ZJPN.TO vs. VUG

Last updated Jul 4, 2026

ZJPN.TO (BMO Japan Index ETF) and VUG (Vanguard Growth ETF) are both exchange-traded funds - ZJPN.TO is a Japan Equities fund tracking the Solactive GBS Japan Large & Mid Cap Index, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 3 years, ZJPN.TO returned 21.34%/yr vs 25.46%/yr for VUG. At a 0.31 correlation, their price movements are largely independent. ZJPN.TO charges 0.39%/yr vs 0.03%/yr for VUG.

Performance

ZJPN.TO vs. VUG - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZJPN.TO achieves a 21.14% return, which is significantly higher than VUG's 9.41% return.

ZJPN.TO

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

VUG

• 1D: -0.69%
• 1M: -1.16%
• 6M: 9.61%
• YTD: 9.41%
• 1Y: 21.98%
• 3Y*: 25.46%
• 5Y*: 15.71%
• 10Y*: 18.96%

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

ZJPN.TO vs. VUG - 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%
VUG Vanguard Growth ETF	9.41%	13.95%	43.93%	43.34%	-16.05%

Correlation

The correlation between ZJPN.TO and VUG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022	0.31

ZJPN.TO vs. VUG - Sectors Allocation Comparison

Sectors	ZJPN.TO	VUG
Industrials	25.4%	3.5%
Technology	19.1%	56.4%
Financial Services	16.7%	4.0%
Consumer Cyclical	12.3%	11.6%
Communication Services	8.6%	16.0%
Healthcare	5.6%	4.6%
Consumer Defensive	3.8%	1.3%
Basic Materials	3.7%	0.6%
Real Estate	2.7%	0.9%
Utilities	1.2%	0.7%
Energy	0.9%	0.3%

Return for Risk

ZJPN.TO vs. VUG — 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

VUG

VUG Risk / Return Rank: 30
VUG Sharpe Ratio Rank: 33
VUG Sortino Ratio Rank: 32
VUG Omega Ratio Rank: 32
VUG Calmar Ratio Rank: 25
VUG Martin Ratio Rank: 29

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. VUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Japan Index ETF (ZJPN.TO) and Vanguard Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.34	+0.52
Sortino ratio: Return per unit of downside risk	2.62	1.90	+0.72
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	2.92	1.36	+1.56
Martin ratio: Return relative to average drawdown	10.18	4.13	+6.04

ZJPN.TO vs. VUG - Sharpe Ratio Comparison

The current ZJPN.TO Sharpe Ratio is 1.86, which is higher than the VUG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ZJPN.TO and VUG, 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. VUG - Drawdown Comparison

The maximum ZJPN.TO drawdown since its inception was -17.03%, smaller than the maximum VUG drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and VUG.

Drawdown Indicators

	ZJPN.TO	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.03%	-39.33%	+22.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.72%	-16.82%	+4.10%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-23.41%	+8.96%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.50%	—
Current Drawdown Current decline from peak	-1.51%	-2.34%	+0.83%
Average Drawdown Average peak-to-trough decline	-4.31%	-7.72%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	5.52%	-1.88%

Volatility

ZJPN.TO vs. VUG - Volatility Comparison

BMO Japan Index ETF (ZJPN.TO) and Vanguard Growth ETF (VUG) have volatilities of 7.19% and 7.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJPN.TO	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	7.50%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	15.97%	13.82%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.89%	17.08%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	23.14%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	22.45%	-5.27%

ZJPN.TO vs. VUG - Expense Ratio Comparison

ZJPN.TO has a 0.39% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

ZJPN.TO vs. VUG - Dividend Comparison

ZJPN.TO's dividend yield for the trailing twelve months is around 1.13%, more than VUG's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUG Vanguard Growth ETF	0.40%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%
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 VUG in my portfolio?

ZJPN.TO and VUG have a correlation of 0.41, 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 VUG?

On fees, VUG is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZJPN.TO or VUG?

VUG is cheaper with a 0.03% expense ratio, compared with 0.39% for ZJPN.TO.

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

ZJPN.TO is categorized as Japan Equities, while VUG is Large Cap Growth Equities. ZJPN.TO tracks Solactive GBS Japan Large & Mid Cap Index, while VUG tracks CRSP US Large Cap Growth Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.39% for ZJPN.TO and 0.03% for VUG.