ZEQT.TO vs. ZAAA.NEO
ZEQT.TO (BMO All-Equity ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZEQT.TO is a Global Equities fund actively managed by BMO, while ZAAA.NEO is a CLO fund actively managed by BMO. Both are actively managed. Over the past year, ZEQT.TO returned 28.79% vs 7.40% for ZAAA.NEO. At a 0.04 correlation, their price movements are largely independent. ZEQT.TO charges 0.18%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZEQT.TO vs. ZAAA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEQT.TO achieves a 14.44% return, which is significantly higher than ZAAA.NEO's 4.67% return.
ZEQT.TO
- 1D
- 0.22%
- 1M
- 0.11%
- 6M
- 10.44%
- YTD
- 14.44%
- 1Y
- 28.79%
- 3Y*
- 24.86%
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO
- 1D
- -0.81%
- 1M
- 0.80%
- 6M
- 3.39%
- YTD
- 4.67%
- 1Y
- 7.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZEQT.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZEQT.TO BMO All-Equity ETF | 14.44% | 22.36% |
ZAAA.NEO BMO AAA CLO ETF | 4.67% | 3.10% |
Correlation
The correlation between ZEQT.TO and ZAAA.NEO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.04 |
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Return for Risk
ZEQT.TO vs. ZAAA.NEO — Risk / Return Rank
ZEQT.TO
ZAAA.NEO
ZEQT.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.33 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 2.48 | +0.84 |
| Martin ratioReturn relative to average drawdown | 13.57 | 6.00 | +7.56 |
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Drawdowns
ZEQT.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZEQT.TO drawdown since its inception was -15.18%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and ZAAA.NEO.
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Drawdown Indicators
| ZEQT.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.18% | -3.01% | -12.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -3.01% | -5.71% |
Max Drawdown (3Y)Largest decline over 3 years | -14.62% | — | — |
Current DrawdownCurrent decline from peak | -1.19% | -1.15% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -0.99% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 1.24% | +0.89% |
Volatility
ZEQT.TO vs. ZAAA.NEO - Volatility Comparison
BMO All-Equity ETF (ZEQT.TO) has a higher volatility of 2.89% compared to BMO AAA CLO ETF (ZAAA.NEO) at 1.50%. This indicates that ZEQT.TO's price experiences larger fluctuations and is considered to be riskier than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZEQT.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.89% | 1.50% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.16% | 3.39% | +7.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.42% | 4.59% | +8.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.47% | 4.65% | +8.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.47% | 4.65% | +8.82% |
ZEQT.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZEQT.TO has a 0.18% expense ratio, which is lower than ZAAA.NEO's 0.23% 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. ZAAA.NEO - Dividend Comparison
ZEQT.TO's dividend yield for the trailing twelve months is around 1.28%, less than ZAAA.NEO's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.12% | 3.16% | 0.00% | 0.00% | 0.00% |
ZEQT.TO BMO All-Equity ETF | 1.28% | 2.89% | 5.08% | 6.40% | 7.31% |
Frequently Asked Questions
ZEQT.TO and ZAAA.NEO have a correlation of -0.01, 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 0.23% for ZAAA.NEO.
ZEQT.TO is categorized as Global Equities, while ZAAA.NEO is CLO. Their fees differ too: 0.18% for ZEQT.TO and 0.23% for ZAAA.NEO.
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