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ZEQT.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEQT.TO vs. PZW.TO

Last updated Jun 25, 2026

ZEQT.TO (BMO All-Equity ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds. ZEQT.TO is actively managed, while PZW.TO is passively managed. Over the past 3 years, ZEQT.TO returned 26.67%/yr vs 21.00%/yr for PZW.TO. At a 0.42 correlation, their price movements are largely independent.

Performance

ZEQT.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO All-Equity ETF (ZEQT.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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, ZEQT.TO achieves a 13.34% return, which is significantly lower than PZW.TO's 15.70% return.

ZEQT.TO

1D
-0.13%
1M
-0.90%
YTD
13.34%
6M
12.70%
1Y
30.84%
3Y*
26.67%
5Y*
—
10Y*
—

PZW.TO

1D
-0.63%
1M
3.40%
YTD
15.70%
6M
14.72%
1Y
32.76%
3Y*
21.00%
5Y*
10.35%
10Y*
11.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEQT.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZEQT.TO
BMO All-Equity ETF		13.34%21.71%30.06%22.28%-0.83%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		15.70%18.48%16.03%12.88%-4.02%

Correlation

The correlation between ZEQT.TO and PZW.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.37

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2022

0.42

The correlation between ZEQT.TO and PZW.TO shifts across timeframes, from 0.31 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

ZEQT.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
ZEQT.TO
PZW.TO

Technology

23.8%
12.2%

Financial Services

20.1%
13.3%

Industrials

11.2%
19.2%

Consumer Cyclical

8.4%
12.1%

Basic Materials

7.3%
7.0%

Communication Services

6.9%
3.8%

Energy

6.7%
4.1%

Healthcare

6.5%
12.7%

Consumer Defensive

4.5%
4.6%

Utilities

2.8%
2.3%

Real Estate

2.0%
8.8%

Technology

ZEQT.TO
23.8%
PZW.TO
12.2%

Financial Services

ZEQT.TO
20.1%
PZW.TO
13.3%

Industrials

ZEQT.TO
11.2%
PZW.TO
19.2%

Consumer Cyclical

ZEQT.TO
8.4%
PZW.TO
12.1%

Basic Materials

ZEQT.TO
7.3%
PZW.TO
7.0%

Communication Services

ZEQT.TO
6.9%
PZW.TO
3.8%

Energy

ZEQT.TO
6.7%
PZW.TO
4.1%

Healthcare

ZEQT.TO
6.5%
PZW.TO
12.7%

Consumer Defensive

ZEQT.TO
4.5%
PZW.TO
4.6%

Utilities

ZEQT.TO
2.8%
PZW.TO
2.3%

Real Estate

ZEQT.TO
2.0%
PZW.TO
8.8%

Compare stocks, funds, or ETFs

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BMO All-Equity ETF

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with ZEQT.TO:
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Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. INAI.TOPZW.TO vs. TEQT.TOPZW.TO vs. XWD.TOPZW.TO vs. QQCE.TOPZW.TO vs. QQC.TOPZW.TO vs. VDU.TO

Return for Risk

ZEQT.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZEQT.TO
ZEQT.TO Risk / Return Rank: 8080
Overall Rank
ZEQT.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZEQT.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZEQT.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZEQT.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ZEQT.TO Martin Ratio Rank: 8181
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8484
Overall Rank
PZW.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8181
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.

ZEQT.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

ZEQT.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.32
2.32

0.00

Sortino ratioReturn per unit of downside risk
3.22
3.41

-0.19

Omega ratioGain probability vs. loss probability

1.43

1.45

-0.03

Calmar ratioReturn relative to maximum drawdown

3.55

3.87

-0.32

Martin ratioReturn relative to average drawdown

14.64

13.82

+0.82

ZEQT.TO vs. PZW.TO - Sharpe Ratio Comparison

The current ZEQT.TO Sharpe Ratio is 2.32, which is comparable to the PZW.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ZEQT.TO and PZW.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

ZEQT.TO vs. PZW.TO - Drawdown Comparison

The maximum ZEQT.TO drawdown since its inception was -15.18%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and PZW.TO.

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Drawdown Indicators

ZEQT.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.18%

-32.45%

+17.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-8.50%

-0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-16.88%

+2.26%

Max Drawdown (5Y)

Largest decline over 5 years

—

-22.13%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

-1.66%

-0.67%

-0.99%

Average Drawdown

Average peak-to-trough decline

-2.57%

-5.72%

+3.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.11%

2.38%

-0.27%

Volatility

ZEQT.TO vs. PZW.TO - Volatility Comparison

BMO All-Equity ETF (ZEQT.TO) has a higher volatility of 4.47% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.82%. This indicates that ZEQT.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEQT.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.47%

2.82%

+1.65%

Volatility (6M)

Calculated over the trailing 6-month period

11.08%

10.41%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

13.37%

14.20%

-0.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

14.67%

-1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.51%

15.91%

-2.40%

Dividends

ZEQT.TO vs. PZW.TO - Dividend Comparison

ZEQT.TO's dividend yield for the trailing twelve months is around 1.92%, more than PZW.TO's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.68%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
ZEQT.TO
BMO All-Equity ETF		1.92%2.89%5.08%6.40%7.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZEQT.TO and PZW.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Invesco.

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