HXT.TO vs. ZCN.TO

Last updated Jun 25, 2026

HXT.TO (Global X S&P/TSX 60 Index Corporate Class ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - HXT.TO tracks the S&P/TSX 60 Index (Total Return) while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, HXT.TO returned 13.12%/yr vs 12.84%/yr for ZCN.TO. With a 0.96 correlation, they move nearly in lockstep. HXT.TO charges 0.08%/yr vs 0.06%/yr for ZCN.TO.

Performance

HXT.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX 60 Index Corporate Class ETF (HXT.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, HXT.TO achieves a 11.25% return, which is significantly higher than ZCN.TO's 10.54% return. Both investments have delivered pretty close results over the past 10 years, with HXT.TO having a 13.12% annualized return and ZCN.TO not far behind at 12.84%.

HXT.TO

• 1D: -0.30%
• 1M: 0.97%
• YTD: 11.25%
• 6M: 10.44%
• 1Y: 31.68%
• 3Y*: 24.01%
• 5Y*: 14.37%
• 10Y*: 13.12%

ZCN.TO

• 1D: -0.64%
• 1M: -0.13%
• YTD: 10.54%
• 6M: 9.63%
• 1Y: 32.92%
• 3Y*: 24.74%
• 5Y*: 14.61%
• 10Y*: 12.84%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXT.TO Global X S&P/TSX 60 Index Corporate Class ETF	11.25%	28.74%	20.94%	12.02%	-6.27%	28.11%	5.36%	22.18%	-7.89%	9.77%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.54%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	22.85%	-8.85%	8.98%

Correlation

The correlation between HXT.TO and ZCN.TO is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 11, 2010	0.96

The correlation between HXT.TO and ZCN.TO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

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

Sectors	HXT.TO	ZCN.TO
Financial Services	37.3%	33.7%
Energy	15.9%	18.9%
Basic Materials	12.6%	17.2%
Technology	12.0%	6.7%
Industrials	8.9%	10.2%
Consumer Cyclical	3.9%	3.7%
Consumer Defensive	3.6%	2.9%
Utilities	2.9%	3.3%
Communication Services	2.4%	1.8%
Real Estate	0.5%	1.5%
Healthcare	-	0.1%

Return for Risk

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

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

HXT.TO

HXT.TO Risk / Return Rank: 88
HXT.TO Sharpe Ratio Rank: 89
HXT.TO Sortino Ratio Rank: 88
HXT.TO Omega Ratio Rank: 86
HXT.TO Calmar Ratio Rank: 84
HXT.TO Martin Ratio Rank: 91

ZCN.TO

ZCN.TO Risk / Return Rank: 83
ZCN.TO Sharpe Ratio Rank: 86
ZCN.TO Sortino Ratio Rank: 82
ZCN.TO Omega Ratio Rank: 83
ZCN.TO Calmar Ratio Rank: 76
ZCN.TO Martin Ratio Rank: 86

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX 60 Index Corporate Class ETF (HXT.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.

	HXT.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.52	+0.13
Sortino ratio: Return per unit of downside risk	3.55	3.26	+0.28
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	4.13	3.55	+0.58
Martin ratio: Return relative to average drawdown	18.96	16.26	+2.70

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

The current HXT.TO Sharpe Ratio is 2.65, which is comparable to the ZCN.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of HXT.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

HXT.TO vs. ZCN.TO - Drawdown Comparison

The maximum HXT.TO drawdown since its inception was -52.13%, 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 HXT.TO and ZCN.TO.

Drawdown Indicators

	HXT.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.13%	-37.18%	-14.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-9.30%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-12.25%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.33%	-16.25%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-35.48%	-37.18%	+1.70%
Current Drawdown Current decline from peak	-0.98%	-1.89%	+0.91%
Average Drawdown Average peak-to-trough decline	-19.02%	-4.72%	-14.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.03%	-0.35%

Volatility

HXT.TO vs. ZCN.TO - Volatility Comparison

The current volatility for Global X S&P/TSX 60 Index Corporate Class ETF (HXT.TO) is 3.47%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.23%. This indicates that HXT.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXT.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	4.23%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	10.71%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	13.13%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	13.19%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	15.00%	+0.16%

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

HXT.TO has a 0.08% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HXT.TO vs. ZCN.TO - Dividend Comparison

HXT.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
HXT.TO Global X S&P/TSX 60 Index Corporate Class 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	2.03%	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 HXT.TO and ZCN.TO in my portfolio?

With a correlation of 0.98, HXT.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.

Which ETF is better, HXT.TO or ZCN.TO?

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.

Which ETF is cheaper, HXT.TO or ZCN.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.08% for HXT.TO.

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

HXT.TO tracks S&P/TSX 60 Index (Total Return), while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: Global X and BMO. Their fees differ too: 0.08% for HXT.TO and 0.06% for ZCN.TO.