ZEA.TO vs. PSA.TO

Last updated Jun 5, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - ZEA.TO is a Global Equities fund tracking the MSCI EAFE Index, while PSA.TO is a Money Market fund actively managed by Purpose Investments. ZEA.TO is passively managed, while PSA.TO is actively managed. Over the past 10 years, ZEA.TO returned 9.90%/yr vs 2.25%/yr for PSA.TO. At a 0.03 correlation, their price movements are largely independent. ZEA.TO charges 0.22%/yr vs 0.17%/yr for PSA.TO.

Performance

ZEA.TO vs. PSA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI EAFE Index ETF (ZEA.TO) and Purpose High Interest Savings Fund (PSA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEA.TO achieves a 10.79% return, which is significantly higher than PSA.TO's 0.90% return. Over the past 10 years, ZEA.TO has outperformed PSA.TO with an annualized return of 9.90%, while PSA.TO has yielded a comparatively lower 2.25% 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%

PSA.TO

• 1D: 0.01%
• 1M: 0.17%
• YTD: 0.90%
• 6M: 1.09%
• 1Y: 2.35%
• 3Y*: 3.73%
• 5Y*: 3.17%
• 10Y*: 2.25%

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

ZEA.TO vs. PSA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PSA.TO Purpose High Interest Savings Fund	0.90%	2.64%	4.56%	5.12%	2.34%	0.60%	0.93%	2.22%	1.65%	1.09%

Correlation

The correlation between ZEA.TO and PSA.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014	0.03

Return for Risk

ZEA.TO vs. PSA.TO — 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: 47
ZEA.TO Sharpe Ratio Rank: 48
ZEA.TO Sortino Ratio Rank: 48
ZEA.TO Omega Ratio Rank: 49
ZEA.TO Calmar Ratio Rank: 43
ZEA.TO Martin Ratio Rank: 49

PSA.TO

PSA.TO Risk / Return Rank: 100
PSA.TO Sharpe Ratio Rank: 99
PSA.TO Sortino Ratio Rank: 100
PSA.TO Omega Ratio Rank: 100
PSA.TO Calmar Ratio Rank: 100
PSA.TO Martin Ratio Rank: 100

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. PSA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and Purpose High Interest Savings Fund (PSA.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.

	ZEA.TO	PSA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	10.34	-8.71
Sortino ratio: Return per unit of downside risk	2.32	28.20	-25.87
Omega ratio: Gain probability vs. loss probability	1.30	6.27	-4.97
Calmar ratio: Return relative to maximum drawdown	2.07	117.76	-115.69
Martin ratio: Return relative to average drawdown	8.07	422.79	-414.72
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. PSA.TO - Sharpe Ratio Comparison

The current ZEA.TO Sharpe Ratio is 1.62, which is lower than the PSA.TO Sharpe Ratio of 10.34. The chart below compares the historical Sharpe Ratios of ZEA.TO and PSA.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.

Sharpe Ratios by Period

	ZEA.TO	PSA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	10.34	-8.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	11.67	-10.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	9.68	-9.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	9.26	-8.66

Drawdowns

ZEA.TO vs. PSA.TO - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and PSA.TO.

Drawdown Indicators

	ZEA.TO	PSA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.80%	-0.04%	-27.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-0.02%	-10.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-0.02%	-14.09%
Max Drawdown (5Y) Largest decline over 5 years	-23.67%	-0.04%	-23.63%
Max Drawdown (10Y) Largest decline over 10 years	-27.80%	-0.04%	-27.76%
Current Drawdown Current decline from peak	-1.43%	0.00%	-1.43%
Average Drawdown Average peak-to-trough decline	-4.63%	-0.00%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.01%	+2.78%

Volatility

ZEA.TO vs. PSA.TO - Volatility Comparison

BMO MSCI EAFE Index ETF (ZEA.TO) has a higher volatility of 5.56% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.06%. This indicates that ZEA.TO's price experiences larger fluctuations and is considered to be riskier than PSA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEA.TO	PSA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	0.06%	+5.50%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	0.15%	+11.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	0.23%	+13.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.51%	0.27%	+13.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	0.24%	+14.68%

ZEA.TO vs. PSA.TO - Expense Ratio Comparison

ZEA.TO has a 0.22% expense ratio, which is higher than PSA.TO's 0.17% 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. PSA.TO - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.92%, less than PSA.TO's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSA.TO Purpose High Interest Savings Fund	2.33%	2.61%	4.47%	5.05%	2.26%	0.59%	0.94%	2.18%	1.66%	1.07%	0.99%	1.07%
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

Can I hold both ZEA.TO and PSA.TO in my portfolio?

ZEA.TO and PSA.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZEA.TO or PSA.TO?

On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEA.TO or PSA.TO?

PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for ZEA.TO.

What is the main difference between ZEA.TO and PSA.TO?

ZEA.TO is categorized as Global Equities, while PSA.TO is Money Market. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.22% for ZEA.TO and 0.17% for PSA.TO.