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Compare BMO All-Equity ETF (ZEQT) vs iShares Core MSCI All Country World ex Canada Index ETF (XAW) to find the best fit for your portfolio. ZEQT and XAW provide the same top sector exposures: Information Technology, Financials, and Industrials. When evaluating costs, ZEQT features a management fee (MER) of 0.18%, compared to 0.2% for XAW. Performance-wise, ZEQT has returned 11.92% year-to-date with +$229 M in net flows, whereas XAW is at 12.77% with +$140 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
ZEQT
XAW
| AuM | $776.47 M | $4,226.26 M |
| Management Fees | 0.18% | 0.20% |
| Exp. ratio | 0.20% | 0.22% |
| Tracking Difference | - | 0.29% |
Historical performance and flows
As of May 26, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEQT | +5.16% | +5.82% | +11.92% | +31.71% | +81.67% |
XAW | +6.22% | +7.49% | +12.77% | +30.12% | +78.96% | |
| Flows | ZEQT | +$49 M | +$144 M | +$229 M | +$444 M | +$605 M |
XAW | +$16 M | +$37 M | +$140 M | +$483 M | +$787 M |
ZEQT vs XAW exposure
Countries
ZEQT
USA
47.22%
Canada
24.97%
Other
27.81%
XAW
USA
61.62%
Other
38.38%
Sectors
ZEQT
Information Technology
21.46%
Financials
17.99%
Industrials
9.97%
Consumer Discretionary
8.04%
Energy
7.84%
Other
34.70%
XAW
Information Technology
26.01%
Financials
14.33%
Industrials
11.29%
Consumer Discretionary
9.63%
Health Care
8.16%
Communication Services
7.84%
Other
22.73%
As of May 26, 2026
Top 10 Holdings
ZEQT
NVIDIA
3.31%
APPLE
2.98%
MICROSOFT-T
2.19%
ROYAL BK CANADA
1.69%
AMAZON.COM INC
1.62%
ALPHABET INC-CL
1.31%
TWN SEMICONT MAN
1.20%
TORONTO DOMINION
1.18%
BROADCOM LIMITED
1.15%
ALPHABET INC-CL
1.05%
XAW
NVIDIA
4.34%
APPLE
3.81%
MICROSOFT-T
2.81%
AMAZON.COM INC
2.08%
ALPHABET INC-CL
1.71%
BROADCOM LIMITED
1.50%
TWN SEMICONT MAN
1.44%
ALPHABET INC-CL
1.37%
META PLATFORMS
1.28%
TESLA
1.07%
Diversification
ZEQT
Total weight of top 10 holdings out of 5,551 total
17.68%
XAW
Total weight of top 10 holdings out of 8,114 total
21.42%
Characteristics
Compare
ZEQT
XAW
| Provider | BMO | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI ACWI ex Canada IMI Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.30% | 1.18% |
| Meets ESG criteria | No | No |
| Inception Date | January 17, 2022 | February 10, 2015 |
Frequently asked questions about ZEQT and XAW
Which ETF has performed better year to date: ZEQT or XAW?
As of May 26, 2026, ZEQT has returned 11.92% year to date, while XAW has returned 12.77%. XAW is ahead on YTD performance.
Which ETF is larger by assets under management: ZEQT or XAW?
As of May 26, 2026, ZEQT manages $776.47 M in assets, while XAW manages $4.23 B. XAW is the larger fund by AUM.
How are ZEQT and XAW managed?
ZEQT is actively managed by BMO. It does not track an index. XAW is passively managed by iShares. It tracks the MSCI ACWI ex Canada IMI Net Total Return Index - CAD benchmark.
What sectors do ZEQT and XAW emphasize?
ZEQT is most exposed to Information Technology, Financials, and Industrials. XAW is most exposed to Information Technology, Financials, and Industrials.
Which ETF is attracting more investor flows: ZEQT or XAW?
Year to date, ZEQT has seen +$228.61 M in net flows, compared with +$140.10 M for XAW. ZEQT has attracted more net investor money so far.
How do the fees of ZEQT and XAW compare?
ZEQT has an expense ratio of 0.20%, while XAW has an expense ratio of 0.22%.
What are the top holdings of ZEQT and XAW?
ZEQT's largest holdings include NVIDIA and APPLE. XAW's top holdings include NVIDIA and APPLE.
Which ETF is more diversified: ZEQT or XAW?
ZEQT holds 5143 securities, while XAW holds 7266. On holdings count, XAW is the more diversified portfolio.
Recent articles about ZEQT and XAW
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