ZEA.TO vs. XDSR.TO

Last updated Jun 25, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and XDSR.TO (iShares ESG Advanced MSCI EAFE Index ETF) are both Foreign Large Cap Equities funds - ZEA.TO tracks the MSCI EAFE Index while XDSR.TO tracks the MSCI EAFE Choice ESG Screened Index. Both are passively managed. Over the past 5 years, ZEA.TO returned 11.38%/yr vs 9.70%/yr for XDSR.TO. A 0.71 correlation means they provide meaningful diversification when combined. ZEA.TO charges 0.22%/yr vs 0.28%/yr for XDSR.TO.

Performance

ZEA.TO vs. XDSR.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 iShares ESG Advanced MSCI EAFE Index ETF (XDSR.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 12.12% return, which is significantly lower than XDSR.TO's 14.81% return.

ZEA.TO

• 1D: -0.19%
• 1M: -0.25%
• YTD: 12.12%
• 6M: 12.00%
• 1Y: 24.12%
• 3Y*: 19.22%
• 5Y*: 11.38%
• 10Y*: 10.70%

XDSR.TO

• 1D: 0.04%
• 1M: 2.38%
• YTD: 14.81%
• 6M: 14.47%
• 1Y: 22.18%
• 3Y*: 18.18%
• 5Y*: 9.70%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZEA.TO BMO MSCI EAFE Index ETF	12.12%	24.92%	11.58%	16.04%	-8.50%	10.66%	20.24%
XDSR.TO iShares ESG Advanced MSCI EAFE Index ETF	14.81%	16.99%	12.43%	16.82%	-14.11%	10.06%	23.07%

Correlation

The correlation between ZEA.TO and XDSR.TO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 29, 2020	0.71

Over the past year, ZEA.TO and XDSR.TO have become more correlated (0.93) than their long-term average of 0.71, meaning their price movements have been converging.

ZEA.TO vs. XDSR.TO - Sectors Allocation Comparison

Sectors	ZEA.TO	XDSR.TO
Financial Services	24.6%	31.5%
Industrials	19.5%	15.6%
Technology	10.8%	19.9%
Healthcare	10.4%	9.8%
Consumer Cyclical	7.6%	4.6%
Consumer Defensive	6.8%	2.2%
Basic Materials	5.9%	4.9%
Communication Services	4.8%	7.6%
Energy	4.0%	-
Utilities	3.7%	0.7%
Real Estate	1.8%	3.3%

Return for Risk

ZEA.TO vs. XDSR.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: 54
ZEA.TO Sharpe Ratio Rank: 55
ZEA.TO Sortino Ratio Rank: 56
ZEA.TO Omega Ratio Rank: 56
ZEA.TO Calmar Ratio Rank: 50
ZEA.TO Martin Ratio Rank: 54

XDSR.TO

XDSR.TO Risk / Return Rank: 45
XDSR.TO Sharpe Ratio Rank: 46
XDSR.TO Sortino Ratio Rank: 48
XDSR.TO Omega Ratio Rank: 45
XDSR.TO Calmar Ratio Rank: 42
XDSR.TO Martin Ratio Rank: 48

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. XDSR.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and iShares ESG Advanced MSCI EAFE Index ETF (XDSR.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZEA.TO	XDSR.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.42	+0.25
Sortino ratio: Return per unit of downside risk	2.40	2.10	+0.30
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.22	1.85	+0.37
Martin ratio: Return relative to average drawdown	8.56	7.25	+1.30

ZEA.TO vs. XDSR.TO - Sharpe Ratio Comparison

The current ZEA.TO Sharpe Ratio is 1.67, which is comparable to the XDSR.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ZEA.TO and XDSR.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.

Drawdowns

ZEA.TO vs. XDSR.TO - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, smaller than the maximum XDSR.TO drawdown of -29.62%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and XDSR.TO.

Drawdown Indicators

	ZEA.TO	XDSR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.80%	-29.62%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-12.06%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-15.63%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-23.66%	-29.62%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-27.80%	—	—
Current Drawdown Current decline from peak	-2.09%	-2.23%	+0.14%
Average Drawdown Average peak-to-trough decline	-4.61%	-6.29%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.07%	-0.24%

Volatility

ZEA.TO vs. XDSR.TO - Volatility Comparison

The current volatility for BMO MSCI EAFE Index ETF (ZEA.TO) is 4.91%, while iShares ESG Advanced MSCI EAFE Index ETF (XDSR.TO) has a volatility of 5.58%. This indicates that ZEA.TO experiences smaller price fluctuations and is considered to be less risky than XDSR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEA.TO	XDSR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	5.58%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	13.41%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	15.76%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.63%	15.02%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	14.82%	-0.03%

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

ZEA.TO has a 0.22% expense ratio, which is lower than XDSR.TO's 0.28% expense ratio.

Dividends

ZEA.TO vs. XDSR.TO - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.90%, more than XDSR.TO's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XDSR.TO iShares ESG Advanced MSCI EAFE Index ETF	1.59%	1.83%	1.94%	1.94%	2.27%	1.45%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEA.TO BMO MSCI EAFE Index ETF	1.90%	2.17%	2.78%	3.02%	3.08%	2.49%	2.74%	2.95%	3.05%	2.40%	2.80%	2.43%

Frequently Asked Questions

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

With a correlation of 0.93, ZEA.TO and XDSR.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

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.

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

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.28% for XDSR.TO.

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

ZEA.TO tracks MSCI EAFE Index, while XDSR.TO tracks MSCI EAFE Choice ESG Screened Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.22% for ZEA.TO and 0.28% for XDSR.TO.