DRFC.TO vs. ZCN.TO

Last updated Jul 17, 2026

DRFC.TO (Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds. DRFC.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, DRFC.TO returned 18.24%/yr vs 15.30%/yr for ZCN.TO. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

DRFC.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.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, DRFC.TO achieves a 10.79% return, which is significantly lower than ZCN.TO's 12.76% return.

DRFC.TO

• 1D: -0.33%
• 1M: -0.63%
• 6M: 5.77%
• YTD: 10.79%
• 1Y: 28.83%
• 3Y*: 24.74%
• 5Y*: 18.24%
• 10Y*: —

ZCN.TO

• 1D: -0.17%
• 1M: 0.08%
• 6M: 8.19%
• YTD: 12.76%
• 1Y: 33.17%
• 3Y*: 23.79%
• 5Y*: 15.30%
• 10Y*: 12.55%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DRFC.TO Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF	10.79%	30.94%	25.27%	16.28%	-0.80%	29.17%	-2.93%	15.09%	-6.60%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	12.76%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	22.85%	-10.82%

Correlation

The correlation between DRFC.TO and ZCN.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 24, 2018	0.56

Over the past year, DRFC.TO and ZCN.TO have become more correlated (0.95) than their long-term average of 0.56, meaning their price movements have been converging.

Return for Risk

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

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

DRFC.TO

DRFC.TO Risk / Return Rank: 79
DRFC.TO Sharpe Ratio Rank: 82
DRFC.TO Sortino Ratio Rank: 78
DRFC.TO Omega Ratio Rank: 80
DRFC.TO Calmar Ratio Rank: 74
DRFC.TO Martin Ratio Rank: 83

ZCN.TO

ZCN.TO Risk / Return Rank: 89
ZCN.TO Sharpe Ratio Rank: 92
ZCN.TO Sortino Ratio Rank: 88
ZCN.TO Omega Ratio Rank: 89
ZCN.TO Calmar Ratio Rank: 83
ZCN.TO Martin Ratio Rank: 90

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.

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

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.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.

	DRFC.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.54	-0.42
Sortino ratio: Return per unit of downside risk	2.81	3.28	-0.47
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	3.00	3.58	-0.58
Martin ratio: Return relative to average drawdown	12.86	16.30	-3.44

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

The current DRFC.TO Sharpe Ratio is 2.12, which is comparable to the ZCN.TO Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of DRFC.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.

Drawdowns

DRFC.TO vs. ZCN.TO - Drawdown Comparison

The maximum DRFC.TO drawdown since its inception was -39.87%, 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 DRFC.TO and ZCN.TO.

Drawdown Indicators

	DRFC.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-37.18%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-9.30%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	-12.25%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-14.04%	-16.25%	+2.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-0.63%	-0.17%	-0.46%
Average Drawdown Average peak-to-trough decline	-3.92%	-4.71%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.04%	+0.21%

Volatility

DRFC.TO vs. ZCN.TO - Volatility Comparison

Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO) has a higher volatility of 2.66% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 2.18%. This indicates that DRFC.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

	DRFC.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.18%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	10.64%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	13.13%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	13.18%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	14.97%	+1.76%

Dividends

DRFC.TO vs. ZCN.TO - Dividend Comparison

DRFC.TO's dividend yield for the trailing twelve months is around 1.47%, less than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRFC.TO Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF	1.47%	1.58%	1.94%	2.34%	2.23%	2.33%	2.94%	4.77%	0.70%	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%	2.75%	2.86%	3.36%

Frequently Asked Questions

Can I hold both DRFC.TO and ZCN.TO in my portfolio?

With a correlation of 0.95, DRFC.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.

What is the main difference between DRFC.TO and ZCN.TO?

They also come from different issuers: Desjardins and BMO.