WXM.TO vs. ZFC.TO

Last updated Aug 4, 2026

WXM.TO (CI Morningstar Canada Momentum Index ETF) and ZFC.TO (BMO SIA Focused Canadian Equity Fund) are both exchange-traded funds - WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index, while ZFC.TO is a Canada Equities fund actively managed by BMO. WXM.TO is passively managed, while ZFC.TO is actively managed. Over the past 5 years, WXM.TO returned 17.32%/yr vs 10.74%/yr for ZFC.TO. Their 0.41 correlation means their historical movements had little consistent relationship. WXM.TO charges 0.65%/yr vs 0.84%/yr for ZFC.TO.

Performance

WXM.TO vs. ZFC.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 SIA Focused Canadian Equity Fund (ZFC.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 13.16% return, which is significantly lower than ZFC.TO's 17.68% return.

WXM.TO

• 1D: -0.36%
• 1M: -3.40%
• 6M: 9.24%
• YTD: 13.16%
• 1Y: 35.28%
• 3Y*: 26.75%
• 5Y*: 17.32%
• 10Y*: 14.31%
• ALL TIME*: 13.36%

ZFC.TO

• 1D: 1.04%
• 1M: -1.02%
• 6M: 14.33%
• YTD: 17.68%
• 1Y: 29.30%
• 3Y*: 15.16%
• 5Y*: 10.74%
• 10Y*: —
• ALL TIME*: 10.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
WXM.TO CI Morningstar Canada Momentum Index ETF	CA$2.85M	CA$1.77M	CA$1.16M
ZFC.TO BMO SIA Focused Canadian Equity Fund	CA$17.49K	CA$19.26K	CA$37.47K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
WXM.TO CI Morningstar Canada Momentum Index ETF	13.16%	38.16%	33.93%	3.35%	-0.42%	20.98%	4.61%	31.49%	-4.96%
ZFC.TO BMO SIA Focused Canadian Equity Fund	17.68%	13.10%	15.48%	6.00%	-3.79%	15.56%	0.92%	23.89%	-5.11%

Correlation

The correlation between WXM.TO and ZFC.TO is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.40
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018	0.41

The correlation between WXM.TO and ZFC.TO shifts across timeframes, from 0.23 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

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

Sectors	WXM.TO	ZFC.TO
Financial Services	17.5%	31.4%
Industrials	17.3%	30.5%
Basic Materials	16.8%	-
Energy	15.1%	21.4%
Consumer Cyclical	9.7%	8.1%
Technology	7.7%	8.6%
Communication Services	6.2%	-
Healthcare	3.5%	-
Real Estate	3.3%	-
Utilities	3.2%	11.5%
Consumer Defensive	0.0%	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

WXM.TO

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

ZFC.TO

ZFC.TO Risk / Return Rank: 62
ZFC.TO Sharpe Ratio Rank: 48
ZFC.TO Sortino Ratio Rank: 44
ZFC.TO Omega Ratio Rank: 58
ZFC.TO Calmar Ratio Rank: 85
ZFC.TO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WXM.TO vs. ZFC.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 SIA Focused Canadian Equity Fund (ZFC.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.

	WXM.TO	ZFC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.29	+0.88
Sortino ratio: Return per unit of downside risk	2.86	1.75	+1.11
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.09
Calmar ratio: Return relative to maximum drawdown	3.75	3.49	+0.27
Martin ratio: Return relative to average drawdown	14.01	10.59	+3.42

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

The current WXM.TO Sharpe Ratio is 2.17, which is higher than the ZFC.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of WXM.TO and ZFC.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

WXM.TO vs. ZFC.TO - Drawdown Comparison

The maximum WXM.TO drawdown since its inception was -40.45%, which is greater than ZFC.TO's maximum drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for WXM.TO and ZFC.TO.

Drawdown Indicators

	WXM.TO	ZFC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-27.50%	-12.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-8.12%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-14.98%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-14.98%	-0.89%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	—	—
Current Drawdown Current decline from peak	-5.32%	-3.90%	-1.42%
Average Drawdown Average peak-to-trough decline	-4.47%	-5.52%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.67%	-0.13%

Volatility

WXM.TO vs. ZFC.TO - Volatility Comparison

CI Morningstar Canada Momentum Index ETF (WXM.TO) has a higher volatility of 4.71% compared to BMO SIA Focused Canadian Equity Fund (ZFC.TO) at 4.24%. This indicates that WXM.TO's price experiences larger fluctuations and is considered to be riskier than ZFC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WXM.TO	ZFC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	4.24%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	11.95%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	21.98%	-5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	15.07%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	16.13%	+0.77%

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

WXM.TO has a 0.65% expense ratio, which is lower than ZFC.TO's 0.84% expense ratio.

Dividends

WXM.TO vs. ZFC.TO - Dividend Comparison

WXM.TO's dividend yield for the trailing twelve months is around 1.19%, more than ZFC.TO's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WXM.TO CI Morningstar Canada Momentum Index ETF	1.19%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%
ZFC.TO BMO SIA Focused Canadian Equity Fund	0.13%	0.15%	0.04%	0.54%	2.54%	0.94%	1.81%	0.51%	0.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WXM.TO and ZFC.TO in my portfolio?

WXM.TO and ZFC.TO have a correlation of 0.23, 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 ZFC.TO?

On fees, WXM.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WXM.TO or ZFC.TO?

WXM.TO is cheaper with a 0.65% expense ratio, compared with 0.84% for ZFC.TO.

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

WXM.TO is categorized as Momentum, while ZFC.TO is Canada Equities. They also come from different issuers: CI and BMO. Their fees differ too: 0.65% for WXM.TO and 0.84% for ZFC.TO.