A side-by-side comparison of BMO MSCI Europe High Quality CAD Hedged (ZEQ) and BMO Europe High Dividend Covered Call ETF (ZWP) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZEQ | ZWP |
|---|---|---|
| YTD Return | +6.41%✓ | +4.12% |
| 1-Day Change | -0.21%✓ | -0.33% |
| 1-Week Change | -1.17% | -1.16%✓ |
| 1-Month Change | +2.08%✓ | +2.02% |
| Current Price | $32.87 | $21.21 |
| AUM | $321M | $1.13B✓ |
| MER (Expense Ratio) | 0%✓ | 0.65% |
| Dividend Yield | 2.89% | 6.03%✓ |
| Distribution Frequency | Quarterly | Monthly |
| Inception Date | 2014-02-10 | 2018-03-01 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | ★★ | ★★★★ |
| Category | European Equity | European Equity |
| Beta | 0.91 | 0.77 |
| 52-Week High | $33.50 | $21.59 |
| 52-Week Low | $28.64 | $18.10 |
| 50-Day MA | $32.60 | $21.03 |
| 200-Day MA | $31.39 | $20.48 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZEQ | ZWP |
|---|---|---|
| YTD | +6.41%✓ | +4.12% |
| 1 Year | +13.94% | +14.94%✓ |
| 3 Year | +8.73% | +15.13%✓ |
| 5 Year | +4.43% | +10.44%✓ |
| 10 Year | +8.67% | — |
| 1Y Volatility | 10.63% | 9.98% |
| Sharpe Ratio (3Y) | 0.30 | 1.19 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ASML | ASML Holding N.V. | 6.05% |
| 2 | NOVN | Novartis AG | 4.93% |
| 3 | NESN | Nestle S.A. | 4.70% |
| 4 | ROP | Roche Holding AG | 4.58% |
| 5 | AZN | AstraZeneca PLC | 4.42% |
| 6 | NOVO-B | Novo Nordisk A/S | 3.88% |
| 7 | ABBN | ABB Ltd | 3.28% |
| 8 | ULVR | Unilever PLC | 2.99% |
| 9 | ALV | Allianz SE VNA O.N. | 2.98% |
| 10 | RR | Rolls-Royce Holdings PLC | 2.85% |
| 1 | HSBA | HSBC Holdings PLC | 5.97% |
| 2 | ISP | Intesa Sanpaolo SpA | 5.29% |
| 3 | ASML | ASML Holding N.V. | 5.16% |
| 4 | SIE | Siemens Aktiengesellschaft | 5.04% |
| 5 | ROP | Roche Holding AG | 4.93% |
| 6 | TTE | TotalEnergies SE | 4.76% |
| 7 | RIO | Rio Tinto PLC | 4.33% |
| 8 | SHEL | Shell plc | 4.27% |
| 9 | ENEL | Enel SpA | 4.25% |
| 10 | NOVN | Novartis AG | 4.06% |
Sector Weights
| Sector | ZEQ | ZWP |
|---|---|---|
| Basic Materials | 5.18% | 5.13% |
| Communication Services | 1.07% | 5.95% |
| Consumer Cyclicals | 9.75% | 3.42% |
| Consumer Defensive | 15.32% | 8.20% |
| Energy | 0.00% | 9.03% |
| Financial Services | 9.94% | 26.06% |
| Healthcare | 22.02% | 12.78% |
| Industrials | 24.26% | 14.02% |
| Real Estate | 0.00% | 0.00% |
| Technology | 12.05% | 6.16% |
| Utilities | 0.39% | 9.24% |
About ZEQ
BMO MSCI Europe High Quality CAD Hedged (ZEQ.TO) is a Canadian-listed ETF traded on the Toronto Stock Exchange. More detailed information will be available soon.
About ZWP
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Which ETF is Right for You?
Both ZEQ and ZWP 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, ZWP 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 ZEQ and ZWP?
ZEQ (BMO MSCI Europe High Quality CAD Hedged) and ZWP (BMO Europe High Dividend Covered Call ETF) are both Canadian-listed ETFs. Key differences include their AUM ($321M vs $1.13B), dividend yield (2.89% vs 6.03%), and year-to-date performance (+6.41% vs +4.12%).
Is ZEQ better than ZWP?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZEQ has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZEQ and ZWP on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZEQ and ZWP should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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