ZEQT.TO vs. SOXL

Last updated Jun 5, 2026

ZEQT.TO (BMO All-Equity ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - ZEQT.TO is a Global Equities fund actively managed by BMO, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. ZEQT.TO is actively managed, while SOXL is passively managed. Over the past 3 years, ZEQT.TO returned 22.68%/yr vs 136.48%/yr for SOXL. A 0.59 correlation means they provide meaningful diversification when combined. ZEQT.TO charges 0.18%/yr vs 0.75%/yr for SOXL.

Performance

ZEQT.TO vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO All-Equity ETF (ZEQT.TO) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZEQT.TO is traded in CAD, while SOXL is traded in USD. To make them comparable, the SOXL values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZEQT.TO achieves a 13.63% return, which is significantly lower than SOXL's 533.63% return.

ZEQT.TO

• 1D: 0.52%
• 1M: 6.10%
• YTD: 13.63%
• 6M: 13.00%
• 1Y: 32.71%
• 3Y*: 22.68%
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -6.27%
• 1M: 86.12%
• YTD: 533.63%
• 6M: 479.72%
• 1Y: 1,304.33%
• 3Y*: 136.48%
• 5Y*: 51.01%
• 10Y*: 65.78%

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

ZEQT.TO vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZEQT.TO BMO All-Equity ETF	13.63%	19.67%	25.44%	16.79%	-5.55%
SOXL Direxion Daily Semiconductor Bull 3X ETF	533.63%	47.80%	-4.77%	219.78%	-71.50%

Correlation

The correlation between ZEQT.TO and SOXL is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.59

The correlation between ZEQT.TO and SOXL has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

ZEQT.TO vs. SOXL - Sectors Allocation Comparison

Sectors	ZEQT.TO	SOXL
Technology	22.4%	100.0%
Financial Services	19.8%	-
Industrials	11.2%	-
Consumer Cyclical	8.3%	-
Basic Materials	7.4%	-
Energy	7.4%	-
Healthcare	6.9%	-
Communication Services	6.8%	-
Consumer Defensive	4.7%	-
Utilities	2.9%	-
Real Estate	2.0%	-

Return for Risk

ZEQT.TO vs. SOXL — 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: 80
ZEQT.TO Sharpe Ratio Rank: 81
ZEQT.TO Sortino Ratio Rank: 81
ZEQT.TO Omega Ratio Rank: 80
ZEQT.TO Calmar Ratio Rank: 76
ZEQT.TO Martin Ratio Rank: 81

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.

	ZEQT.TO	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.58	12.99	-10.41
Sortino ratio: Return per unit of downside risk	3.57	5.03	-1.46
Omega ratio: Gain probability vs. loss probability	1.47	1.70	-0.22
Calmar ratio: Return relative to maximum drawdown	3.77	31.08	-27.32
Martin ratio: Return relative to average drawdown	15.90	105.43	-89.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZEQT.TO vs. SOXL - Sharpe Ratio Comparison

The current ZEQT.TO Sharpe Ratio is 2.58, which is lower than the SOXL Sharpe Ratio of 12.99. The chart below compares the historical Sharpe Ratios of ZEQT.TO and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZEQT.TO	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	12.99	-10.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.55	+0.65

Drawdowns

ZEQT.TO vs. SOXL - Drawdown Comparison

The maximum ZEQT.TO drawdown since its inception was -16.87%, smaller than the maximum SOXL drawdown of -89.64%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and SOXL.

Drawdown Indicators

	ZEQT.TO	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-89.64%	+72.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-42.44%	+33.72%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-87.31%	+71.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.64%	—
Current Drawdown Current decline from peak	-0.64%	-6.27%	+5.63%
Average Drawdown Average peak-to-trough decline	-3.01%	-33.94%	+30.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	12.49%	-10.43%

Volatility

ZEQT.TO vs. SOXL - Volatility Comparison

The current volatility for BMO All-Equity ETF (ZEQT.TO) is 5.21%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.91%. This indicates that ZEQT.TO experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEQT.TO	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	40.91%	-35.70%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	81.06%	-70.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	101.61%	-88.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	105.49%	-91.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	97.21%	-83.36%

ZEQT.TO vs. SOXL - Expense Ratio Comparison

ZEQT.TO has a 0.18% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

ZEQT.TO vs. SOXL - Dividend Comparison

ZEQT.TO's dividend yield for the trailing twelve months is around 1.28%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
ZEQT.TO BMO All-Equity ETF	1.28%	1.45%	1.69%	2.13%	2.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZEQT.TO and SOXL in my portfolio?

ZEQT.TO and SOXL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZEQT.TO or SOXL?

On fees, ZEQT.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEQT.TO or SOXL?

ZEQT.TO is cheaper with a 0.18% expense ratio, compared with 0.75% for SOXL.

What is the main difference between ZEQT.TO and SOXL?

ZEQT.TO is categorized as Global Equities, while SOXL is Leveraged Equities. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.18% for ZEQT.TO and 0.75% for SOXL.