ZGQ.TO vs. CIE.NEO
ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) and CIE.NEO (iShares International Fundamental Common Class) are both Global Equities funds - ZGQ.TO tracks the MSCI All Country World High Quality Index while CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index. Both are passively managed. Over the past 10 years, ZGQ.TO returned 15.07%/yr vs 11.89%/yr for CIE.NEO. At a 0.48 correlation, their price movements are largely independent. ZGQ.TO charges 0.50%/yr vs 0.73%/yr for CIE.NEO.
Performance
ZGQ.TO vs. CIE.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZGQ.TO achieves a 13.23% return, which is significantly lower than CIE.NEO's 17.83% return. Over the past 10 years, ZGQ.TO has outperformed CIE.NEO with an annualized return of 15.07%, while CIE.NEO has yielded a comparatively lower 11.89% annualized return.
ZGQ.TO
- 1D
- -0.05%
- 1M
- 6.84%
- YTD
- 13.23%
- 6M
- 8.19%
- 1Y
- 25.52%
- 3Y*
- 20.50%
- 5Y*
- 13.96%
- 10Y*
- 15.07%
CIE.NEO
- 1D
- -0.39%
- 1M
- 6.26%
- YTD
- 17.83%
- 6M
- 19.92%
- 1Y
- 39.49%
- 3Y*
- 25.09%
- 5Y*
- 15.50%
- 10Y*
- 11.89%
ZGQ.TO vs. CIE.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 13.23% | 8.04% | 29.47% | 29.38% | -18.76% | 21.44% | 22.41% | 28.91% | -0.12% | 19.54% |
CIE.NEO iShares International Fundamental Common Class | 17.83% | 34.92% | 12.83% | 15.59% | -2.83% | 14.42% | 1.33% | 11.29% | -8.19% | 16.74% |
Correlation
The correlation between ZGQ.TO and CIE.NEO is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | 0.48 |
The correlation between ZGQ.TO and CIE.NEO shifts across timeframes, from 0.48 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZGQ.TO vs. CIE.NEO — Risk / Return Rank
ZGQ.TO
CIE.NEO
ZGQ.TO vs. CIE.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) and iShares International Fundamental Common Class (CIE.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.
| ZGQ.TO | CIE.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.54 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 3.57 | -0.80 |
| Martin ratioReturn relative to average drawdown | 11.30 | 14.78 | -3.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZGQ.TO | CIE.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 2.85 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 1.13 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.94 | 0.66 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.44 | +0.49 |
Drawdowns
ZGQ.TO vs. CIE.NEO - Drawdown Comparison
The maximum ZGQ.TO drawdown since its inception was -26.68%, smaller than the maximum CIE.NEO drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for ZGQ.TO and CIE.NEO.
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Drawdown Indicators
| ZGQ.TO | CIE.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.68% | -40.08% | +13.40% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -11.10% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -18.36% | -15.44% | -2.92% |
Max Drawdown (5Y)Largest decline over 5 years | -26.68% | -20.55% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.68% | -40.08% | +13.40% |
Current DrawdownCurrent decline from peak | -1.17% | -0.39% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -7.13% | +2.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 2.68% | -0.41% |
Volatility
ZGQ.TO vs. CIE.NEO - Volatility Comparison
The current volatility for BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) is 4.57%, while iShares International Fundamental Common Class (CIE.NEO) has a volatility of 4.85%. This indicates that ZGQ.TO experiences smaller price fluctuations and is considered to be less risky than CIE.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZGQ.TO | CIE.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 4.85% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.49% | 11.56% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.04% | 13.95% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.83% | 13.85% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.15% | 18.19% | -2.04% |
ZGQ.TO vs. CIE.NEO - Expense Ratio Comparison
ZGQ.TO has a 0.50% expense ratio, which is lower than CIE.NEO's 0.73% expense ratio.
Dividends
ZGQ.TO vs. CIE.NEO - Dividend Comparison
ZGQ.TO's dividend yield for the trailing twelve months is around 0.49%, less than CIE.NEO's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIE.NEO iShares International Fundamental Common Class | 2.12% | 2.53% | 2.82% | 3.08% | 3.32% | 2.89% | 2.15% | 3.63% | 3.12% | 2.67% | 2.80% | 2.44% |
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 0.49% | 0.60% | 0.90% | 1.33% | 1.34% | 0.86% | 0.99% | 1.10% | 1.51% | 1.09% | 1.35% | 1.03% |
Frequently Asked Questions
ZGQ.TO and CIE.NEO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZGQ.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZGQ.TO is cheaper with a 0.50% expense ratio, compared with 0.73% for CIE.NEO.
ZGQ.TO tracks MSCI All Country World High Quality Index, while CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.50% for ZGQ.TO and 0.73% for CIE.NEO.
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