ZEO.TO vs. ZMT.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO).

ZEO.TO and ZMT.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZEO.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Oil & Gas Index. It was launched on Oct 20, 2009. ZMT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. It was launched on Oct 20, 2009. Both ZEO.TO and ZMT.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZEO.TO vs. ZMT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO). The values are adjusted to include any dividend payments, if applicable.

ZEO.TO vs. ZMT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	27.36%	12.35%	21.51%	5.98%	39.67%	63.65%	-28.56%	16.50%	-25.62%	-12.74%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	9.48%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-34.17%	37.76%

Returns By Period

In the year-to-date period, ZEO.TO achieves a 27.36% return, which is significantly higher than ZMT.TO's 9.48% return. Over the past 10 years, ZEO.TO has underperformed ZMT.TO with an annualized return of 11.19%, while ZMT.TO has yielded a comparatively higher 15.66% annualized return.

ZEO.TO

• 1D: -3.17%
• 1M: 5.82%
• YTD: 27.36%
• 6M: 26.79%
• 1Y: 34.45%
• 3Y*: 24.34%
• 5Y*: 27.04%
• 10Y*: 11.19%

ZMT.TO

• 1D: 7.64%
• 1M: -14.38%
• YTD: 9.48%
• 6M: 25.17%
• 1Y: 89.28%
• 3Y*: 28.28%
• 5Y*: 16.96%
• 10Y*: 15.66%

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

ZEO.TO vs. ZMT.TO - Expense Ratio Comparison

ZEO.TO has a 0.60% expense ratio, which is lower than ZMT.TO's 0.61% expense ratio.

ZMT.TO

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

ZEO.TO

BMO Equal Weight Oil & Gas Index ETF

Return for Risk

ZEO.TO vs. ZMT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZEO.TO

ZEO.TO Risk / Return Rank: 78
ZEO.TO Sharpe Ratio Rank: 85
ZEO.TO Sortino Ratio Rank: 81
ZEO.TO Omega Ratio Rank: 84
ZEO.TO Calmar Ratio Rank: 72
ZEO.TO Martin Ratio Rank: 68

ZMT.TO

ZMT.TO Risk / Return Rank: 91
ZMT.TO Sharpe Ratio Rank: 92
ZMT.TO Sortino Ratio Rank: 91
ZMT.TO Omega Ratio Rank: 90
ZMT.TO Calmar Ratio Rank: 93
ZMT.TO Martin Ratio Rank: 89

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.

ZEO.TO vs. ZMT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.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.

	ZEO.TO	ZMT.TO	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.12	-0.37
Sortino ratio Return per unit of downside risk	2.18	2.66	-0.49
Omega ratio Gain probability vs. loss probability	1.35	1.38	-0.03
Calmar ratio Return relative to maximum drawdown	1.99	3.58	-1.59
Martin ratio Return relative to average drawdown	7.37	11.07	-3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZEO.TO vs. ZMT.TO - Sharpe Ratio Comparison

The current ZEO.TO Sharpe Ratio is 1.75, which is comparable to the ZMT.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of ZEO.TO and ZMT.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZEO.TO	ZMT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.12	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	0.51	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.47	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.00	0.00

Correlation

The correlation between ZEO.TO and ZMT.TO is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZEO.TO vs. ZMT.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.80%, more than ZMT.TO's 0.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.80%	3.42%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	3.57%	2.46%	2.50%	4.09%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.19%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	3.95%	1.29%	1.24%	1.10%

Drawdowns

ZEO.TO vs. ZMT.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -100.25%, which is greater than ZMT.TO's maximum drawdown of -80.73%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and ZMT.TO.

Drawdown Indicators

	ZEO.TO	ZMT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-100.25%	-80.73%	-19.52%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-23.81%	+6.19%
Max Drawdown (5Y) Largest decline over 5 years	-22.59%	-41.01%	+18.42%
Max Drawdown (10Y) Largest decline over 10 years	-72.03%	-67.51%	-4.52%
Current Drawdown Current decline from peak	-3.99%	-14.38%	+10.39%
Average Drawdown Average peak-to-trough decline	-49.96%	-43.56%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	7.70%	-2.94%

Volatility

ZEO.TO vs. ZMT.TO - Volatility Comparison

The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 5.16%, while BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a volatility of 17.21%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than ZMT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEO.TO	ZMT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	17.21%	-12.05%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	32.63%	-20.57%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	40.64%	-20.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	33.30%	-12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.24%	33.22%	-5.98%