ZWE.TO vs. EACC.NEO

Last updated Jun 4, 2026

ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and EACC.NEO (Global X MSCI EAFE Covered Call ETF) are both exchange-traded funds - ZWE.TO is a Foreign Large Cap Equities fund actively managed by BMO, while EACC.NEO is a Derivative Income fund tracking the MSCI EAFE Index. ZWE.TO is actively managed, while EACC.NEO is passively managed. Over the past year, ZWE.TO returned 12.64% vs 19.76% for EACC.NEO. A 0.61 correlation means they provide meaningful diversification when combined. ZWE.TO charges 0.65%/yr vs 0.49%/yr for EACC.NEO.

Performance

ZWE.TO vs. EACC.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) and Global X MSCI EAFE Covered Call ETF (EACC.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWE.TO achieves a 3.89% return, which is significantly lower than EACC.NEO's 7.82% return.

ZWE.TO

• 1D: -0.28%
• 1M: 1.89%
• YTD: 3.89%
• 6M: 5.73%
• 1Y: 12.64%
• 3Y*: 10.05%
• 5Y*: 9.16%
• 10Y*: 8.22%

EACC.NEO

• 1D: -0.48%
• 1M: 6.14%
• YTD: 7.82%
• 6M: 8.11%
• 1Y: 19.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWE.TO vs. EACC.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	3.89%	14.25%	-2.31%
EACC.NEO Global X MSCI EAFE Covered Call ETF	7.82%	18.86%	0.72%

Correlation

The correlation between ZWE.TO and EACC.NEO is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.61

The correlation between ZWE.TO and EACC.NEO has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

ZWE.TO vs. EACC.NEO — Risk / Return Rank

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

ZWE.TO

ZWE.TO Risk / Return Rank: 30
ZWE.TO Sharpe Ratio Rank: 32
ZWE.TO Sortino Ratio Rank: 30
ZWE.TO Omega Ratio Rank: 31
ZWE.TO Calmar Ratio Rank: 28
ZWE.TO Martin Ratio Rank: 32

EACC.NEO

EACC.NEO Risk / Return Rank: 38
EACC.NEO Sharpe Ratio Rank: 38
EACC.NEO Sortino Ratio Rank: 35
EACC.NEO Omega Ratio Rank: 42
EACC.NEO Calmar Ratio Rank: 36
EACC.NEO Martin Ratio Rank: 39

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.

ZWE.TO vs. EACC.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) and Global X MSCI EAFE Covered Call ETF (EACC.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.

	ZWE.TO	EACC.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.33	-0.17
Sortino ratio: Return per unit of downside risk	1.61	1.80	-0.20
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.33	1.76	-0.43
Martin ratio: Return relative to average drawdown	4.81	6.04	-1.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWE.TO vs. EACC.NEO - Sharpe Ratio Comparison

The current ZWE.TO Sharpe Ratio is 1.15, which is comparable to the EACC.NEO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of ZWE.TO and EACC.NEO, 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

	ZWE.TO	EACC.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.33	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.89	-0.40

Drawdowns

ZWE.TO vs. EACC.NEO - Drawdown Comparison

The maximum ZWE.TO drawdown since its inception was -35.38%, which is greater than EACC.NEO's maximum drawdown of -13.35%. Use the drawdown chart below to compare losses from any high point for ZWE.TO and EACC.NEO.

Drawdown Indicators

	ZWE.TO	EACC.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-35.38%	-13.35%	-22.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-11.30%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	—	—
Current Drawdown Current decline from peak	-1.97%	-0.48%	-1.49%
Average Drawdown Average peak-to-trough decline	-4.14%	-2.09%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.28%	-0.65%

Volatility

ZWE.TO vs. EACC.NEO - Volatility Comparison

The current volatility for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) is 2.98%, while Global X MSCI EAFE Covered Call ETF (EACC.NEO) has a volatility of 4.43%. This indicates that ZWE.TO experiences smaller price fluctuations and is considered to be less risky than EACC.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWE.TO	EACC.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	4.43%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	12.76%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	14.96%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	15.05%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.40%	15.05%	+0.35%

ZWE.TO vs. EACC.NEO - Expense Ratio Comparison

ZWE.TO has a 0.65% expense ratio, which is higher than EACC.NEO's 0.49% expense ratio.

Dividends

ZWE.TO vs. EACC.NEO - Dividend Comparison

ZWE.TO's dividend yield for the trailing twelve months is around 6.74%, less than EACC.NEO's 7.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EACC.NEO Global X MSCI EAFE Covered Call ETF	7.46%	7.55%	5.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	6.74%	6.81%	7.25%	7.25%	6.98%	6.30%	7.74%	6.53%	7.59%	6.49%	6.76%	2.32%

Frequently Asked Questions

Can I hold both ZWE.TO and EACC.NEO in my portfolio?

ZWE.TO and EACC.NEO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWE.TO or EACC.NEO?

On fees, EACC.NEO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWE.TO or EACC.NEO?

EACC.NEO is cheaper with a 0.49% expense ratio, compared with 0.65% for ZWE.TO.

What is the main difference between ZWE.TO and EACC.NEO?

ZWE.TO is categorized as Foreign Large Cap Equities, while EACC.NEO is Derivative Income. They also come from different issuers: BMO and Global X. Their fees differ too: 0.65% for ZWE.TO and 0.49% for EACC.NEO.