VS
Vanguard FTSE Developed Europe All Cap Index ETF (VE) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ) offer distinct profiles for Canadian ETF investors. A direct comparison shows that VE focuses its top 3 sector exposures on Finance, Industrials, and Healthcare, while ZEQ leans towards Healthcare, Industrials, and Consumer Non-Cyclicals. When evaluating costs, VE features a management fee (MER) of 0.2%, compared to 0.4% for ZEQ. Performance-wise, VE has returned 12.05% year-to-date with +$111 M in net flows, whereas ZEQ is at 7.52% with -$49 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
VE
ZEQ
| AuM | $683.73 M | $315.65 M |
| Management Fees | 0.20% | 0.40% |
| Exp. ratio | 0.23% | 0.45% |
| Tracking Difference | 0.07% | -1.83% |
Historical performance and flows
As of July 31, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VE | -0.28% | +8.13% | +12.05% | +23.93% | +68.74% |
ZEQ | -1.17% | +6.15% | +7.52% | +15.29% | +20.13% | |
| Flows | VE | +$7 M | +$10 M | +$111 M | +$184 M | +$363 M |
ZEQ | -$6 M | -$13 M | -$49 M | -$650 M | -$480 M |
VE vs ZEQ exposure
Countries
VE
United Kingdom
21.00%
Switzerland
14.90%
France
13.06%
Germany
12.63%
Netherlands
9.83%
Other
28.59%
ZEQ
Switzerland
26.56%
United Kingdom
25.55%
France
11.09%
Netherlands
10.63%
Germany
9.76%
Other
16.41%
Sectors
VE
Finance
25.54%
Industrials
17.04%
Healthcare
11.92%
Technology
10.20%
Consumer Non-Cyclicals
8.44%
Other
26.87%
ZEQ
Healthcare
22.66%
Industrials
20.70%
Consumer Non-Cyclicals
14.93%
Technology
13.38%
Finance
10.50%
Consumer Cyclicals
7.99%
Other
9.84%
As of July 31, 2026
Top 10 Holdings
VE
ASML Holding NV
4.80%
HSBC Holdings Plc
2.06%
Novartis AG
1.85%
Roche Holding AG
1.84%
AstraZeneca PLC
1.77%
Nestlé SA
1.68%
Siemens AG
1.49%
Shell Plc
1.38%
Banco Santander SA
1.26%
Allianz SE
1.14%
ZEQ
ASML Holding NV
6.24%
Novartis AG
5.05%
AstraZeneca PLC
4.95%
Nestlé SA
4.69%
Roche Holding AG
4.68%
Novo Nordisk A/S
3.88%
ABB Ltd.
3.53%
Unilever Plc
2.95%
Rolls-Royce Holdings Plc
2.90%
Allianz SE
2.86%
Diversification
VE
Total weight of top 10 holdings out of 1,220 total
19.28%
ZEQ
Total weight of top 10 holdings out of 122 total
41.72%
Characteristics
Compare
VE
ZEQ
| Provider | Vanguard | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Developed Europe All Cap Net Total Return Index - CAD | MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.62% | 2.89% |
| Meets ESG criteria | No | No |
| Inception Date | June 30, 2014 | February 10, 2014 |
Frequently asked questions about VE and ZEQ
Which ETF has performed better year to date: VE or ZEQ?
As of July 31, 2026, VE has returned 12.05% year to date, while ZEQ has returned 7.52%. VE is ahead on YTD performance.
Which ETF is larger by assets under management: VE or ZEQ?
As of July 31, 2026, VE manages $683.73 M in assets, while ZEQ manages $315.65 M. VE is the larger fund by AUM.
How are VE and ZEQ managed?
VE is passively managed by Vanguard. It tracks the FTSE Developed Europe All Cap Net Total Return Index - CAD benchmark. ZEQ is passively managed by BMO. It tracks the MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD benchmark.
What sectors do VE and ZEQ emphasize?
VE is most exposed to Finance, Industrials, and Healthcare. ZEQ is most exposed to Healthcare, Industrials, and Consumer Non-Cyclicals.
Which ETF is attracting more investor flows: VE or ZEQ?
Year to date, VE has seen +$110.88 M in net flows, compared with -$49.07 M for ZEQ. VE has attracted more net investor money so far.
How do the fees of VE and ZEQ compare?
VE has an expense ratio of 0.23%, while ZEQ has an expense ratio of 0.45%.
What are the top holdings of VE and ZEQ?
VE's largest holdings include ASML Holding NV, HSBC Holdings Plc, and Roche Holding AG. ZEQ's top holdings include ASML Holding NV, Novartis AG, and AstraZeneca PLC.
Which ETF is more diversified: VE or ZEQ?
VE holds 1171 securities, while ZEQ holds 118. On holdings count, VE is the more diversified portfolio.
Recent articles about VE and ZEQ
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