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ZEQT.TO vs. XEF-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEQT.TO vs. XEF-U.TO

Last updated Jun 5, 2026

ZEQT.TO (BMO All-Equity ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both Global Equities funds. ZEQT.TO is actively managed, while XEF-U.TO is passively managed. Over the past 3 years, ZEQT.TO returned 22.68%/yr vs 17.45%/yr for XEF-U.TO. At a 0.49 correlation, their price movements are largely independent. ZEQT.TO charges 0.18%/yr vs 0.21%/yr for XEF-U.TO.

Performance

ZEQT.TO vs. XEF-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO All-Equity ETF (ZEQT.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZEQT.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO 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 higher than XEF-U.TO's 10.75% return.

ZEQT.TO

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

XEF-U.TO

1D
0.97%
1M
4.89%
YTD
10.75%
6M
11.16%
1Y
23.21%
3Y*
17.45%
5Y*
10.42%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEQT.TO vs. XEF-U.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZEQT.TO
BMO All-Equity ETF		13.63%19.67%25.44%16.79%-5.55%
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		10.75%25.22%11.01%13.32%-4.41%

Correlation

The correlation between ZEQT.TO and XEF-U.TO is 0.76, 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

0.76

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

0.58

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2022

0.49

Over the past year, ZEQT.TO and XEF-U.TO have become more correlated (0.76) than their long-term average of 0.49, meaning their price movements have been converging.

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BMO All-Equity ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with ZEQT.TO:
ZEQT.TO vs. XEQT.TOZEQT.TO vs. VEQT.TOZEQT.TO vs. ZSP.TOZEQT.TO vs. VFV.TOZEQT.TO vs. HEQT.TOZEQT.TO vs. VGRO.TOZEQT.TO vs. TEQT.TO
Often compared with XEF-U.TO:
XEF-U.TO vs. XEF.TOXEF-U.TO vs. VEAXEF-U.TO vs. VXUSXEF-U.TO vs. IEFAXEF-U.TO vs. ZSP.TOXEF-U.TO vs. VTIXEF-U.TO vs. IEMG

Return for Risk

ZEQT.TO vs. XEF-U.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
XEF-U.TO
XEF-U.TO Risk / Return Rank: 4040
Overall Rank
XEF-U.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
XEF-U.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XEF-U.TO Omega Ratio Rank: 4040
Omega Ratio Rank
XEF-U.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
XEF-U.TO Martin Ratio Rank: 4444
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. XEF-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.

ZEQT.TOXEF-U.TODifference
Sharpe ratioReturn per unit of total volatility
2.58
1.65

+0.93

Sortino ratioReturn per unit of downside risk
3.57
2.29

+1.29

Omega ratioGain probability vs. loss probability

1.47

1.30

+0.17

Calmar ratioReturn relative to maximum drawdown

3.77

2.07

+1.70

Martin ratioReturn relative to average drawdown

15.90

8.33

+7.57

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. XEF-U.TO - Sharpe Ratio Comparison

The current ZEQT.TO Sharpe Ratio is 2.58, which is higher than the XEF-U.TO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of ZEQT.TO and XEF-U.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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Sharpe Ratios by Period

ZEQT.TOXEF-U.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.58

1.65

+0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.92

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.20

0.92

+0.28

Drawdowns

ZEQT.TO vs. XEF-U.TO - Drawdown Comparison

The maximum ZEQT.TO drawdown since its inception was -16.87%, smaller than the maximum XEF-U.TO drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and XEF-U.TO.

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Drawdown Indicators

ZEQT.TOXEF-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.87%

-27.28%

+10.41%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-11.37%

+2.65%

Max Drawdown (3Y)

Largest decline over 3 years

-15.34%

-13.81%

-1.53%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.05%

—

Current Drawdown

Current decline from peak

-0.64%

-0.09%

-0.55%

Average Drawdown

Average peak-to-trough decline

-3.01%

-3.89%

+0.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

2.81%

-0.75%

Volatility

ZEQT.TO vs. XEF-U.TO - Volatility Comparison

BMO All-Equity ETF (ZEQT.TO) has a higher volatility of 5.21% compared to iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) at 4.63%. This indicates that ZEQT.TO's price experiences larger fluctuations and is considered to be riskier than XEF-U.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.TOXEF-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

4.63%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

10.42%

11.86%

-1.44%

Volatility (1Y)

Calculated over the trailing 1-year period

12.75%

14.28%

-1.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

17.82%

-3.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.85%

20.34%

-6.49%

ZEQT.TO vs. XEF-U.TO - Expense Ratio Comparison

ZEQT.TO has a 0.18% expense ratio, which is lower than XEF-U.TO's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZEQT.TO vs. XEF-U.TO - Dividend Comparison

ZEQT.TO's dividend yield for the trailing twelve months is around 1.28%, less than XEF-U.TO's 1.62% yield.

PositionTTM2025202420232022202120202019
XEF-U.TO
iShares Core MSCI EAFE IMI Index ETF		1.62%1.77%2.05%2.09%2.27%1.94%1.41%0.77%
ZEQT.TO
BMO All-Equity ETF		1.28%1.45%1.69%2.13%2.43%0.00%0.00%0.00%

Frequently Asked Questions

ZEQT.TO and XEF-U.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZEQT.TO is cheaper with a 0.18% expense ratio, compared with 0.21% for XEF-U.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZEQT.TO and 0.21% for XEF-U.TO.

Portfolio Optimizer

Find the right allocation for ZEQT.TO and XEF-U.TO

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