ZJPN.TO vs. VA.TO

Last updated Jul 4, 2026

ZJPN.TO (BMO Japan Index ETF) and VA.TO (Vanguard FTSE Developed Asia Pacific All Cap Index ETF) are both exchange-traded funds - ZJPN.TO is a Japan Equities fund tracking the Solactive GBS Japan Large & Mid Cap Index, while VA.TO is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific All Cap Index. Both are passively managed. Over the past 3 years, ZJPN.TO returned 21.34%/yr vs 24.75%/yr for VA.TO. A 0.71 correlation means they provide meaningful diversification when combined. ZJPN.TO charges 0.39%/yr vs 0.22%/yr for VA.TO.

Performance

ZJPN.TO vs. VA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Japan Index ETF (ZJPN.TO) and Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJPN.TO achieves a 21.14% return, which is significantly lower than VA.TO's 32.28% return.

ZJPN.TO

• 1D: 2.00%
• 1M: 3.69%
• 6M: 20.29%
• YTD: 21.14%
• 1Y: 36.90%
• 3Y*: 21.34%
• 5Y*: —
• 10Y*: —

VA.TO

• 1D: 2.86%
• 1M: 0.18%
• 6M: 30.57%
• YTD: 32.28%
• 1Y: 51.98%
• 3Y*: 24.75%
• 5Y*: 13.29%
• 10Y*: 11.43%

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

ZJPN.TO vs. VA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZJPN.TO BMO Japan Index ETF	21.14%	20.22%	16.50%	16.10%	-2.80%
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	32.28%	26.08%	10.31%	12.16%	-3.70%

Correlation

The correlation between ZJPN.TO and VA.TO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022	0.71

The correlation between ZJPN.TO and VA.TO shifts across timeframes, from 0.71 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

ZJPN.TO vs. VA.TO - Sectors Allocation Comparison

Sectors	ZJPN.TO	VA.TO
Industrials	25.4%	18.6%
Technology	19.1%	28.1%
Financial Services	16.7%	17.9%
Consumer Cyclical	12.3%	9.4%
Communication Services	8.6%	4.9%
Healthcare	5.6%	4.4%
Consumer Defensive	3.8%	3.2%
Basic Materials	3.7%	7.1%
Real Estate	2.7%	3.8%
Utilities	1.2%	1.4%
Energy	0.9%	1.3%

Return for Risk

ZJPN.TO vs. VA.TO — Risk / Return Rank

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

ZJPN.TO

ZJPN.TO Risk / Return Rank: 70
ZJPN.TO Sharpe Ratio Rank: 71
ZJPN.TO Sortino Ratio Rank: 70
ZJPN.TO Omega Ratio Rank: 70
ZJPN.TO Calmar Ratio Rank: 71
ZJPN.TO Martin Ratio Rank: 68

VA.TO

VA.TO Risk / Return Rank: 87
VA.TO Sharpe Ratio Rank: 88
VA.TO Sortino Ratio Rank: 81
VA.TO Omega Ratio Rank: 88
VA.TO Calmar Ratio Rank: 89
VA.TO Martin Ratio Rank: 89

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.

ZJPN.TO vs. VA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Japan Index ETF (ZJPN.TO) and Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.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.

	ZJPN.TO	VA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.36	-0.50
Sortino ratio: Return per unit of downside risk	2.62	2.97	-0.35
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	2.92	4.32	-1.40
Martin ratio: Return relative to average drawdown	10.18	15.82	-5.64

ZJPN.TO vs. VA.TO - Sharpe Ratio Comparison

The current ZJPN.TO Sharpe Ratio is 1.86, which is comparable to the VA.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ZJPN.TO and VA.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.

Drawdowns

ZJPN.TO vs. VA.TO - Drawdown Comparison

The maximum ZJPN.TO drawdown since its inception was -17.03%, smaller than the maximum VA.TO drawdown of -25.81%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and VA.TO.

Drawdown Indicators

	ZJPN.TO	VA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.03%	-25.81%	+8.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.72%	-12.09%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-13.99%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.81%	—
Current Drawdown Current decline from peak	-1.51%	-3.77%	+2.26%
Average Drawdown Average peak-to-trough decline	-4.31%	-5.52%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.30%	+0.34%

Volatility

ZJPN.TO vs. VA.TO - Volatility Comparison

The current volatility for BMO Japan Index ETF (ZJPN.TO) is 7.19%, while Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) has a volatility of 12.10%. This indicates that ZJPN.TO experiences smaller price fluctuations and is considered to be less risky than VA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJPN.TO	VA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	12.10%	-4.91%
Volatility (6M) Calculated over the trailing 6-month period	15.97%	20.06%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.89%	22.10%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	15.63%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	15.51%	+1.67%

ZJPN.TO vs. VA.TO - Expense Ratio Comparison

ZJPN.TO has a 0.39% expense ratio, which is higher than VA.TO's 0.22% expense ratio.

Dividends

ZJPN.TO vs. VA.TO - Dividend Comparison

ZJPN.TO's dividend yield for the trailing twelve months is around 1.13%, less than VA.TO's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	1.67%	2.17%	2.31%	2.57%	3.10%	2.35%	2.14%	2.55%	2.89%	1.71%	1.63%	1.93%
ZJPN.TO BMO Japan Index ETF	1.13%	1.44%	1.79%	2.05%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJPN.TO and VA.TO in my portfolio?

ZJPN.TO and VA.TO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZJPN.TO or VA.TO?

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

Which ETF is cheaper, ZJPN.TO or VA.TO?

VA.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for ZJPN.TO.

What is the main difference between ZJPN.TO and VA.TO?

ZJPN.TO is categorized as Japan Equities, while VA.TO is Asia Pacific Equities. ZJPN.TO tracks Solactive GBS Japan Large & Mid Cap Index, while VA.TO tracks FTSE Developed Asia Pacific All Cap Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.39% for ZJPN.TO and 0.22% for VA.TO.