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

ZEQT.TO vs. ZAG.TO

Last updated Jun 5, 2026

ZEQT.TO (BMO All-Equity ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZEQT.TO is a Global Equities fund actively managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. ZEQT.TO is actively managed, while ZAG.TO is passively managed. Over the past 3 years, ZEQT.TO returned 22.68%/yr vs 4.31%/yr for ZAG.TO. At a 0.20 correlation, their price movements are largely independent. ZEQT.TO charges 0.18%/yr vs 0.09%/yr for ZAG.TO.

Performance

ZEQT.TO vs. ZAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO All-Equity ETF (ZEQT.TO) and BMO Aggregate Bond Index ETF (ZAG.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 13.63% return, which is significantly higher than ZAG.TO's 1.70% return.

ZEQT.TO

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

ZAG.TO

1D
0.00%
1M
1.82%
YTD
1.70%
6M
1.18%
1Y
2.95%
3Y*
4.31%
5Y*
0.76%
10Y*
1.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
ZEQT.TO
BMO All-Equity ETF		13.63%19.67%25.44%16.79%-5.55%
ZAG.TO
BMO Aggregate Bond Index ETF		1.70%2.25%4.48%6.41%-8.70%

Correlation

The correlation between ZEQT.TO and ZAG.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

0.24

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2022

0.20

The correlation between ZEQT.TO and ZAG.TO shifts across timeframes, from 0.20 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZEQT.TO
ZAG.TO

Technology

22.4%

-

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%
0.0%

Technology

ZEQT.TO
22.4%
ZAG.TO

-

Financial Services

ZEQT.TO
19.8%
ZAG.TO

-

Industrials

ZEQT.TO
11.2%
ZAG.TO

-

Consumer Cyclical

ZEQT.TO
8.3%
ZAG.TO

-

Basic Materials

ZEQT.TO
7.4%
ZAG.TO

-

Energy

ZEQT.TO
7.4%
ZAG.TO

-

Healthcare

ZEQT.TO
6.9%
ZAG.TO

-

Communication Services

ZEQT.TO
6.8%
ZAG.TO

-

Consumer Defensive

ZEQT.TO
4.7%
ZAG.TO

-

Utilities

ZEQT.TO
2.9%
ZAG.TO

-

Real Estate

ZEQT.TO
2.0%
ZAG.TO
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO All-Equity ETF

BMO Aggregate Bond Index ETF

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Often compared with ZAG.TO:
ZAG.TO vs. VAB.TOZAG.TO vs. XBB.TOZAG.TO vs. XSB.TOZAG.TO vs. ZMMK.TOZAG.TO vs. ZST.TOZAG.TO vs. XBBZAG.TO vs. XCB.TO

Return for Risk

ZEQT.TO vs. ZAG.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
ZAG.TO
ZAG.TO Risk / Return Rank: 2121
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2121
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. ZAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and BMO Aggregate Bond Index ETF (ZAG.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.TOZAG.TODifference
Sharpe ratioReturn per unit of total volatility
2.58
0.67

+1.91

Sortino ratioReturn per unit of downside risk
3.57
0.94

+2.64

Omega ratioGain probability vs. loss probability

1.47

1.12

+0.35

Calmar ratioReturn relative to maximum drawdown

3.77

1.06

+2.70

Martin ratioReturn relative to average drawdown

15.90

2.48

+13.42

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. ZAG.TO - Sharpe Ratio Comparison

The current ZEQT.TO Sharpe Ratio is 2.58, which is higher than the ZAG.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of ZEQT.TO and ZAG.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.TOZAG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.58

0.67

+1.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.12

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.24

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.20

0.45

+0.75

Drawdowns

ZEQT.TO vs. ZAG.TO - Drawdown Comparison

The maximum ZEQT.TO drawdown since its inception was -16.87%, smaller than the maximum ZAG.TO drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and ZAG.TO.

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Drawdown Indicators

ZEQT.TOZAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.87%

-18.03%

+1.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-2.79%

-5.93%

Max Drawdown (3Y)

Largest decline over 3 years

-15.34%

-5.42%

-9.92%

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.77%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-18.03%

—

Current Drawdown

Current decline from peak

-0.64%

-1.09%

+0.45%

Average Drawdown

Average peak-to-trough decline

-3.01%

-3.54%

+0.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

1.19%

+0.87%

Volatility

ZEQT.TO vs. ZAG.TO - Volatility Comparison

BMO All-Equity ETF (ZEQT.TO) has a higher volatility of 5.21% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.68%. This indicates that ZEQT.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.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.TOZAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

1.68%

+3.53%

Volatility (6M)

Calculated over the trailing 6-month period

10.42%

3.43%

+6.99%

Volatility (1Y)

Calculated over the trailing 1-year period

12.75%

4.45%

+8.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

6.58%

+7.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.85%

7.11%

+6.74%

ZEQT.TO vs. ZAG.TO - Expense Ratio Comparison

ZEQT.TO has a 0.18% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio. However, 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. ZAG.TO - Dividend Comparison

ZEQT.TO's dividend yield for the trailing twelve months is around 1.28%, less than ZAG.TO's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ZAG.TO
BMO Aggregate Bond Index ETF		3.42%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%
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%0.00%

Frequently Asked Questions

ZEQT.TO and ZAG.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.

On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.18% for ZEQT.TO.

ZEQT.TO is categorized as Global Equities, while ZAG.TO is Canadian Government Bonds. Their fees differ too: 0.18% for ZEQT.TO and 0.09% for ZAG.TO.

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