A side-by-side comparison of BMO Europe High Dividend Covered Call ETF (ZWP) and BMO MSCI Europe High Quality CAD Hedged (ZEQ) 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 | ZWP | ZEQ |
|---|---|---|
| YTD Return | +1.42% | +4.11%✓ |
| 1-Day Change | -0.91% | -0.65%✓ |
| 1-Week Change | -3.00% | -2.22%✓ |
| 1-Month Change | +0.10%✓ | +0.50% |
| Current Price | $20.66 | $32.16 |
| AUM | $1.10B✓ | $316M |
| MER (Expense Ratio) | 0.65% | 0%✓ |
| Dividend Yield | 6.12%✓ | 2.88% |
| Distribution Frequency | Monthly | Quarterly |
| Inception Date | 2018-03-01 | 2014-02-10 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | ★★★★ | ★★ |
| Category | European Equity | European Equity |
| Beta | 0.77 | 0.91 |
| 52-Week High | $21.30 | $33.34 |
| 52-Week Low | $17.42 | $27.89 |
| 50-Day MA | $20.65 | $31.71 |
| 200-Day MA | $20.33 | $31.05 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWP | ZEQ |
|---|---|---|
| YTD | +1.42% | +4.11%✓ |
| 1 Year | +16.31%✓ | +6.26% |
| 3 Year | +14.12%✓ | +6.15% |
| 5 Year | +10.87%✓ | +4.99% |
| 10 Year | — | +9.16% |
| 1Y Volatility | 10.25% | 11.33% |
| Sharpe Ratio (3Y) | 1.12 | 0.27 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | HSBA | HSBC Holdings PLC | 5.28% |
| 2 | ASML | ASML Holding N.V. | 5.19% |
| 3 | TTE | TotalEnergies SE | 5.06% |
| 4 | SIE | Siemens Aktiengesellschaft | 5.05% |
| 5 | ROP | Roche Holding AG | 4.89% |
| 6 | RIO | Rio Tinto PLC | 4.82% |
| 7 | ISP | Intesa Sanpaolo SpA | 4.79% |
| 8 | ENEL | Enel SpA | 4.25% |
| 9 | SHEL | Shell plc | 4.23% |
| 10 | DTE | Deutsche Telekom AG | 4.15% |
| 1 | ASML | ASML Holding N.V. | 6.08% |
| 2 | NOVN | Novartis AG | 4.88% |
| 3 | AZN | AstraZeneca PLC | 4.85% |
| 4 | ROP | Roche Holding AG | 4.53% |
| 5 | NESN | Nestle S.A. | 4.46% |
| 6 | ABBN | ABB Ltd | 3.41% |
| 7 | NOVO-B | Novo Nordisk A/S | 3.39% |
| 8 | SAP | SAP SE | 3.07% |
| 9 | ULVR | Unilever PLC | 2.83% |
| 10 | ALV | Allianz SE VNA O.N. | 2.73% |
Sector Weights
| Sector | ZWP | ZEQ |
|---|---|---|
| Basic Materials | 7.55% | 6.33% |
| Communication Services | 6.49% | 1.50% |
| Consumer Cyclicals | 3.28% | 9.70% |
| Consumer Defensive | 8.07% | 15.24% |
| Energy | 9.59% | 0.00% |
| Financial Services | 24.20% | 9.42% |
| Healthcare | 12.32% | 24.93% |
| Industrials | 13.63% | 21.78% |
| Real Estate | 0.00% | 0.00% |
| Technology | 5.38% | 10.79% |
| Utilities | 9.49% | 0.30% |
About ZWP
NA
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.
Which ETF is Right for You?
Both ZWP and ZEQ 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 ZWP and ZEQ?
ZWP (BMO Europe High Dividend Covered Call ETF) and ZEQ (BMO MSCI Europe High Quality CAD Hedged) are both Canadian-listed ETFs. Key differences include their AUM ($1.10B vs $316M), dividend yield (6.12% vs 2.88%), and year-to-date performance (+1.42% vs +4.11%).
Is ZWP better than ZEQ?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy ZWP and ZEQ on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWP and ZEQ should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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