ZGQ.TO vs. QWLD

Last updated Jun 4, 2026

ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both exchange-traded funds - ZGQ.TO is a Global Equities fund tracking the MSCI All Country World High Quality Index, while QWLD is a Large Cap Growth Equities fund tracking the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, ZGQ.TO returned 15.07%/yr vs 12.49%/yr for QWLD. A 0.63 correlation means they provide meaningful diversification when combined. ZGQ.TO charges 0.50%/yr vs 0.30%/yr for QWLD.

Performance

ZGQ.TO vs. QWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) and SPDR MSCI World StrategicFactors ETF (QWLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZGQ.TO achieves a 13.23% return, which is significantly higher than QWLD's 7.90% return. Over the past 10 years, ZGQ.TO has outperformed QWLD with an annualized return of 15.07%, while QWLD has yielded a comparatively lower 12.49% 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%

QWLD

• 1D: -0.15%
• 1M: 4.59%
• YTD: 7.90%
• 6M: 6.91%
• 1Y: 18.61%
• 3Y*: 17.70%
• 5Y*: 13.10%
• 10Y*: 12.49%

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

ZGQ.TO vs. QWLD - 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%
QWLD SPDR MSCI World StrategicFactors ETF	7.90%	12.52%	24.27%	16.96%	-7.12%	20.47%	8.37%	21.32%	0.86%	14.64%

Correlation

The correlation between ZGQ.TO and QWLD is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014	0.63

The correlation between ZGQ.TO and QWLD shifts across timeframes, from 0.63 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.

ZGQ.TO vs. QWLD - Sectors Allocation Comparison

Sectors	ZGQ.TO	QWLD
Technology	38.4%	22.3%
Healthcare	13.4%	12.6%
Communication Services	13.3%	9.6%
Industrials	11.2%	8.6%
Consumer Defensive	9.3%	7.6%
Financial Services	7.5%	13.8%
Consumer Cyclical	4.0%	5.0%
Basic Materials	2.2%	2.9%
Energy	0.4%	4.5%
Real Estate	0.3%	0.8%
Utilities	0.2%	3.7%

Return for Risk

ZGQ.TO vs. QWLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZGQ.TO

ZGQ.TO Risk / Return Rank: 55
ZGQ.TO Sharpe Ratio Rank: 52
ZGQ.TO Sortino Ratio Rank: 52
ZGQ.TO Omega Ratio Rank: 55
ZGQ.TO Calmar Ratio Rank: 55
ZGQ.TO Martin Ratio Rank: 62

QWLD

QWLD Risk / Return Rank: 50
QWLD Sharpe Ratio Rank: 51
QWLD Sortino Ratio Rank: 52
QWLD Omega Ratio Rank: 49
QWLD Calmar Ratio Rank: 45
QWLD Martin Ratio Rank: 55

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.

ZGQ.TO vs. QWLD - 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 SPDR MSCI World StrategicFactors ETF (QWLD). 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	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.98	-0.16
Sortino ratio: Return per unit of downside risk	2.57	2.83	-0.27
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.91	-0.13
Martin ratio: Return relative to average drawdown	11.30	12.11	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZGQ.TO vs. QWLD - Sharpe Ratio Comparison

The current ZGQ.TO Sharpe Ratio is 1.83, which is comparable to the QWLD Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of ZGQ.TO and QWLD, 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

	ZGQ.TO	QWLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.98	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.16	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.93	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.91	+0.01

Drawdowns

ZGQ.TO vs. QWLD - Drawdown Comparison

The maximum ZGQ.TO drawdown since its inception was -26.68%, roughly equal to the maximum QWLD drawdown of -25.50%. Use the drawdown chart below to compare losses from any high point for ZGQ.TO and QWLD.

Drawdown Indicators

	ZGQ.TO	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-25.50%	-1.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-6.42%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.36%	-13.16%	-5.20%
Max Drawdown (5Y) Largest decline over 5 years	-26.68%	-18.10%	-8.58%
Max Drawdown (10Y) Largest decline over 10 years	-26.68%	-25.50%	-1.18%
Current Drawdown Current decline from peak	-1.17%	-0.15%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.49%	-3.13%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.54%	+0.73%

Volatility

ZGQ.TO vs. QWLD - Volatility Comparison

BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a higher volatility of 4.57% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.24%. This indicates that ZGQ.TO's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGQ.TO	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	2.24%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	7.44%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	9.42%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	11.31%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.15%	13.51%	+2.64%

ZGQ.TO vs. QWLD - Expense Ratio Comparison

ZGQ.TO has a 0.50% expense ratio, which is higher than QWLD's 0.30% expense ratio.

Dividends

ZGQ.TO vs. QWLD - Dividend Comparison

ZGQ.TO's dividend yield for the trailing twelve months is around 0.49%, less than QWLD's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QWLD SPDR MSCI World StrategicFactors ETF	1.84%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%
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

Can I hold both ZGQ.TO and QWLD in my portfolio?

ZGQ.TO and QWLD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZGQ.TO or QWLD?

On fees, QWLD is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGQ.TO or QWLD?

QWLD is cheaper with a 0.30% expense ratio, compared with 0.50% for ZGQ.TO.

What is the main difference between ZGQ.TO and QWLD?

ZGQ.TO is categorized as Global Equities, while QWLD is Large Cap Growth Equities. ZGQ.TO tracks MSCI All Country World High Quality Index, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: BMO and State Street. Their fees differ too: 0.50% for ZGQ.TO and 0.30% for QWLD.