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

ZEA.TO vs. ZXM.TO

Last updated Jun 25, 2026

ZEA.TO (BMO MSCI EAFE Index ETF) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both exchange-traded funds - ZEA.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index, while ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index. Both are passively managed. Over the past 10 years, ZEA.TO returned 10.70%/yr vs 14.30%/yr for ZXM.TO. At a 0.45 correlation, their price movements are largely independent. ZEA.TO charges 0.22%/yr vs 0.67%/yr for ZXM.TO.

Performance

ZEA.TO vs. ZXM.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 CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO). 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 12.12% return, which is significantly lower than ZXM.TO's 16.04% return. Over the past 10 years, ZEA.TO has underperformed ZXM.TO with an annualized return of 10.70%, while ZXM.TO has yielded a comparatively higher 14.30% annualized 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%

ZXM.TO

1D
-0.58%
1M
1.50%
YTD
16.04%
6M
15.96%
1Y
36.35%
3Y*
25.03%
5Y*
13.84%
10Y*
14.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZEA.TO
BMO MSCI EAFE Index ETF		12.12%24.92%11.58%16.04%-8.50%10.66%5.15%16.72%-6.23%16.78%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		16.04%35.74%21.42%14.21%-20.62%25.67%16.23%30.39%-17.00%28.15%

Correlation

The correlation between ZEA.TO and ZXM.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.37

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

0.40

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

0.42

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2014

0.45

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

Sectors
ZEA.TO
ZXM.TO

Financial Services

24.6%
19.3%

Industrials

19.5%
33.0%

Technology

10.8%
10.4%

Healthcare

10.4%
3.2%

Consumer Cyclical

7.6%
9.2%

Consumer Defensive

6.8%
3.5%

Basic Materials

5.9%
10.1%

Communication Services

4.8%
1.4%

Energy

4.0%
3.5%

Utilities

3.7%
5.1%

Real Estate

1.8%
1.3%

Financial Services

ZEA.TO
24.6%
ZXM.TO
19.3%

Industrials

ZEA.TO
19.5%
ZXM.TO
33.0%

Technology

ZEA.TO
10.8%
ZXM.TO
10.4%

Healthcare

ZEA.TO
10.4%
ZXM.TO
3.2%

Consumer Cyclical

ZEA.TO
7.6%
ZXM.TO
9.2%

Consumer Defensive

ZEA.TO
6.8%
ZXM.TO
3.5%

Basic Materials

ZEA.TO
5.9%
ZXM.TO
10.1%

Communication Services

ZEA.TO
4.8%
ZXM.TO
1.4%

Energy

ZEA.TO
4.0%
ZXM.TO
3.5%

Utilities

ZEA.TO
3.7%
ZXM.TO
5.1%

Real Estate

ZEA.TO
1.8%
ZXM.TO
1.3%

Compare stocks, funds, or ETFs

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BMO MSCI EAFE Index ETF

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

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Return for Risk

ZEA.TO vs. ZXM.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: 5454
Overall Rank
ZEA.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 5656
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 5454
Martin Ratio Rank
ZXM.TO
ZXM.TO Risk / Return Rank: 8282
Overall Rank
ZXM.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 8080
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. ZXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Index ETF (ZEA.TO) and CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.TOZXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.34

-0.67

Sortino ratioReturn per unit of downside risk
2.40
3.33

-0.93

Omega ratioGain probability vs. loss probability

1.31

1.48

-0.16

Calmar ratioReturn relative to maximum drawdown

2.22

3.53

-1.31

Martin ratioReturn relative to average drawdown

8.56

13.66

-5.10

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

The current ZEA.TO Sharpe Ratio is 1.67, which is comparable to the ZXM.TO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of ZEA.TO and ZXM.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.

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Drawdowns

ZEA.TO vs. ZXM.TO - Drawdown Comparison

The maximum ZEA.TO drawdown since its inception was -27.80%, smaller than the maximum ZXM.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for ZEA.TO and ZXM.TO.

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Drawdown Indicators

ZEA.TOZXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.80%

-35.22%

+7.42%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-10.35%

-0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-12.74%

-1.37%

Max Drawdown (5Y)

Largest decline over 5 years

-23.66%

-26.93%

+3.27%

Max Drawdown (10Y)

Largest decline over 10 years

-27.80%

-35.22%

+7.42%

Current Drawdown

Current decline from peak

-2.09%

-2.83%

+0.74%

Average Drawdown

Average peak-to-trough decline

-4.61%

-6.42%

+1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

2.67%

+0.16%

Volatility

ZEA.TO vs. ZXM.TO - Volatility Comparison

The current volatility for BMO MSCI EAFE Index ETF (ZEA.TO) is 4.91%, while CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a volatility of 6.43%. This indicates that ZEA.TO experiences smaller price fluctuations and is considered to be less risky than ZXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEA.TOZXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.91%

6.43%

-1.52%

Volatility (6M)

Calculated over the trailing 6-month period

12.41%

14.03%

-1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

14.51%

15.70%

-1.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.63%

16.20%

-2.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.79%

16.61%

-1.82%

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

ZEA.TO has a 0.22% expense ratio, which is lower than ZXM.TO's 0.67% expense ratio.

Dividends

ZEA.TO vs. ZXM.TO - Dividend Comparison

ZEA.TO's dividend yield for the trailing twelve months is around 1.90%, more than ZXM.TO's 1.87% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		1.87%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.48%0.88%1.19%1.11%

Frequently Asked Questions

ZEA.TO and ZXM.TO have a correlation of 0.45, 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 0.67% for ZXM.TO.

ZEA.TO is categorized as Foreign Large Cap Equities, while ZXM.TO is Momentum. ZEA.TO tracks MSCI EAFE Index, while ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index. They also come from different issuers: BMO and CI Global Asset Management. Their fees differ too: 0.22% for ZEA.TO and 0.67% for ZXM.TO.

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