A side-by-side comparison of Invesco S&P International Developed ESG Index ETF (IICE) and BMO MSCI EAFE Index ETF (ZEA) to help Canadian investors make an informed decision.
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1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | IICE | ZEA |
|---|---|---|
| YTD Return | +9.50%✓ | +8.99% |
| 1-Day Change | -1.59% | -0.39%✓ |
| 1-Week Change | +0.07%✓ | -1.18% |
| 1-Month Change | +4.29%✓ | -2.55% |
| Current Price | $27.21 | $30.93 |
| AUM | $18M | $13.03B✓ |
| MER (Expense Ratio) | 0% | 0% |
| Dividend Yield | 12.54%✓ | 1.91% |
| Distribution Frequency | Quarterly | Quarterly |
| Inception Date | 2022-01-20 | 2014-02-10 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | ★★★★ | ★★★★ |
| Category | International Equity | International Equity |
| Beta | 0.91 | 0.93 |
| 52-Week High | $27.81 | $32.17 |
| 52-Week Low | $21.71 | $24.97 |
| 50-Day MA | $27.16 | $30.98 |
| 200-Day MA | $26.51 | $29.37 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | IICE | ZEA |
|---|---|---|
| YTD | +9.50%✓ | +8.99% |
| 1 Year | +24.90%✓ | +22.75% |
| 3 Year | +18.61%✓ | +17.50% |
| 5 Year | — | +11.18% |
| 10 Year | — | +10.11% |
| 1Y Volatility | 11.34% | 11.11% |
| Sharpe Ratio (3Y) | 1.51 | 1.45 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ASML | ASML Holding N.V. | 4.47% |
| 2 | HSBA | HSBC Holdings PLC | 1.89% |
| 3 | AZN | AstraZeneca PLC | 1.68% |
| 4 | ROP | Roche Holding AG | 1.68% |
| 5 | NOVN | Novartis AG | 1.67% |
| 6 | NESN | Nestle S.A. | 1.54% |
| 7 | 8306 | Mitsubishi UFJ Financial Group Inc | 1.36% |
| 8 | SIE | Siemens Aktiengesellschaft | 1.35% |
| 9 | 8035 | Tokyo Electron Limited | 1.32% |
| 10 | SHEL | Shell plc | 1.27% |
| 1 | IEFA | iShares Core MSCI EAFE ETF | 5.12% |
| 2 | ASML | ASML Holding N.V. | 3.18% |
| 3 | HSBA | HSBC Holdings PLC | 1.44% |
| 4 | ROP | Roche Holding AG | 1.27% |
| 5 | NOVN | Novartis AG | 1.22% |
| 6 | AZN | AstraZeneca PLC | 1.18% |
| 7 | NESN | Nestle S.A. | 1.12% |
| 8 | SIE | Siemens Aktiengesellschaft | 1.03% |
| 9 | BHP | BHP Group Ltd | 1.02% |
| 10 | SHEL | Shell plc | 1.00% |
Sector Weights
| Sector | IICE | ZEA |
|---|---|---|
| Basic Materials | 4.94% | 6.03% |
| Communication Services | 3.88% | 4.66% |
| Consumer Cyclicals | 8.41% | 7.53% |
| Consumer Defensive | 6.65% | 6.44% |
| Energy | 1.73% | 3.37% |
| Financial Services | 25.95% | 24.69% |
| Healthcare | 10.34% | 9.81% |
| Industrials | 17.34% | 19.27% |
| Real Estate | 1.89% | 1.68% |
| Technology | 14.90% | 12.95% |
| Utilities | 3.97% | 3.57% |
About IICE
NA
About ZEA
The BMO MSCI EAFE Index ETF has been designed to replicate, to the extent possible, the performance of the MSCI EAFE Index, net of expenses. The Fund invests in developed equity markets, excluding Canada and the U.S. The Manager may use a sampling methodology in selecting investments for the fund. The Fund may also invest in or hold securities intended to replicate the performance of the Index. In addition, as ZEA may hold other underlying ETFs, the management fees charged are reduced by the man…
Which ETF is Right for You?
Both IICE and ZEA are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, IICE scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between IICE and ZEA?
IICE (Invesco S&P International Developed ESG Index ETF) and ZEA (BMO MSCI EAFE Index ETF) are both Canadian-listed ETFs. Key differences include their AUM ($18M vs $13.03B), dividend yield (12.54% vs 1.91%), and year-to-date performance (+9.50% vs +8.99%).
Is IICE better than ZEA?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, IICE has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy IICE and ZEA on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both IICE and ZEA should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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