AP-UN.TO vs. ZCN.TO

Last updated Jun 4, 2026

AP-UN.TO (Allied Properties Real Estate Investment Trust) is a stock, while ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) is Canada Equities fund tracking the S&P/TSX Capped Composite Index. Over the past 10 years, AP-UN.TO returned -6.92%/yr vs 12.62%/yr for ZCN.TO. At a 0.35 correlation, their price movements are largely independent.

Performance

AP-UN.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Allied Properties Real Estate Investment Trust (AP-UN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AP-UN.TO achieves a -24.55% return, which is significantly lower than ZCN.TO's 10.70% return. Over the past 10 years, AP-UN.TO has underperformed ZCN.TO with an annualized return of -6.92%, while ZCN.TO has yielded a comparatively higher 12.62% annualized return.

AP-UN.TO

• 1D: -1.01%
• 1M: 4.10%
• YTD: -24.55%
• 6M: -22.29%
• 1Y: -32.08%
• 3Y*: -16.20%
• 5Y*: -19.90%
• 10Y*: -6.92%

ZCN.TO

• 1D: -1.14%
• 1M: 3.62%
• YTD: 10.70%
• 6M: 12.95%
• 1Y: 34.77%
• 3Y*: 23.62%
• 5Y*: 14.90%
• 10Y*: 12.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AP-UN.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AP-UN.TO Allied Properties Real Estate Investment Trust	-24.55%	-13.47%	-5.92%	-12.14%	-38.62%	20.95%	-24.39%	21.30%	9.29%	21.85%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.70%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	22.85%	-8.84%	8.94%

Correlation

The correlation between AP-UN.TO and ZCN.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009	0.35

The correlation between AP-UN.TO and ZCN.TO shifts across timeframes, from 0.25 (1 year) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AP-UN.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AP-UN.TO

AP-UN.TO Risk / Return Rank: 16
AP-UN.TO Sharpe Ratio Rank: 10
AP-UN.TO Sortino Ratio Rank: 15
AP-UN.TO Omega Ratio Rank: 10
AP-UN.TO Calmar Ratio Rank: 21
AP-UN.TO Martin Ratio Rank: 23

ZCN.TO

ZCN.TO Risk / Return Rank: 80
ZCN.TO Sharpe Ratio Rank: 83
ZCN.TO Sortino Ratio Rank: 78
ZCN.TO Omega Ratio Rank: 81
ZCN.TO Calmar Ratio Rank: 74
ZCN.TO Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AP-UN.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allied Properties Real Estate Investment Trust (AP-UN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AP-UN.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	2.76	-3.51
Sortino ratio: Return per unit of downside risk	-0.74	3.56	-4.30
Omega ratio: Gain probability vs. loss probability	0.85	1.50	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.55	3.75	-4.30
Martin ratio: Return relative to average drawdown	-0.88	17.48	-18.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AP-UN.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current AP-UN.TO Sharpe Ratio is -0.75, which is lower than the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of AP-UN.TO and ZCN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AP-UN.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	2.76	-3.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	1.15	-1.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.25	0.85	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.68	-0.42

Drawdowns

AP-UN.TO vs. ZCN.TO - Drawdown Comparison

The maximum AP-UN.TO drawdown since its inception was -76.72%, which is greater than ZCN.TO's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for AP-UN.TO and ZCN.TO.

Drawdown Indicators

	AP-UN.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-76.72%	-37.18%	-39.54%
Max Drawdown (1Y) Largest decline over 1 year	-58.74%	-9.30%	-49.44%
Max Drawdown (3Y) Largest decline over 3 years	-58.74%	-12.25%	-46.49%
Max Drawdown (5Y) Largest decline over 5 years	-73.59%	-16.25%	-57.34%
Max Drawdown (10Y) Largest decline over 10 years	-76.72%	-37.18%	-39.54%
Current Drawdown Current decline from peak	-73.78%	-1.14%	-72.64%
Average Drawdown Average peak-to-trough decline	-17.37%	-4.76%	-12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.47%	1.99%	+34.48%

Volatility

AP-UN.TO vs. ZCN.TO - Volatility Comparison

Allied Properties Real Estate Investment Trust (AP-UN.TO) has a higher volatility of 5.51% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 3.49%. This indicates that AP-UN.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AP-UN.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	3.49%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	38.29%	10.31%	+27.98%
Volatility (1Y) Calculated over the trailing 1-year period	42.97%	12.66%	+30.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.41%	13.09%	+17.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.50%	14.99%	+12.51%

Dividends

AP-UN.TO vs. ZCN.TO - Dividend Comparison

AP-UN.TO's dividend yield for the trailing twelve months is around 12.86%, more than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	12.86%	12.79%	10.50%	11.30%	6.84%	3.88%	4.38%	3.07%	3.53%	3.65%	4.18%	4.65%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.03%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Frequently Asked Questions

Can I hold both AP-UN.TO and ZCN.TO in my portfolio?

AP-UN.TO and ZCN.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.