ZUAG.TO vs. EXUS.L

Last updated Jun 5, 2026

ZUAG.TO (BMO US Aggregate Bond Index ETF) and EXUS.L (Xtrackers MSCI World ex USA UCITS ETF 1C USD) are both exchange-traded funds - ZUAG.TO is a Global Bonds fund tracking the Bloomberg US Aggregate Bond Index, while EXUS.L is a Global Equities fund tracking the MSCI World ex USA index. Both are passively managed. Over the past year, ZUAG.TO returned 3.62% vs 24.29% for EXUS.L. At a 0.03 correlation, their price movements are largely independent. ZUAG.TO charges 0.09%/yr vs 0.15%/yr for EXUS.L.

Performance

ZUAG.TO vs. EXUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Aggregate Bond Index ETF (ZUAG.TO) and Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZUAG.TO achieves a 1.81% return, which is significantly lower than EXUS.L's 10.47% return.

ZUAG.TO

• 1D: 0.47%
• 1M: 2.62%
• YTD: 1.81%
• 6M: -2.81%
• 1Y: 3.62%
• 3Y*: 4.00%
• 5Y*: —
• 10Y*: —

EXUS.L

• 1D: 0.44%
• 1M: 4.94%
• YTD: 10.47%
• 6M: 11.07%
• 1Y: 24.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZUAG.TO vs. EXUS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZUAG.TO BMO US Aggregate Bond Index ETF	1.81%	-0.80%	7.78%
EXUS.L Xtrackers MSCI World ex USA UCITS ETF 1C USD	10.47%	25.92%	7.73%

Correlation

The correlation between ZUAG.TO and EXUS.L is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.03

Return for Risk

ZUAG.TO vs. EXUS.L — Risk / Return Rank

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

ZUAG.TO

ZUAG.TO Risk / Return Rank: 16
ZUAG.TO Sharpe Ratio Rank: 17
ZUAG.TO Sortino Ratio Rank: 15
ZUAG.TO Omega Ratio Rank: 18
ZUAG.TO Calmar Ratio Rank: 16
ZUAG.TO Martin Ratio Rank: 13

EXUS.L

EXUS.L Risk / Return Rank: 45
EXUS.L Sharpe Ratio Rank: 44
EXUS.L Sortino Ratio Rank: 46
EXUS.L Omega Ratio Rank: 45
EXUS.L Calmar Ratio Rank: 42
EXUS.L Martin Ratio Rank: 47

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.

ZUAG.TO vs. EXUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Aggregate Bond Index ETF (ZUAG.TO) and Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L). 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.

	ZUAG.TO	EXUS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.71	-1.21
Sortino ratio: Return per unit of downside risk	0.70	2.50	-1.80
Omega ratio: Gain probability vs. loss probability	1.11	1.32	-0.21
Calmar ratio: Return relative to maximum drawdown	0.52	2.38	-1.86
Martin ratio: Return relative to average drawdown	0.92	9.23	-8.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUAG.TO vs. EXUS.L - Sharpe Ratio Comparison

The current ZUAG.TO Sharpe Ratio is 0.50, which is lower than the EXUS.L Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ZUAG.TO and EXUS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZUAG.TO	EXUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.71	-1.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.34	-1.01

Drawdowns

ZUAG.TO vs. EXUS.L - Drawdown Comparison

The maximum ZUAG.TO drawdown since its inception was -7.19%, smaller than the maximum EXUS.L drawdown of -14.29%. Use the drawdown chart below to compare losses from any high point for ZUAG.TO and EXUS.L.

Drawdown Indicators

	ZUAG.TO	EXUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-7.19%	-14.29%	+7.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-10.10%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	—	—
Current Drawdown Current decline from peak	-4.46%	0.00%	-4.46%
Average Drawdown Average peak-to-trough decline	-2.95%	-1.69%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	2.62%	+1.33%

Volatility

ZUAG.TO vs. EXUS.L - Volatility Comparison

The current volatility for BMO US Aggregate Bond Index ETF (ZUAG.TO) is 1.59%, while Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) has a volatility of 4.10%. This indicates that ZUAG.TO experiences smaller price fluctuations and is considered to be less risky than EXUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUAG.TO	EXUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	4.10%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	11.72%	-6.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.32%	14.10%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.30%	14.73%	+181.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.30%	14.73%	+181.57%

ZUAG.TO vs. EXUS.L - Expense Ratio Comparison

ZUAG.TO has a 0.09% expense ratio, which is lower than EXUS.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZUAG.TO vs. EXUS.L - Dividend Comparison

ZUAG.TO's dividend yield for the trailing twelve months is around 2.66%, while EXUS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EXUS.L Xtrackers MSCI World ex USA UCITS ETF 1C USD	0.00%	0.00%	0.00%	0.00%
ZUAG.TO BMO US Aggregate Bond Index ETF	2.66%	2.51%	2.09%	1.89%

Frequently Asked Questions

Can I hold both ZUAG.TO and EXUS.L in my portfolio?

ZUAG.TO and EXUS.L have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUAG.TO or EXUS.L?

On fees, ZUAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUAG.TO or EXUS.L?

ZUAG.TO is cheaper with a 0.09% expense ratio, compared with 0.15% for EXUS.L.

What is the main difference between ZUAG.TO and EXUS.L?

ZUAG.TO is categorized as Global Bonds, while EXUS.L is Global Equities. ZUAG.TO tracks Bloomberg US Aggregate Bond Index, while EXUS.L tracks MSCI World ex USA index. They also come from different issuers: BMO and Xtrackers. Their fees differ too: 0.09% for ZUAG.TO and 0.15% for EXUS.L.