VS
BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ) and iShares MSCI Europe IMI Index ETF (XEH) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZEQ focuses its top 3 sector exposures on Healthcare, Industrials, and Consumer Non-Cyclicals, while XEH leans towards Finance, Industrials, and Healthcare. When evaluating costs, ZEQ features a management fee (MER) of 0.4%, compared to 0.25% for XEH. Performance-wise, ZEQ has returned 6.23% year-to-date with -$52 M in net flows, whereas XEH is at 9.39% with +$4 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
ZEQ
XEH
| AuM | $308.63 M | $296.38 M |
| Management Fees | 0.40% | 0.25% |
| Exp. ratio | 0.45% | 0.29% |
| Tracking Difference | -3.20% | -0.25% |
Historical performance and flows
As of September 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEQ | -2.24% | +0.88% | +6.23% | +11.05% | +22.78% |
XEH | -2.92% | +0.65% | +9.39% | +17.29% | +47.89% | |
| Flows | ZEQ | -$3 M | -$10 M | -$52 M | -$64 M | -$438 M |
XEH | +$2 M | +$8 M | +$4 M | +$3 M | +$99 M |
ZEQ vs XEH exposure
Countries
ZEQ
Switzerland
25.90%
United Kingdom
25.66%
France
10.89%
Germany
10.50%
Netherlands
9.60%
Other
17.45%
XEH
United Kingdom
22.11%
Switzerland
14.84%
France
13.09%
Germany
12.98%
Netherlands
9.32%
Other
27.65%
Sectors
ZEQ
Healthcare
22.25%
Industrials
20.71%
Consumer Non-Cyclicals
14.92%
Technology
12.65%
Finance
11.21%
Consumer Cyclicals
7.77%
Other
10.50%
XEH
Finance
25.88%
Industrials
17.19%
Healthcare
11.92%
Technology
9.83%
Consumer Non-Cyclicals
8.57%
Other
26.60%
As of September 16, 2026
Top 10 Holdings
ZEQ
ASML Holding NV
5.41%
Novartis AG
4.96%
Roche Holding AG
4.79%
Nestlé SA
4.49%
AstraZeneca PLC
4.38%
Novo Nordisk A/S
4.03%
ABB Ltd.
3.16%
Unilever Plc
3.08%
Allianz SE
2.96%
Rolls-Royce Holdings Plc
2.95%
XEH
ASML Holding NV
4.03%
HSBC Holdings Plc
2.29%
Roche Holding AG
1.93%
Novartis AG
1.80%
Nestlé SA
1.65%
AstraZeneca PLC
1.62%
Shell Plc
1.57%
Siemens AG
1.51%
Banco Santander SA
1.27%
Allianz SE
1.18%
Diversification
ZEQ
Total weight of top 10 holdings out of 122 total
40.22%
XEH
Total weight of top 10 holdings out of 1,192 total
18.84%
Characteristics
Compare
ZEQ
XEH
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD | MSCI Europe IMI 100% Hedged to CAD Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.62% | 2.67% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2014 | April 22, 2014 |
Frequently asked questions about ZEQ and XEH
Which ETF has performed better year to date: ZEQ or XEH?
As of September 16, 2026, ZEQ has returned 6.23% year to date, while XEH has returned 9.39%. XEH is ahead on YTD performance.
Which ETF is larger by assets under management: ZEQ or XEH?
As of September 16, 2026, ZEQ manages $308.63 M in assets, while XEH manages $296.38 M. ZEQ is the larger fund by AUM.
How are ZEQ and XEH managed?
ZEQ is passively managed by BMO. It tracks the MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD benchmark. XEH is passively managed by iShares. It tracks the MSCI Europe IMI 100% Hedged to CAD Net Total Return Index - CAD benchmark.
What sectors do ZEQ and XEH emphasize?
ZEQ is most exposed to Healthcare, Industrials, and Consumer Non-Cyclicals. XEH is most exposed to Finance, Industrials, and Healthcare.
Which ETF is attracting more investor flows: ZEQ or XEH?
Year to date, ZEQ has seen -$52.27 M in net flows, compared with +$4.49 M for XEH. XEH has attracted more net investor money so far.
How do the fees of ZEQ and XEH compare?
ZEQ has an expense ratio of 0.45%, while XEH has an expense ratio of 0.29%.
What are the top holdings of ZEQ and XEH?
ZEQ's largest holdings include ASML Holding NV, Roche Holding AG, and Novartis AG. XEH's top holdings include ASML Holding NV, HSBC Holdings Plc, and Roche Holding AG.
Which ETF is more diversified: ZEQ or XEH?
ZEQ holds 118 securities, while XEH holds 1180. On holdings count, XEH is the more diversified portfolio.
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