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ZGQ.TO vs. VEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZGQ.TO vs. VEF.TO

Last updated Jun 26, 2026

ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) and VEF.TO (Vanguard FTSE Developed All Cap Ex US) are both Global Equities funds - ZGQ.TO tracks the MSCI All Country World High Quality Index while VEF.TO tracks the Spliced FTSE Developed ex US Index Hedged in CAD. Both are passively managed. Over the past 10 years, ZGQ.TO returned 15.52%/yr vs 12.15%/yr for VEF.TO. A 0.61 correlation means they provide meaningful diversification when combined. ZGQ.TO charges 0.50%/yr vs 0.22%/yr for VEF.TO.

Performance

ZGQ.TO vs. VEF.TO - 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 Vanguard FTSE Developed All Cap Ex US (VEF.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, ZGQ.TO achieves a 13.01% return, which is significantly lower than VEF.TO's 17.70% return. Over the past 10 years, ZGQ.TO has outperformed VEF.TO with an annualized return of 15.52%, while VEF.TO has yielded a comparatively lower 12.15% annualized return.

ZGQ.TO

1D
-0.24%
1M
0.45%
YTD
13.01%
6M
8.84%
1Y
23.33%
3Y*
21.05%
5Y*
13.14%
10Y*
15.52%

VEF.TO

1D
1.07%
1M
2.00%
YTD
17.70%
6M
17.76%
1Y
36.07%
3Y*
19.71%
5Y*
12.61%
10Y*
12.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZGQ.TO vs. VEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZGQ.TO
BMO MSCI All Country World High Quality Index ETF		13.01%8.06%29.51%29.44%-18.72%21.48%22.46%28.96%-0.05%19.61%
VEF.TO
Vanguard FTSE Developed All Cap Ex US		17.70%24.61%9.69%18.03%-7.56%18.04%2.10%22.61%-11.95%16.91%

Correlation

The correlation between ZGQ.TO and VEF.TO is 0.78, 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

0.78

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

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2014

0.61

The correlation between ZGQ.TO and VEF.TO shifts across timeframes, from 0.61 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

ZGQ.TO vs. VEF.TO - Sectors Allocation Comparison

Sectors
ZGQ.TO
VEF.TO

Technology

39.0%
13.8%

Healthcare

13.7%
8.2%

Communication Services

13.1%
3.4%

Industrials

10.9%
19.2%

Consumer Defensive

9.3%
5.6%

Financial Services

7.3%
23.3%

Consumer Cyclical

3.8%
7.5%

Basic Materials

2.1%
7.5%

Energy

0.4%
5.4%

Real Estate

0.2%
2.7%

Utilities

0.1%
3.3%

Technology

ZGQ.TO
39.0%
VEF.TO
13.8%

Healthcare

ZGQ.TO
13.7%
VEF.TO
8.2%

Communication Services

ZGQ.TO
13.1%
VEF.TO
3.4%

Industrials

ZGQ.TO
10.9%
VEF.TO
19.2%

Consumer Defensive

ZGQ.TO
9.3%
VEF.TO
5.6%

Financial Services

ZGQ.TO
7.3%
VEF.TO
23.3%

Consumer Cyclical

ZGQ.TO
3.8%
VEF.TO
7.5%

Basic Materials

ZGQ.TO
2.1%
VEF.TO
7.5%

Energy

ZGQ.TO
0.4%
VEF.TO
5.4%

Real Estate

ZGQ.TO
0.2%
VEF.TO
2.7%

Utilities

ZGQ.TO
0.1%
VEF.TO
3.3%

Compare stocks, funds, or ETFs

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

BMO MSCI All Country World High Quality Index ETF

Vanguard FTSE Developed All Cap Ex US

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Often compared with VEF.TO:
VEF.TO vs. XEF.TOVEF.TO vs. VDU.TOVEF.TO vs. VEAVEF.TO vs. VFV.TOVEF.TO vs. VXUSVEF.TO vs. XEH.TOVEF.TO vs. VUG

Return for Risk

ZGQ.TO vs. VEF.TO — 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: 5858
Overall Rank
ZGQ.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
ZGQ.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZGQ.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZGQ.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
ZGQ.TO Martin Ratio Rank: 6464
Martin Ratio Rank
VEF.TO
VEF.TO Risk / Return Rank: 8686
Overall Rank
VEF.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VEF.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
VEF.TO Omega Ratio Rank: 8989
Omega Ratio Rank
VEF.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
VEF.TO Martin Ratio Rank: 8585
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.

ZGQ.TO vs. VEF.TO - 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 Vanguard FTSE Developed All Cap Ex US (VEF.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.

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.

ZGQ.TOVEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.62
2.55

-0.93

Sortino ratioReturn per unit of downside risk
2.30
3.40

-1.10

Omega ratioGain probability vs. loss probability

1.31

1.49

-0.18

Calmar ratioReturn relative to maximum drawdown

2.54

3.66

-1.12

Martin ratioReturn relative to average drawdown

10.16

15.42

-5.26

ZGQ.TO vs. VEF.TO - Sharpe Ratio Comparison

The current ZGQ.TO Sharpe Ratio is 1.62, which is lower than the VEF.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of ZGQ.TO and VEF.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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Drawdowns

ZGQ.TO vs. VEF.TO - Drawdown Comparison

The maximum ZGQ.TO drawdown since its inception was -26.67%, smaller than the maximum VEF.TO drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for ZGQ.TO and VEF.TO.

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Drawdown Indicators

ZGQ.TOVEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.67%

-33.03%

+6.36%

Max Drawdown (1Y)

Largest decline over 1 year

-9.22%

-9.89%

+0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-18.35%

-13.78%

-4.57%

Max Drawdown (5Y)

Largest decline over 5 years

-26.67%

-16.34%

-10.33%

Max Drawdown (10Y)

Largest decline over 10 years

-26.67%

-33.03%

+6.36%

Current Drawdown

Current decline from peak

-1.94%

-2.15%

+0.21%

Average Drawdown

Average peak-to-trough decline

-4.47%

-4.26%

-0.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

2.35%

-0.05%

Volatility

ZGQ.TO vs. VEF.TO - Volatility Comparison

The current volatility for BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) is 4.60%, while Vanguard FTSE Developed All Cap Ex US (VEF.TO) has a volatility of 6.12%. This indicates that ZGQ.TO experiences smaller price fluctuations and is considered to be less risky than VEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZGQ.TOVEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

6.12%

-1.52%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

12.44%

-0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

14.42%

14.21%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.93%

13.76%

+2.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.17%

15.44%

+0.73%

ZGQ.TO vs. VEF.TO - Expense Ratio Comparison

ZGQ.TO has a 0.50% expense ratio, which is higher than VEF.TO's 0.22% expense ratio.

Dividends

ZGQ.TO vs. VEF.TO - Dividend Comparison

ZGQ.TO's dividend yield for the trailing twelve months is around 0.50%, less than VEF.TO's 1.95% yield.

PositionTTM20252024202320222021202020192018201720162015
VEF.TO
Vanguard FTSE Developed All Cap Ex US		1.95%2.61%2.56%2.50%2.20%2.55%1.73%2.41%2.64%2.21%2.31%2.39%
ZGQ.TO
BMO MSCI All Country World High Quality Index ETF		0.50%0.62%0.93%1.38%1.39%0.89%1.03%1.13%1.58%1.15%1.40%1.13%

Frequently Asked Questions

ZGQ.TO and VEF.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEF.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEF.TO is cheaper with a 0.22% expense ratio, compared with 0.50% for ZGQ.TO.

ZGQ.TO tracks MSCI All Country World High Quality Index, while VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.50% for ZGQ.TO and 0.22% for VEF.TO.

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