ZUP.TO vs. ZEQT.TO
ZUP.TO (BMO US Preferred Share Index ETF) and ZEQT.TO (BMO All-Equity ETF) are both exchange-traded funds - ZUP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZEQT.TO is a Global Equities fund actively managed by BMO. Over the past 3 years, ZUP.TO returned 8.55%/yr vs 25.46%/yr for ZEQT.TO. At a 0.22 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. ZEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly lower than ZEQT.TO's 14.64% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 10Y*
- —
ZEQT.TO
- 1D
- 0.56%
- 1M
- 2.12%
- YTD
- 14.64%
- 6M
- 14.14%
- 1Y
- 30.15%
- 3Y*
- 25.46%
- 5Y*
- —
- 10Y*
- —
ZUP.TO vs. ZEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -12.07% |
ZEQT.TO BMO All-Equity ETF | 14.64% | 21.71% | 30.06% | 22.28% | -0.83% |
Correlation
The correlation between ZUP.TO and ZEQT.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022 | 0.22 |
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Return for Risk
ZUP.TO vs. ZEQT.TO — Risk / Return Rank
ZUP.TO
ZEQT.TO
ZUP.TO vs. ZEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.TO) and BMO All-Equity ETF (ZEQT.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.
| ZUP.TO | ZEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.42 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 3.47 | -2.11 |
| Martin ratioReturn relative to average drawdown | 2.75 | 14.27 | -11.52 |
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Drawdowns
ZUP.TO vs. ZEQT.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, which is greater than ZEQT.TO's maximum drawdown of -15.18%. Use the drawdown chart below to compare losses from any high point for ZUP.TO and ZEQT.TO.
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Drawdown Indicators
| ZUP.TO | ZEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -15.18% | -17.75% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -8.72% | +3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -14.62% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | — | — |
Current DrawdownCurrent decline from peak | -4.13% | -0.53% | -3.60% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -2.57% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 2.12% | +0.23% |
Volatility
ZUP.TO vs. ZEQT.TO - Volatility Comparison
The current volatility for BMO US Preferred Share Index ETF (ZUP.TO) is 3.84%, while BMO All-Equity ETF (ZEQT.TO) has a volatility of 4.49%. This indicates that ZUP.TO experiences smaller price fluctuations and is considered to be less risky than ZEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUP.TO | ZEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 4.49% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 11.10% | -4.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 13.29% | -4.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 13.49% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 13.49% | +0.92% |
Dividends
ZUP.TO vs. ZEQT.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, more than ZEQT.TO's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ZEQT.TO BMO All-Equity ETF | 1.27% | 2.89% | 5.08% | 6.40% | 7.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% |
Frequently Asked Questions
ZUP.TO and ZEQT.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZUP.TO is categorized as Preferred Stock/Convertible Bonds, while ZEQT.TO is Global Equities.
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