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

ZGQ.TO vs. XFR.TO

Last updated Jun 4, 2026

ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) and XFR.TO (iShares Floating Rate Index ETF) are both exchange-traded funds - ZGQ.TO is a Global Equities fund tracking the MSCI All Country World High Quality Index, while XFR.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, ZGQ.TO returned 15.07%/yr vs 2.24%/yr for XFR.TO. At a 0.04 correlation, their price movements are largely independent. ZGQ.TO charges 0.50%/yr vs 0.14%/yr for XFR.TO.

Performance

ZGQ.TO vs. XFR.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 iShares Floating Rate Index ETF (XFR.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 13.23% return, which is significantly higher than XFR.TO's 1.00% return. Over the past 10 years, ZGQ.TO has outperformed XFR.TO with an annualized return of 15.07%, while XFR.TO has yielded a comparatively lower 2.24% 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%

XFR.TO

1D
-0.05%
1M
0.21%
YTD
1.00%
6M
1.33%
1Y
2.96%
3Y*
3.98%
5Y*
3.20%
10Y*
2.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XFR.TO
iShares Floating Rate Index ETF		1.00%3.33%4.57%5.29%1.82%0.15%0.98%2.23%1.16%1.46%

Correlation

The correlation between ZGQ.TO and XFR.TO is 0.07, 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

0.07

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

0.03

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

0.04

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

0.05

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.04

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BMO MSCI All Country World High Quality Index ETF

iShares Floating Rate Index ETF

Often compared with ZGQ.TO:
ZGQ.TO vs. XEQT.TOZGQ.TO vs. XWD.TOZGQ.TO vs. ZUQ.TOZGQ.TO vs. VFV.TOZGQ.TO vs. XAW.TOZGQ.TO vs. ZNQ.TOZGQ.TO vs. VOO
Often compared with XFR.TO:
XFR.TO vs. CASH.TOXFR.TO vs. ZMMK.TOXFR.TO vs. CMR.TOXFR.TO vs. XSH.TOXFR.TO vs. XBB.TOXFR.TO vs. ZST.TOXFR.TO vs. XHY.TO

Return for Risk

ZGQ.TO vs. XFR.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: 5555
Overall Rank
ZGQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZGQ.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
ZGQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZGQ.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZGQ.TO Martin Ratio Rank: 6262
Martin Ratio Rank
XFR.TO
XFR.TO Risk / Return Rank: 9898
Overall Rank
XFR.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
XFR.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XFR.TO Omega Ratio Rank: 9797
Omega Ratio Rank
XFR.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XFR.TO Martin Ratio Rank: 9898
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. XFR.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 iShares Floating Rate Index ETF (XFR.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.

ZGQ.TOXFR.TODifference
Sharpe ratioReturn per unit of total volatility
1.83
4.12

-2.29

Sortino ratioReturn per unit of downside risk
2.57
6.98

-4.41

Omega ratioGain probability vs. loss probability

1.34

1.96

-0.62

Calmar ratioReturn relative to maximum drawdown

2.78

29.79

-27.01

Martin ratioReturn relative to average drawdown

11.30

88.61

-77.32

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. XFR.TO - Sharpe Ratio Comparison

The current ZGQ.TO Sharpe Ratio is 1.83, which is lower than the XFR.TO Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of ZGQ.TO and XFR.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

ZGQ.TOXFR.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

4.12

-2.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.89

3.92

-3.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

1.22

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.93

1.19

-0.26

Drawdowns

ZGQ.TO vs. XFR.TO - Drawdown Comparison

The maximum ZGQ.TO drawdown since its inception was -26.68%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for ZGQ.TO and XFR.TO.

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Drawdown Indicators

ZGQ.TOXFR.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.68%

-4.12%

-22.56%

Max Drawdown (1Y)

Largest decline over 1 year

-9.22%

-0.10%

-9.12%

Max Drawdown (3Y)

Largest decline over 3 years

-18.36%

-0.30%

-18.06%

Max Drawdown (5Y)

Largest decline over 5 years

-26.68%

-0.30%

-26.38%

Max Drawdown (10Y)

Largest decline over 10 years

-26.68%

-4.12%

-22.56%

Current Drawdown

Current decline from peak

-1.17%

-0.05%

-1.12%

Average Drawdown

Average peak-to-trough decline

-4.49%

-0.06%

-4.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

0.03%

+2.24%

Volatility

ZGQ.TO vs. XFR.TO - Volatility Comparison

BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a higher volatility of 4.57% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.18%. This indicates that ZGQ.TO's price experiences larger fluctuations and is considered to be riskier than XFR.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.TOXFR.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

0.18%

+4.39%

Volatility (6M)

Calculated over the trailing 6-month period

11.49%

0.48%

+11.01%

Volatility (1Y)

Calculated over the trailing 1-year period

14.04%

0.72%

+13.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.83%

0.82%

+15.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.15%

1.85%

+14.30%

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

ZGQ.TO has a 0.50% expense ratio, which is higher than XFR.TO's 0.14% expense ratio.

Dividends

ZGQ.TO vs. XFR.TO - Dividend Comparison

ZGQ.TO's dividend yield for the trailing twelve months is around 0.49%, less than XFR.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
XFR.TO
iShares Floating Rate Index ETF		2.77%3.23%4.93%4.91%1.85%0.30%1.07%1.96%1.60%0.95%0.77%0.94%
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 XFR.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.50% for ZGQ.TO.

ZGQ.TO is categorized as Global Equities, while XFR.TO is Canadian Government Bonds. ZGQ.TO tracks MSCI All Country World High Quality Index, while XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.50% for ZGQ.TO and 0.14% for XFR.TO.

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