%

+0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-12.76%

-1.35%

Max Drawdown (5Y)

Largest decline over 5 years

-23.67%

-27.35%

+3.68%

Max Drawdown (10Y)

Largest decline over 10 years

-27.80%

-32.53%

+4.73%

Current Drawdown

Current decline from peak

-1.43%

-0.87%

-0.56%

Average Drawdown

Average peak-to-trough decline

-4.63%

-6.17%

+1.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

2.62%

+0.17%

Volatility

ZEA.TO vs. PDN - Volatility Comparison

BMO MSCI EAFE Index ETF (ZEA.TO) has a higher volatility of 5.56% compared to Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) at 4.26%. This indicates that ZEA.TO's price experiences larger fluctuations and is considered to be riskier than PDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEA.TOPDNDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.56%

4.26%

+1.30%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

11.20%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

13.93%

13.33%

+0.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

13.24%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.92%

14.31%

+0.61%

ZEA.TO vs. PDN - Expense Ratio Comparison

ZEA.TO has a 0.22% expense ratio, which is lower than PDN's 0.49% expense ratio.

Dividends

ZEA.TO vs. PDN - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.92%, less than PDN's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
PDN
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		3.07%3.36%3.36%3.16%2.68%2.42%1.79%2.60%2.21%2.42%2.16%2.06%
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 PDN 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 0.49% for PDN.

ZEA.TO is categorized as Global Equities, while PDN is Foreign Small & Mid Cap Equities. ZEA.TO tracks MSCI EAFE Index, while PDN tracks FTSE RAFI Developed x US Mid/Small. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.22% for ZEA.TO and 0.49% for PDN.

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