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 Industrials, Health Care, and Consumer Staples, while XEH leans towards Financials, Industrials, and Health Care. When evaluating costs, ZEQ features a management fee (MER) of 0.4%, compared to 0.25% for XEH. Performance-wise, ZEQ has returned 0.86% year-to-date with -$12 M in net flows, whereas XEH is at 3.29% with +$0 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 | $334.05 M | $281.33 M |
| Management Fees | 0.40% | 0.25% |
| Exp. ratio | 0.45% | 0.25% |
| Tracking Difference | -1.56% | 1.22% |
Historical performance and flows
As of April 27, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEQ | +4.63% | -1.01% | +0.86% | +7.02% | +13.39% |
XEH | +6.65% | -0.14% | +3.29% | +18.47% | +39.60% | |
| Flows | ZEQ | -$3 M | -$15 M | -$12 M | -$619 M | -$570 M |
XEH | +$2 M | +$8 M | +$0 M | +$26 M | +$89 M |
ZEQ vs XEH exposure
Countries
ZEQ
Switzerland
28.06%
United Kingdom
25.82%
France
11.32%
Netherlands
10.69%
Germany
8.03%
Other
16.08%
XEH
United Kingdom
22.30%
Switzerland
13.94%
France
13.60%
Germany
13.07%
Netherlands
9.10%
Other
28.00%
Sectors
ZEQ
Industrials
20.38%
Health Care
17.00%
Other
14.37%
Consumer Staples
11.23%
Financials
10.18%
Consumer Discretionary
9.64%
Other
17.19%
XEH
Financials
21.09%
Industrials
18.04%
Other
9.01%
Health Care
9.00%
Information Technology
7.67%
Consumer Staples
7.50%
Other
27.69%
As of April 27, 2026
Top 10 Holdings
ZEQ
ASML HOLDING
6.31%
NOVARTIS
5.93%
ASTRAZENECA
5.67%
CH1499059983
5.34%
NESTLE SA
4.95%
DK0062498333
3.16%
GB00BVZK7T90
2.90%
GSK PLC
2.84%
ALLIANZ SE
2.78%
ABB
2.65%
XEH
ASML HOLDING
3.41%
ASTRAZENECA
2.04%
NOVARTIS
1.95%
HSBC HOLDINGS
1.88%
CH1499059983
1.87%
SHELL PLC
1.83%
NESTLE SA
1.71%
TOTALENERGIES SE
1.26%
SIEMENS
1.23%
SAP SE
1.20%
Diversification
ZEQ
Total weight of top 10 holdings out of 121 total
42.52%
XEH
Total weight of top 10 holdings out of 1,203 total
18.38%
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 | 3.06% | 2.42% |
| 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 April 27, 2026, ZEQ has returned 0.86% year to date, while XEH has returned 3.29%. XEH is ahead on YTD performance.
Which ETF is larger by assets under management: ZEQ or XEH?
As of April 27, 2026, ZEQ manages $334.05 M in assets, while XEH manages $281.33 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 Industrials, Health Care, and Consumer Staples. XEH is most exposed to Financials, Industrials, and Health Care.
Which ETF is attracting more investor flows: ZEQ or XEH?
Year to date, ZEQ has seen -$12.16 M in net flows, compared with +$0.18 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 0.25%.
What are the top holdings of ZEQ and XEH?
ZEQ's largest holdings include ASML HOLDING and NOVARTIS. XEH's top holdings include ASML HOLDING and ASTRAZENECA.
Which ETF is more diversified: ZEQ or XEH?
ZEQ holds 112 securities, while XEH holds 1088. On holdings count, XEH is the more diversified portfolio.
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.