ZEQ.TO vs. BIL
ZEQ.TO (BMO MSCI Europe High Quality Hedged to CAD Index ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ZEQ.TO is a Europe Equities fund tracking the MSCI Europe Quality 100% Hedged to CAD Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, ZEQ.TO returned 8.55%/yr vs 2.92%/yr for BIL. At a correlation of -0.23, they often move in opposite directions. ZEQ.TO charges 0.45%/yr vs 0.14%/yr for BIL.
Performance
ZEQ.TO vs. BIL - Performance Comparison
Loading charts...
Different Trading Currencies
ZEQ.TO is traded in CAD, while BIL is traded in USD. To make them comparable, the BIL values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZEQ.TO achieves a 1.89% return, which is significantly lower than BIL's 2.78% return. Over the past 10 years, ZEQ.TO has outperformed BIL with an annualized return of 8.55%, while BIL has yielded a comparatively lower 2.92% annualized return.
ZEQ.TO
- 1D
- -0.83%
- 1M
- 2.57%
- YTD
- 1.89%
- 6M
- 2.82%
- 1Y
- 4.15%
- 3Y*
- 5.01%
- 5Y*
- 4.74%
- 10Y*
- 8.55%
BIL
- 1D
- 0.43%
- 1M
- 2.29%
- YTD
- 2.78%
- 6M
- 1.38%
- 1Y
- 5.21%
- 3Y*
- 5.85%
- 5Y*
- 6.36%
- 10Y*
- 2.92%
ZEQ.TO vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZEQ.TO BMO MSCI Europe High Quality Hedged to CAD Index ETF | 1.89% | 7.89% | 2.54% | 15.35% | -12.26% | 25.16% | 6.22% | 33.21% | -7.10% | 15.45% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.78% | -0.63% | 14.23% | 2.63% | 8.63% | -1.00% | -1.30% | -2.98% | 10.37% | -5.73% |
Correlation
The correlation between ZEQ.TO and BIL is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014 | -0.23 |
The correlation between ZEQ.TO and BIL shifts across timeframes, from -0.27 (5 years) to -0.14 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZEQ.TO vs. BIL — Risk / Return Rank
ZEQ.TO
BIL
ZEQ.TO vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ZEQ.TO | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.20 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.40 | -1.02 |
| Martin ratioReturn relative to average drawdown | 1.11 | 3.87 | -2.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZEQ.TO | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 1.13 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 1.01 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.43 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.31 | +0.24 |
Drawdowns
ZEQ.TO vs. BIL - Drawdown Comparison
The maximum ZEQ.TO drawdown since its inception was -29.13%, which is greater than BIL's maximum drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for ZEQ.TO and BIL.
Loading charts...
Drawdown Indicators
| ZEQ.TO | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -19.20% | -9.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.97% | -3.73% | -7.24% |
Max Drawdown (3Y)Largest decline over 3 years | -14.47% | -5.19% | -9.28% |
Max Drawdown (5Y)Largest decline over 5 years | -20.54% | -5.19% | -15.35% |
Max Drawdown (10Y)Largest decline over 10 years | -29.13% | -17.20% | -11.93% |
Current DrawdownCurrent decline from peak | -4.20% | 0.00% | -4.20% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -8.13% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.76% | 1.35% | +2.41% |
Volatility
ZEQ.TO vs. BIL - Volatility Comparison
BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO) has a higher volatility of 4.59% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.79%. This indicates that ZEQ.TO's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZEQ.TO | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 0.79% | +3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 3.49% | +7.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.15% | 4.65% | +8.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.18% | 6.36% | +7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.51% | 6.77% | +8.74% |
ZEQ.TO vs. BIL - Expense Ratio Comparison
ZEQ.TO has a 0.45% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
ZEQ.TO vs. BIL - Dividend Comparison
ZEQ.TO's dividend yield for the trailing twelve months is around 3.02%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
ZEQ.TO BMO MSCI Europe High Quality Hedged to CAD Index ETF | 3.02% | 3.10% | 2.04% | 2.50% | 2.62% | 1.78% | 1.94% | 2.04% | 3.21% | 2.07% | 2.01% | 2.06% |
Frequently Asked Questions
ZEQ.TO and BIL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.45% for ZEQ.TO.
ZEQ.TO is categorized as Europe Equities, while BIL is Government Bonds. ZEQ.TO tracks MSCI Europe Quality 100% Hedged to CAD Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.45% for ZEQ.TO and 0.14% for BIL.
Find the right allocation for ZEQ.TO and BIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer