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CNDU.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNDU.TO vs. ZCN.TO

Last updated Jul 14, 2026
Documentation

CNDU.TO (BetaPro S&P/TSX 60 2x Daily Bull ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - CNDU.TO is a Leveraged Equities fund tracking the S&P/TSX 60 Index, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, CNDU.TO returned 18.94%/yr vs 12.54%/yr for ZCN.TO. Their correlation of 0.95 suggests significant overlap in exposure. CNDU.TO charges 1.15%/yr vs 0.06%/yr for ZCN.TO.

Performance

CNDU.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNDU.TO achieves a 24.45% return, which is significantly higher than ZCN.TO's 12.42% return. Over the past 10 years, CNDU.TO has outperformed ZCN.TO with an annualized return of 18.94%, while ZCN.TO has yielded a comparatively lower 12.54% annualized return.

CNDU.TO

1D
0.21%
1M
3.53%
6M
16.92%
YTD
24.45%
1Y
65.81%
3Y*
40.39%
5Y*
22.83%
10Y*
18.94%

ZCN.TO

1D
-0.17%
1M
1.10%
6M
8.38%
YTD
12.42%
1Y
33.40%
3Y*
23.59%
5Y*
15.04%
10Y*
12.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		24.45%54.27%34.82%15.07%-17.75%59.19%-5.04%42.32%-19.25%15.77%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		12.42%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.85%8.98%

Correlation

The correlation between CNDU.TO and ZCN.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.95

The correlation between CNDU.TO and ZCN.TO has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

CNDU.TO vs. ZCN.TO - Sectors Allocation Comparison

Sectors
CNDU.TO
ZCN.TO

Financial Services

40.3%
36.2%

Energy

17.7%
16.3%

Basic Materials

13.6%
15.9%

Technology

8.8%
7.2%

Industrials

7.8%
10.5%

Consumer Cyclical

3.9%
3.9%

Consumer Defensive

3.2%
2.9%

Utilities

2.6%
3.6%

Communication Services

2.0%
1.7%

Real Estate

0.2%
1.5%

Healthcare

-

0.2%

Financial Services

CNDU.TO
40.3%
ZCN.TO
36.2%

Energy

CNDU.TO
17.7%
ZCN.TO
16.3%

Basic Materials

CNDU.TO
13.6%
ZCN.TO
15.9%

Technology

CNDU.TO
8.8%
ZCN.TO
7.2%

Industrials

CNDU.TO
7.8%
ZCN.TO
10.5%

Consumer Cyclical

CNDU.TO
3.9%
ZCN.TO
3.9%

Consumer Defensive

CNDU.TO
3.2%
ZCN.TO
2.9%

Utilities

CNDU.TO
2.6%
ZCN.TO
3.6%

Communication Services

CNDU.TO
2.0%
ZCN.TO
1.7%

Real Estate

CNDU.TO
0.2%
ZCN.TO
1.5%

Healthcare

CNDU.TO

-

ZCN.TO
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BetaPro S&P/TSX 60 2x Daily Bull ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with CNDU.TO:
CNDU.TO vs. SLVU.TOCNDU.TO vs. TCND.TOCNDU.TO vs. AMHE.TOCNDU.TO vs. USSL.TOCNDU.TO vs. UPROCNDU.TO vs. HXT.TOCNDU.TO vs. TQQQ.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNDU.TO
CNDU.TO Risk / Return Rank: 9191
Overall Rank
CNDU.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
CNDU.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
CNDU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
CNDU.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
CNDU.TO Martin Ratio Rank: 9393
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8989
Overall Rank
ZCN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 9090
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CNDU.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.74
2.55

+0.19

Sortino ratioReturn per unit of downside risk
3.32
3.29

+0.03

Omega ratioGain probability vs. loss probability

1.45

1.45

0.00

Calmar ratioReturn relative to maximum drawdown

4.33

3.61

+0.73

Martin ratioReturn relative to average drawdown

18.96

16.41

+2.55

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

The current CNDU.TO Sharpe Ratio is 2.74, which is comparable to the ZCN.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of CNDU.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.

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Drawdowns

CNDU.TO vs. ZCN.TO - Drawdown Comparison

The maximum CNDU.TO drawdown since its inception was -78.04%, 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 CNDU.TO and ZCN.TO.

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Drawdown Indicators

CNDU.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-78.04%

-37.18%

-40.86%

Max Drawdown (1Y)

Largest decline over 1 year

-15.26%

-9.30%

-5.96%

Max Drawdown (3Y)

Largest decline over 3 years

-24.52%

-12.25%

-12.27%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-16.25%

-16.35%

Max Drawdown (10Y)

Largest decline over 10 years

-61.48%

-37.18%

-24.30%

Current Drawdown

Current decline from peak

0.00%

-0.22%

+0.22%

Average Drawdown

Average peak-to-trough decline

-23.22%

-4.71%

-18.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.48%

2.04%

+1.44%

Volatility

CNDU.TO vs. ZCN.TO - Volatility Comparison

BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) has a higher volatility of 4.02% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 2.47%. This indicates that CNDU.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.

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Volatility by Period

CNDU.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.02%

2.47%

+1.55%

Volatility (6M)

Calculated over the trailing 6-month period

19.10%

10.64%

+8.46%

Volatility (1Y)

Calculated over the trailing 1-year period

24.16%

13.18%

+10.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.62%

13.19%

+12.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.03%

14.98%

+15.05%

CNDU.TO vs. ZCN.TO - Expense Ratio Comparison

CNDU.TO has a 1.15% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

CNDU.TO vs. ZCN.TO - Dividend Comparison

CNDU.TO has not paid dividends to shareholders, while ZCN.TO's dividend yield for the trailing twelve months is around 2.04%.

PositionTTM20252024202320222021202020192018201720162015
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		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		2.04%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.75%2.86%3.36%

Frequently Asked Questions

With a correlation of 0.97, CNDU.TO and ZCN.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 1.15% for CNDU.TO.

CNDU.TO is categorized as Leveraged Equities, while ZCN.TO is Canada Equities. CNDU.TO tracks S&P/TSX 60 Index, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: Horizons ETFs and BMO. Their fees differ too: 1.15% for CNDU.TO and 0.06% for ZCN.TO.

Portfolio Optimizer

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