ATZ.TO vs. ZCN.TO

Last updated Jun 4, 2026

ATZ.TO (Aritzia Inc.) 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 5 years, ATZ.TO returned 39.74%/yr vs 14.90%/yr for ZCN.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

ATZ.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Aritzia Inc. (ATZ.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, ATZ.TO achieves a 36.63% return, which is significantly higher than ZCN.TO's 10.70% return.

ATZ.TO

• 1D: 1.36%
• 1M: 14.94%
• YTD: 36.63%
• 6M: 45.10%
• 1Y: 135.41%
• 3Y*: 63.82%
• 5Y*: 39.74%
• 10Y*: —

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)

ATZ.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATZ.TO Aritzia Inc.	36.63%	119.59%	94.33%	-41.92%	-9.55%	102.99%	35.38%	16.16%	29.24%	-27.49%
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 ATZ.TO and ZCN.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 4, 2016	0.39

The correlation between ATZ.TO and ZCN.TO shifts across timeframes, from 0.37 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ATZ.TO vs. ZCN.TO — Risk / Return Rank

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

ATZ.TO

ATZ.TO Risk / Return Rank: 94
ATZ.TO Sharpe Ratio Rank: 96
ATZ.TO Sortino Ratio Rank: 94
ATZ.TO Omega Ratio Rank: 93
ATZ.TO Calmar Ratio Rank: 93
ATZ.TO Martin Ratio Rank: 93

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.

ATZ.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aritzia Inc. (ATZ.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.

	ATZ.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.68	2.76	+0.92
Sortino ratio: Return per unit of downside risk	4.01	3.56	+0.45
Omega ratio: Gain probability vs. loss probability	1.53	1.50	+0.03
Calmar ratio: Return relative to maximum drawdown	5.87	3.75	+2.11
Martin ratio: Return relative to average drawdown	16.59	17.48	-0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ATZ.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current ATZ.TO Sharpe Ratio is 3.68, which is higher than the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ATZ.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

	ATZ.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	2.76	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.15	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.68	-0.08

Drawdowns

ATZ.TO vs. ZCN.TO - Drawdown Comparison

The maximum ATZ.TO drawdown since its inception was -64.82%, 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 ATZ.TO and ZCN.TO.

Drawdown Indicators

	ATZ.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-64.82%	-37.18%	-27.64%
Max Drawdown (1Y) Largest decline over 1 year	-23.22%	-9.30%	-13.92%
Max Drawdown (3Y) Largest decline over 3 years	-46.84%	-12.25%	-34.59%
Max Drawdown (5Y) Largest decline over 5 years	-64.82%	-16.25%	-48.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	0.00%	-1.14%	+1.14%
Average Drawdown Average peak-to-trough decline	-20.16%	-4.76%	-15.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.19%	1.99%	+6.20%

Volatility

ATZ.TO vs. ZCN.TO - Volatility Comparison

Aritzia Inc. (ATZ.TO) has a higher volatility of 12.91% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 3.49%. This indicates that ATZ.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

	ATZ.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	3.49%	+9.42%
Volatility (6M) Calculated over the trailing 6-month period	30.48%	10.31%	+20.17%
Volatility (1Y) Calculated over the trailing 1-year period	37.09%	12.66%	+24.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.72%	13.09%	+33.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.04%	14.99%	+28.05%

Dividends

ATZ.TO vs. ZCN.TO - Dividend Comparison

ATZ.TO has not paid dividends to shareholders, while ZCN.TO's dividend yield for the trailing twelve months is around 2.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATZ.TO Aritzia Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ATZ.TO and ZCN.TO in my portfolio?

ATZ.TO and ZCN.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.