WXM.TO vs. ZCN.TO

Last updated Jun 4, 2026

WXM.TO (CI Morningstar Canada Momentum Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum 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, WXM.TO returned 15.24%/yr vs 12.62%/yr for ZCN.TO. A 0.75 correlation means they provide meaningful diversification when combined. WXM.TO charges 0.65%/yr vs 0.06%/yr for ZCN.TO.

Performance

WXM.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar Canada Momentum Index ETF (WXM.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, WXM.TO achieves a 18.83% return, which is significantly higher than ZCN.TO's 10.70% return. Over the past 10 years, WXM.TO has outperformed ZCN.TO with an annualized return of 15.24%, while ZCN.TO has yielded a comparatively lower 12.62% annualized return.

WXM.TO

• 1D: -0.33%
• 1M: 4.70%
• YTD: 18.83%
• 6M: 22.68%
• 1Y: 46.31%
• 3Y*: 29.82%
• 5Y*: 18.57%
• 10Y*: 15.24%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WXM.TO CI Morningstar Canada Momentum Index ETF	18.83%	38.16%	33.93%	3.35%	-0.42%	20.98%	4.61%	31.48%	-4.88%	10.06%
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 WXM.TO and ZCN.TO is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.75

The correlation between WXM.TO and ZCN.TO has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

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

Sectors	WXM.TO	ZCN.TO
Energy	18.5%	17.5%
Industrials	18.2%	10.3%
Financial Services	17.3%	32.8%
Basic Materials	13.5%	18.4%
Utilities	8.6%	3.2%
Consumer Cyclical	6.9%	3.8%
Consumer Defensive	6.1%	2.9%
Communication Services	6.0%	1.8%
Technology	4.9%	7.6%
Healthcare	-	0.1%
Real Estate	-	1.6%

Return for Risk

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

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

WXM.TO

WXM.TO Risk / Return Rank: 88
WXM.TO Sharpe Ratio Rank: 90
WXM.TO Sortino Ratio Rank: 87
WXM.TO Omega Ratio Rank: 87
WXM.TO Calmar Ratio Rank: 86
WXM.TO Martin Ratio Rank: 91

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.

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

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar Canada Momentum Index ETF (WXM.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.

	WXM.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.76	+0.34
Sortino ratio: Return per unit of downside risk	4.00	3.56	+0.44
Omega ratio: Gain probability vs. loss probability	1.55	1.50	+0.05
Calmar ratio: Return relative to maximum drawdown	4.90	3.75	+1.15
Martin ratio: Return relative to average drawdown	21.82	17.48	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current WXM.TO Sharpe Ratio is 3.10, which is comparable to the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of WXM.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

	WXM.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.76	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	1.15	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.85	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.68	+0.23

Drawdowns

WXM.TO vs. ZCN.TO - Drawdown Comparison

The maximum WXM.TO drawdown since its inception was -40.45%, 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 WXM.TO and ZCN.TO.

Drawdown Indicators

	WXM.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-37.18%	-3.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-9.30%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-12.25%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-16.25%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	-37.18%	-3.27%
Current Drawdown Current decline from peak	-0.33%	-1.14%	+0.81%
Average Drawdown Average peak-to-trough decline	-4.48%	-4.76%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.99%	+0.14%

Volatility

WXM.TO vs. ZCN.TO - Volatility Comparison

CI Morningstar Canada Momentum Index ETF (WXM.TO) has a higher volatility of 4.06% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 3.49%. This indicates that WXM.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

	WXM.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.49%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	10.31%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	12.66%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	13.09%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	14.99%	+1.79%

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

WXM.TO has a 0.65% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

WXM.TO vs. ZCN.TO - Dividend Comparison

WXM.TO's dividend yield for the trailing twelve months is around 1.15%, less than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WXM.TO CI Morningstar Canada Momentum Index ETF	1.15%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%
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 WXM.TO and ZCN.TO in my portfolio?

WXM.TO and ZCN.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.65% for WXM.TO.

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

WXM.TO is categorized as Momentum, while ZCN.TO is Canada Equities. WXM.TO tracks Morningstar Canada Target Momentum Index, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: CI Global Asset Management and BMO. Their fees differ too: 0.65% for WXM.TO and 0.06% for ZCN.TO.