ZUQ.TO vs. CJP.NEO
ZUQ.TO (BMO MSCI USA High Quality Index ETF) and CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) are both exchange-traded funds - ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index, while CJP.NEO is a Japan Equities fund tracking the FTSE RAFI Japan Canadian Dollar Hedged Index. Both are passively managed. Over the past 10 years, ZUQ.TO returned 16.76%/yr vs 16.37%/yr for CJP.NEO. At a 0.43 correlation, their price movements are largely independent. ZUQ.TO charges 0.33%/yr vs 0.71%/yr for CJP.NEO.
Performance
ZUQ.TO vs. CJP.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUQ.TO achieves a 10.46% return, which is significantly lower than CJP.NEO's 17.05% return. Both investments have delivered pretty close results over the past 10 years, with ZUQ.TO having a 16.76% annualized return and CJP.NEO not far behind at 16.37%.
ZUQ.TO
- 1D
- 0.51%
- 1M
- 3.59%
- YTD
- 10.46%
- 6M
- 5.75%
- 1Y
- 19.61%
- 3Y*
- 20.68%
- 5Y*
- 15.10%
- 10Y*
- 16.76%
CJP.NEO
- 1D
- 2.51%
- 1M
- 0.99%
- YTD
- 17.05%
- 6M
- 17.74%
- 1Y
- 49.90%
- 3Y*
- 27.93%
- 5Y*
- 22.66%
- 10Y*
- 16.37%
ZUQ.TO vs. CJP.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUQ.TO BMO MSCI USA High Quality Index ETF | 10.46% | 5.80% | 34.06% | 33.29% | -18.30% | 26.45% | 19.97% | 31.80% | 4.75% | 17.02% |
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 17.05% | 30.67% | 26.74% | 35.03% | 3.67% | 18.19% | 0.18% | 13.12% | -17.35% | 21.33% |
Correlation
The correlation between ZUQ.TO and CJP.NEO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | 0.43 |
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Return for Risk
ZUQ.TO vs. CJP.NEO — Risk / Return Rank
ZUQ.TO
CJP.NEO
ZUQ.TO vs. CJP.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA High Quality Index ETF (ZUQ.TO) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). 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.
| ZUQ.TO | CJP.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.51 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 4.58 | -2.72 |
| Martin ratioReturn relative to average drawdown | 6.05 | 17.20 | -11.15 |
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Drawdowns
ZUQ.TO vs. CJP.NEO - Drawdown Comparison
The maximum ZUQ.TO drawdown since its inception was -26.93%, smaller than the maximum CJP.NEO drawdown of -38.36%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and CJP.NEO.
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Drawdown Indicators
| ZUQ.TO | CJP.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.93% | -38.36% | +11.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.57% | -10.99% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.93% | -20.86% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -20.86% | -6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -26.93% | -37.75% | +10.82% |
Current DrawdownCurrent decline from peak | 0.00% | -1.88% | +1.88% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -11.15% | +6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 2.92% | +0.34% |
Volatility
ZUQ.TO vs. CJP.NEO - Volatility Comparison
The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 3.40%, while iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) has a volatility of 5.03%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than CJP.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUQ.TO | CJP.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 5.03% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.92% | 13.58% | -3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 18.26% | -5.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.37% | 18.37% | -2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.53% | 19.59% | -2.06% |
ZUQ.TO vs. CJP.NEO - Expense Ratio Comparison
ZUQ.TO has a 0.33% expense ratio, which is lower than CJP.NEO's 0.71% expense ratio.
Dividends
ZUQ.TO vs. CJP.NEO - Dividend Comparison
ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, less than CJP.NEO's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 1.26% | 1.48% | 1.71% | 1.24% | 1.96% | 1.56% | 1.97% | 2.42% | 2.38% | 1.48% | 0.97% | 0.84% |
ZUQ.TO BMO MSCI USA High Quality Index ETF | 0.43% | 0.48% | 0.60% | 0.90% | 1.03% | 0.83% | 1.00% | 1.00% | 1.12% | 1.25% | 1.26% | 0.92% |
Frequently Asked Questions
ZUQ.TO and CJP.NEO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUQ.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUQ.TO is cheaper with a 0.33% expense ratio, compared with 0.71% for CJP.NEO.
ZUQ.TO is categorized as Large Cap Blend Equities, while CJP.NEO is Japan Equities. ZUQ.TO tracks MSCI USA Quality Index, while CJP.NEO tracks FTSE RAFI Japan Canadian Dollar Hedged Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZUQ.TO and 0.71% for CJP.NEO.
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