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ZJPN.TO vs. VIU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZJPN.TO vs. VIU.TO

Last updated Jun 4, 2026

ZJPN.TO (BMO Japan Index ETF) and VIU.TO (Vanguard FTSE Developed All Cap ex North America Index ETF) are both exchange-traded funds - ZJPN.TO is a Japan Equities fund tracking the Solactive GBS Japan Large & Mid Cap Index, while VIU.TO is a International Equity fund tracking the FTSE Developed All Cap ex North America Index. Both are passively managed. Over the past 3 years, ZJPN.TO returned 19.11%/yr vs 20.38%/yr for VIU.TO. A 0.58 correlation means they provide meaningful diversification when combined. ZJPN.TO charges 0.39%/yr vs 0.23%/yr for VIU.TO.

Performance

ZJPN.TO vs. VIU.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 All Cap ex North America Index ETF (VIU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ZJPN.TO having a 16.83% return and VIU.TO slightly lower at 16.73%.

ZJPN.TO

1D
0.94%
1M
8.50%
YTD
16.83%
6M
16.80%
1Y
31.72%
3Y*
19.11%
5Y*
—
10Y*
—

VIU.TO

1D
-0.44%
1M
7.93%
YTD
16.73%
6M
17.50%
1Y
33.05%
3Y*
20.38%
5Y*
11.99%
10Y*
10.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
ZJPN.TO
BMO Japan Index ETF		16.83%19.62%16.50%16.10%-2.46%
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		16.73%27.83%10.72%15.66%-5.56%

Correlation

The correlation between ZJPN.TO and VIU.TO is 0.77, 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

0.77

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

0.71

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2022

0.58

The correlation between ZJPN.TO and VIU.TO shifts across timeframes, from 0.58 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZJPN.TO
VIU.TO

Industrials

26.2%
17.1%

Technology

17.6%
18.4%

Financial Services

15.9%
25.6%

Consumer Cyclical

12.7%
6.0%

Communication Services

8.6%
3.1%

Healthcare

6.1%
10.7%

Consumer Defensive

3.9%
6.1%

Basic Materials

3.6%
4.7%

Real Estate

3.2%
0.6%

Utilities

1.3%
2.9%

Energy

0.9%
4.1%

Industrials

ZJPN.TO
26.2%
VIU.TO
17.1%

Technology

ZJPN.TO
17.6%
VIU.TO
18.4%

Financial Services

ZJPN.TO
15.9%
VIU.TO
25.6%

Consumer Cyclical

ZJPN.TO
12.7%
VIU.TO
6.0%

Communication Services

ZJPN.TO
8.6%
VIU.TO
3.1%

Healthcare

ZJPN.TO
6.1%
VIU.TO
10.7%

Consumer Defensive

ZJPN.TO
3.9%
VIU.TO
6.1%

Basic Materials

ZJPN.TO
3.6%
VIU.TO
4.7%

Real Estate

ZJPN.TO
3.2%
VIU.TO
0.6%

Utilities

ZJPN.TO
1.3%
VIU.TO
2.9%

Energy

ZJPN.TO
0.9%
VIU.TO
4.1%

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BMO Japan Index ETF

Vanguard FTSE Developed All Cap ex North America Index ETF

Often compared with ZJPN.TO:
ZJPN.TO vs. CJP.NEOZJPN.TO vs. XEI.TOZJPN.TO vs. ZCN.TOZJPN.TO vs. VNP.TOZJPN.TO vs. ZEA.TOZJPN.TO vs. XUS.TOZJPN.TO vs. EWJV
Often compared with VIU.TO:
VIU.TO vs. XEF.TOVIU.TO vs. VIDY.TOVIU.TO vs. VCN.TOVIU.TO vs. VDU.TOVIU.TO vs. VFV.TOVIU.TO vs. XEQT.TOVIU.TO vs. VEQT.TO

Return for Risk

ZJPN.TO vs. VIU.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: 5050
Overall Rank
ZJPN.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZJPN.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZJPN.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZJPN.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZJPN.TO Martin Ratio Rank: 5252
Martin Ratio Rank
VIU.TO
VIU.TO Risk / Return Rank: 6262
Overall Rank
VIU.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
VIU.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
VIU.TO Omega Ratio Rank: 6666
Omega Ratio Rank
VIU.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
VIU.TO Martin Ratio Rank: 6262
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.

ZJPN.TO vs. VIU.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 All Cap ex North America Index ETF (VIU.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.

ZJPN.TOVIU.TODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.17

-0.50

Sortino ratioReturn per unit of downside risk
2.45
3.01

-0.56

Omega ratioGain probability vs. loss probability

1.31

1.41

-0.10

Calmar ratioReturn relative to maximum drawdown

2.51

2.83

-0.32

Martin ratioReturn relative to average drawdown

8.78

11.39

-2.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZJPN.TO Sharpe Ratio is 1.67, which is comparable to the VIU.TO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ZJPN.TO and VIU.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

ZJPN.TOVIU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.67

2.17

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.87

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.69

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.62

+0.27

Drawdowns

ZJPN.TO vs. VIU.TO - Drawdown Comparison

The maximum ZJPN.TO drawdown since its inception was -17.03%, smaller than the maximum VIU.TO drawdown of -29.15%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and VIU.TO.

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Drawdown Indicators

ZJPN.TOVIU.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.03%

-29.15%

+12.12%

Max Drawdown (1Y)

Largest decline over 1 year

-12.72%

-11.74%

-0.98%

Max Drawdown (3Y)

Largest decline over 3 years

-14.45%

-14.26%

-0.19%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.35%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-29.15%

—

Current Drawdown

Current decline from peak

0.00%

-0.44%

+0.44%

Average Drawdown

Average peak-to-trough decline

-4.36%

-5.34%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.63%

2.91%

+0.72%

Volatility

ZJPN.TO vs. VIU.TO - Volatility Comparison

The current volatility for BMO Japan Index ETF (ZJPN.TO) is 4.75%, while Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) has a volatility of 5.83%. This indicates that ZJPN.TO experiences smaller price fluctuations and is considered to be less risky than VIU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZJPN.TOVIU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.75%

5.83%

-1.08%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

13.08%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

19.10%

15.31%

+3.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.03%

13.90%

+3.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.03%

15.12%

+1.91%

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

ZJPN.TO has a 0.39% expense ratio, which is higher than VIU.TO's 0.23% expense ratio.

Dividends

ZJPN.TO vs. VIU.TO - Dividend Comparison

ZJPN.TO's dividend yield for the trailing twelve months is around 1.18%, less than VIU.TO's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		2.16%2.48%2.55%2.65%2.75%2.37%1.97%2.67%2.75%2.12%1.71%0.27%
ZJPN.TO
BMO Japan Index ETF		1.18%1.45%1.79%2.05%1.97%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZJPN.TO and VIU.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VIU.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VIU.TO is cheaper with a 0.23% expense ratio, compared with 0.39% for ZJPN.TO.

ZJPN.TO is categorized as Japan Equities, while VIU.TO is International Equity. ZJPN.TO tracks Solactive GBS Japan Large & Mid Cap Index, while VIU.TO tracks FTSE Developed All Cap ex North America Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.39% for ZJPN.TO and 0.23% for VIU.TO.

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