ZWE.TO vs. FLUR.NEO
ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and FLUR.NEO (Franklin International Equity Index ETF) are both Foreign Large Cap Equities funds. ZWE.TO is actively managed, while FLUR.NEO is passively managed. Over the past 5 years, ZWE.TO returned 9.16%/yr vs 11.12%/yr for FLUR.NEO. A 0.51 correlation means they provide meaningful diversification when combined. ZWE.TO charges 0.65%/yr vs 0.27%/yr for FLUR.NEO.
Performance
ZWE.TO vs. FLUR.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWE.TO achieves a 3.89% return, which is significantly lower than FLUR.NEO's 10.14% 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%
FLUR.NEO
- 1D
- -0.65%
- 1M
- 4.00%
- YTD
- 10.14%
- 6M
- 10.78%
- 1Y
- 23.20%
- 3Y*
- 18.11%
- 5Y*
- 11.12%
- 10Y*
- —
ZWE.TO vs. FLUR.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF | 3.89% | 14.25% | 7.16% | 14.84% | 0.29% | 19.26% | -8.67% | 14.53% |
FLUR.NEO Franklin International Equity Index ETF | 10.14% | 25.68% | 12.42% | 12.87% | -9.30% | 14.74% | 9.77% | 14.40% |
Correlation
The correlation between ZWE.TO and FLUR.NEO is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2019 | 0.51 |
The correlation between ZWE.TO and FLUR.NEO shifts across timeframes, from 0.51 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZWE.TO vs. FLUR.NEO — Risk / Return Rank
ZWE.TO
FLUR.NEO
ZWE.TO vs. FLUR.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 Franklin International Equity Index ETF (FLUR.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 | FLUR.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.31 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.08 | -0.75 |
| Martin ratioReturn relative to average drawdown | 4.81 | 8.04 | -3.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWE.TO | FLUR.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.58 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.75 | -0.01 |
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 | 0.71 | -0.22 |
Drawdowns
ZWE.TO vs. FLUR.NEO - Drawdown Comparison
The maximum ZWE.TO drawdown since its inception was -35.38%, which is greater than FLUR.NEO's maximum drawdown of -30.20%. Use the drawdown chart below to compare losses from any high point for ZWE.TO and FLUR.NEO.
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Drawdown Indicators
| ZWE.TO | FLUR.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.38% | -30.20% | -5.18% |
Max Drawdown (1Y)Largest decline over 1 year | -9.56% | -11.21% | +1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -13.60% | -14.64% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -13.60% | -26.55% | +12.95% |
Max Drawdown (10Y)Largest decline over 10 years | -35.38% | — | — |
Current DrawdownCurrent decline from peak | -1.97% | -2.15% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -4.83% | +0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.89% | -0.26% |
Volatility
ZWE.TO vs. FLUR.NEO - Volatility Comparison
The current volatility for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) is 2.98%, while Franklin International Equity Index ETF (FLUR.NEO) has a volatility of 5.55%. This indicates that ZWE.TO experiences smaller price fluctuations and is considered to be less risky than FLUR.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWE.TO | FLUR.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 5.55% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 8.72% | 11.27% | -2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 14.75% | -3.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.55% | 15.01% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 16.96% | -1.56% |
ZWE.TO vs. FLUR.NEO - Expense Ratio Comparison
ZWE.TO has a 0.65% expense ratio, which is higher than FLUR.NEO's 0.27% expense ratio.
Dividends
ZWE.TO vs. FLUR.NEO - Dividend Comparison
ZWE.TO's dividend yield for the trailing twelve months is around 6.74%, more than FLUR.NEO's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLUR.NEO Franklin International Equity Index ETF | 2.18% | 2.40% | 2.76% | 2.71% | 4.16% | 1.85% | 1.97% | 3.07% | 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
ZWE.TO and FLUR.NEO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLUR.NEO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLUR.NEO is cheaper with a 0.27% expense ratio, compared with 0.65% for ZWE.TO.
They also come from different issuers: BMO and Franklin Templeton. Their fees differ too: 0.65% for ZWE.TO and 0.27% for FLUR.NEO.
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