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ZWE.TO vs. REET
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWE.TO vs. REET

Last updated Jun 4, 2026

ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and REET (iShares Global REIT ETF) are both exchange-traded funds - ZWE.TO is a Foreign Large Cap Equities fund actively managed by BMO, while REET is a REIT fund tracking the FTSE EPRA/NAREIT Global REIT Index. ZWE.TO is actively managed, while REET is passively managed. Over the past 10 years, ZWE.TO returned 8.22%/yr vs 4.74%/yr for REET. At a 0.33 correlation, their price movements are largely independent. ZWE.TO charges 0.65%/yr vs 0.14%/yr for REET.

Performance

ZWE.TO vs. REET - 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 iShares Global REIT ETF (REET). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZWE.TO is traded in CAD, while REET is traded in USD. To make them comparable, the REET values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWE.TO achieves a 3.89% return, which is significantly lower than REET's 9.44% return. Over the past 10 years, ZWE.TO has outperformed REET with an annualized return of 8.22%, while REET has yielded a comparatively lower 4.74% annualized 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%

REET

1D
0.26%
1M
1.24%
YTD
9.44%
6M
7.27%
1Y
13.69%
3Y*
10.46%
5Y*
5.14%
10Y*
4.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWE.TO vs. REET - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%22.06%-10.78%11.22%
REET
iShares Global REIT ETF		9.44%3.02%11.47%7.85%-18.69%31.24%-12.00%18.30%2.76%0.63%

Correlation

The correlation between ZWE.TO and REET is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2015

0.33

ZWE.TO vs. REET - Sectors Allocation Comparison

Sectors
ZWE.TO
REET

Financial Services

22.4%
0.2%

Consumer Cyclical

10.9%

-

Healthcare

10.8%

-

Industrials

10.6%

-

Energy

10.3%

-

Consumer Defensive

8.8%

-

Basic Materials

8.5%

-

Technology

6.2%

-

Communication Services

5.8%

-

Utilities

5.7%

-

Real Estate

-

99.8%

Financial Services

ZWE.TO
22.4%
REET
0.2%

Consumer Cyclical

ZWE.TO
10.9%
REET

-

Healthcare

ZWE.TO
10.8%
REET

-

Industrials

ZWE.TO
10.6%
REET

-

Energy

ZWE.TO
10.3%
REET

-

Consumer Defensive

ZWE.TO
8.8%
REET

-

Basic Materials

ZWE.TO
8.5%
REET

-

Technology

ZWE.TO
6.2%
REET

-

Communication Services

ZWE.TO
5.8%
REET

-

Utilities

ZWE.TO
5.7%
REET

-

Real Estate

ZWE.TO

-

REET
99.8%

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BMO Europe High Dividend Covered Call Hedged to CAD ETF

iShares Global REIT ETF

Often compared with ZWE.TO:
ZWE.TO vs. ZWC.TOZWE.TO vs. VIDY.TOZWE.TO vs. EBNK.TOZWE.TO vs. VE.TOZWE.TO vs. ZWB.TOZWE.TO vs. IDVZWE.TO vs. TEC.TO
Often compared with REET:
REET vs. VNQREET vs. VNQIREET vs. XLREREET vs. USRTREET vs. SCHHREET vs. RWOREET vs. FREL

Return for Risk

ZWE.TO vs. REET — 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: 3030
Overall Rank
ZWE.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
ZWE.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
ZWE.TO Omega Ratio Rank: 3131
Omega Ratio Rank
ZWE.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
ZWE.TO Martin Ratio Rank: 3232
Martin Ratio Rank
REET
REET Risk / Return Rank: 2828
Overall Rank
REET Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
REET Sortino Ratio Rank: 2626
Sortino Ratio Rank
REET Omega Ratio Rank: 2727
Omega Ratio Rank
REET Calmar Ratio Rank: 2828
Calmar Ratio Rank
REET Martin Ratio Rank: 3232
Martin Ratio Rank
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. REET - 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 iShares Global REIT ETF (REET). 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.TOREETDifference
Sharpe ratioReturn per unit of total volatility
1.15
1.16

-0.01

Sortino ratioReturn per unit of downside risk
1.61
1.61

0.00

Omega ratioGain probability vs. loss probability

1.21

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

1.33

1.75

-0.43

Martin ratioReturn relative to average drawdown

4.81

5.32

-0.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWE.TO vs. REET - Sharpe Ratio Comparison

The current ZWE.TO Sharpe Ratio is 1.15, which is comparable to the REET Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ZWE.TO and REET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZWE.TOREETDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.15

1.16

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.35

+0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.28

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.42

+0.07

Drawdowns

ZWE.TO vs. REET - Drawdown Comparison

The maximum ZWE.TO drawdown since its inception was -35.38%, smaller than the maximum REET drawdown of -39.42%. Use the drawdown chart below to compare losses from any high point for ZWE.TO and REET.

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Drawdown Indicators

ZWE.TOREETDifference

Max Drawdown

Largest peak-to-trough decline

-35.38%

-39.42%

+4.04%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-7.83%

-1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-13.60%

-15.08%

+1.48%

Max Drawdown (5Y)

Largest decline over 5 years

-13.60%

-25.95%

+12.35%

Max Drawdown (10Y)

Largest decline over 10 years

-35.38%

-39.42%

+4.04%

Current Drawdown

Current decline from peak

-1.97%

-2.23%

+0.26%

Average Drawdown

Average peak-to-trough decline

-4.14%

-8.17%

+4.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

2.58%

+0.05%

Volatility

ZWE.TO vs. REET - Volatility Comparison

The current volatility for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) is 2.98%, while iShares Global REIT ETF (REET) has a volatility of 3.81%. This indicates that ZWE.TO experiences smaller price fluctuations and is considered to be less risky than REET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWE.TOREETDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.98%

3.81%

-0.83%

Volatility (6M)

Calculated over the trailing 6-month period

8.72%

8.84%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

11.00%

11.84%

-0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.55%

14.81%

-2.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.40%

16.77%

-1.37%

ZWE.TO vs. REET - Expense Ratio Comparison

ZWE.TO has a 0.65% expense ratio, which is higher than REET's 0.14% expense ratio.

Dividends

ZWE.TO vs. REET - Dividend Comparison

ZWE.TO's dividend yield for the trailing twelve months is around 6.74%, more than REET's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
REET
iShares Global REIT ETF		3.42%3.67%3.64%3.27%2.43%3.18%2.65%5.25%5.73%3.84%5.37%3.56%
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 REET have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, REET is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

REET is cheaper with a 0.14% expense ratio, compared with 0.65% for ZWE.TO.

ZWE.TO is categorized as Foreign Large Cap Equities, while REET is REIT. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWE.TO and 0.14% for REET.

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