ZXM.TO vs. ZWE.TO

Last updated Apr 1, 2026

Compare and contrast key facts about CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO).

ZXM.TO and ZWE.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZXM.TO is a passively managed fund by CI that tracks the performance of the Morningstar Developed Markets ex-North America Target Momentum Index. It was launched on Nov 13, 2014. ZWE.TO is an actively managed fund by BMO. It was launched on Sep 2, 2015.

Performance

ZXM.TO vs. ZWE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO). The values are adjusted to include any dividend payments, if applicable.

ZXM.TO vs. ZWE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	3.69%	35.75%	21.41%	14.22%	-20.61%	25.67%	16.23%	30.39%	-17.00%	28.15%
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	-0.59%	14.25%	7.16%	14.84%	0.29%	19.26%	-8.67%	22.06%	-10.78%	11.22%

Returns By Period

In the year-to-date period, ZXM.TO achieves a 3.69% return, which is significantly higher than ZWE.TO's -0.59% return. Over the past 10 years, ZXM.TO has outperformed ZWE.TO with an annualized return of 12.48%, while ZWE.TO has yielded a comparatively lower 8.24% annualized return.

ZXM.TO

• 1D: 2.28%
• 1M: -7.93%
• YTD: 3.69%
• 6M: 11.39%
• 1Y: 35.07%
• 3Y*: 22.66%
• 5Y*: 13.15%
• 10Y*: 12.48%

ZWE.TO

• 1D: 2.38%
• 1M: -5.74%
• YTD: -0.59%
• 6M: 4.72%
• 1Y: 7.56%
• 3Y*: 9.13%
• 5Y*: 9.12%
• 10Y*: 8.24%

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

ZXM.TO vs. ZWE.TO - Expense Ratio Comparison

ZXM.TO has a 0.67% expense ratio, which is higher than ZWE.TO's 0.65% expense ratio.

ZXM.TO

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

ZWE.TO

BMO Europe High Dividend Covered Call Hedged to CAD ETF

Return for Risk

ZXM.TO vs. ZWE.TO — Risk / Return Rank

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

ZXM.TO

ZXM.TO Risk / Return Rank: 91
ZXM.TO Sharpe Ratio Rank: 91
ZXM.TO Sortino Ratio Rank: 89
ZXM.TO Omega Ratio Rank: 96
ZXM.TO Calmar Ratio Rank: 90
ZXM.TO Martin Ratio Rank: 90

ZWE.TO

ZWE.TO Risk / Return Rank: 27
ZWE.TO Sharpe Ratio Rank: 29
ZWE.TO Sortino Ratio Rank: 26
ZWE.TO Omega Ratio Rank: 28
ZWE.TO Calmar Ratio Rank: 26
ZWE.TO Martin Ratio Rank: 25

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.

ZXM.TO vs. ZWE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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.

	ZXM.TO	ZWE.TO	Difference
Sharpe ratio Return per unit of total volatility	2.07	0.52	+1.55
Sortino ratio Return per unit of downside risk	2.51	0.77	+1.75
Omega ratio Gain probability vs. loss probability	1.49	1.11	+0.38
Calmar ratio Return relative to maximum drawdown	3.13	0.59	+2.54
Martin ratio Return relative to average drawdown	12.05	1.98	+10.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZXM.TO vs. ZWE.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.07, which is higher than the ZWE.TO Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of ZXM.TO and ZWE.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZXM.TO	ZWE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	0.52	+1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.74	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.54	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.47	+0.24

Correlation

The correlation between ZXM.TO and ZWE.TO is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZXM.TO vs. ZWE.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.44%, less than ZWE.TO's 6.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	2.44%	2.39%	2.97%	3.57%	5.50%	1.58%	0.86%	1.19%	1.49%	0.89%	1.19%	1.11%
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	6.97%	6.81%	7.25%	7.25%	6.98%	6.30%	7.74%	6.53%	7.59%	6.49%	6.76%	2.32%

Drawdowns

ZXM.TO vs. ZWE.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, roughly equal to the maximum ZWE.TO drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and ZWE.TO.

Drawdown Indicators

	ZXM.TO	ZWE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.22%	-35.38%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-9.65%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-13.60%	-13.33%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	-35.38%	+0.16%
Current Drawdown Current decline from peak	-8.26%	-6.20%	-2.06%
Average Drawdown Average peak-to-trough decline	-6.51%	-4.16%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.90%	-0.12%

Volatility

ZXM.TO vs. ZWE.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 6.96% compared to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) at 6.28%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than ZWE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZXM.TO	ZWE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	6.28%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	8.53%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	14.64%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	12.48%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.56%	15.47%	+1.09%