ZVC.TO vs. VIU.TO

Last updated Jun 4, 2026

ZVC.TO (BMO MSCI Canada Value Index ETF) and VIU.TO (Vanguard FTSE Developed All Cap ex North America Index ETF) are both exchange-traded funds - ZVC.TO is a Large Cap Value Equities fund tracking the MSCI Canada Enhanced Value Capped 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 5 years, ZVC.TO returned 16.44%/yr vs 11.99%/yr for VIU.TO. At a 0.37 correlation, their price movements are largely independent. ZVC.TO charges 0.40%/yr vs 0.23%/yr for VIU.TO.

Performance

ZVC.TO vs. VIU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada Value Index ETF (ZVC.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.

Returns By Period

The year-to-date returns for both investments are quite close, with ZVC.TO having a 16.23% return and VIU.TO slightly higher at 16.73%.

ZVC.TO

• 1D: -0.32%
• 1M: 4.99%
• YTD: 16.23%
• 6M: 18.05%
• 1Y: 43.80%
• 3Y*: 23.40%
• 5Y*: 16.44%
• 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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZVC.TO BMO MSCI Canada Value Index ETF	16.23%	30.30%	15.38%	11.07%	2.23%	31.46%	-3.94%	10.02%	-5.80%
VIU.TO Vanguard FTSE Developed All Cap ex North America Index ETF	16.73%	27.83%	10.72%	15.66%	-10.63%	9.74%	7.56%	15.30%	-9.23%

Correlation

The correlation between ZVC.TO and VIU.TO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 10, 2018	0.37

The correlation between ZVC.TO and VIU.TO shifts across timeframes, from 0.37 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.

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

Sectors	ZVC.TO	VIU.TO
Financial Services	37.6%	25.6%
Energy	19.2%	4.1%
Basic Materials	15.5%	4.7%
Industrials	9.9%	17.1%
Technology	8.2%	18.4%
Consumer Cyclical	4.2%	6.0%
Consumer Defensive	2.5%	6.1%
Utilities	2.0%	2.9%
Communication Services	0.7%	3.1%
Real Estate	0.2%	0.6%
Healthcare	-	10.7%

Return for Risk

ZVC.TO vs. VIU.TO — Risk / Return Rank

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

ZVC.TO

ZVC.TO Risk / Return Rank: 96
ZVC.TO Sharpe Ratio Rank: 96
ZVC.TO Sortino Ratio Rank: 96
ZVC.TO Omega Ratio Rank: 96
ZVC.TO Calmar Ratio Rank: 94
ZVC.TO Martin Ratio Rank: 96

VIU.TO

VIU.TO Risk / Return Rank: 62
VIU.TO Sharpe Ratio Rank: 63
VIU.TO Sortino Ratio Rank: 63
VIU.TO Omega Ratio Rank: 66
VIU.TO Calmar Ratio Rank: 56
VIU.TO Martin Ratio Rank: 62

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.

ZVC.TO vs. VIU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada Value Index ETF (ZVC.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.

	ZVC.TO	VIU.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.27	2.17	+2.10
Sortino ratio: Return per unit of downside risk	5.80	3.01	+2.79
Omega ratio: Gain probability vs. loss probability	1.82	1.41	+0.41
Calmar ratio: Return relative to maximum drawdown	7.20	2.83	+4.38
Martin ratio: Return relative to average drawdown	35.91	11.39	+24.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZVC.TO Sharpe Ratio is 4.27, which is higher than the VIU.TO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ZVC.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.

Sharpe Ratios by Period

	ZVC.TO	VIU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	2.17	+2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.87	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.62	+0.08

Drawdowns

ZVC.TO vs. VIU.TO - Drawdown Comparison

The maximum ZVC.TO drawdown since its inception was -41.00%, which is greater than VIU.TO's maximum drawdown of -29.15%. Use the drawdown chart below to compare losses from any high point for ZVC.TO and VIU.TO.

Drawdown Indicators

	ZVC.TO	VIU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.00%	-29.15%	-11.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-11.74%	+5.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	-14.26%	+0.92%
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	-25.35%	+9.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.15%	—
Current Drawdown Current decline from peak	-0.32%	-0.44%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.92%	-5.34%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.91%	-1.69%

Volatility

ZVC.TO vs. VIU.TO - Volatility Comparison

The current volatility for BMO MSCI Canada Value Index ETF (ZVC.TO) is 3.20%, while Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) has a volatility of 5.83%. This indicates that ZVC.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.

Volatility by Period

	ZVC.TO	VIU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	5.83%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	13.08%	-4.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	15.31%	-4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	13.90%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	15.12%	+2.18%

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

ZVC.TO has a 0.40% expense ratio, which is higher than VIU.TO's 0.23% expense ratio.

Dividends

ZVC.TO vs. VIU.TO - Dividend Comparison

ZVC.TO's dividend yield for the trailing twelve months is around 1.95%, less than VIU.TO's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZVC.TO BMO MSCI Canada Value Index ETF	1.95%	2.23%	2.87%	3.32%	2.96%	2.41%	3.30%	2.66%	2.67%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZVC.TO and VIU.TO in my portfolio?

ZVC.TO and VIU.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZVC.TO or VIU.TO?

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.

Which ETF is cheaper, ZVC.TO or VIU.TO?

VIU.TO is cheaper with a 0.23% expense ratio, compared with 0.40% for ZVC.TO.

What is the main difference between ZVC.TO and VIU.TO?

ZVC.TO is categorized as Large Cap Value Equities, while VIU.TO is International Equity. ZVC.TO tracks MSCI Canada Enhanced Value Capped 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: 0.40% for ZVC.TO and 0.23% for VIU.TO.