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XAW.TO vs. ZGRO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XAW.TO vs. ZGRO.TO

Last updated Jun 4, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and ZGRO.TO (BMO Growth ETF) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD, while ZGRO.TO is a Large Cap Growth Equities fund actively managed by BMO. XAW.TO is passively managed, while ZGRO.TO is actively managed. Over the past 5 years, XAW.TO returned 13.96%/yr vs 11.51%/yr for ZGRO.TO. Their correlation of 0.91 suggests significant overlap in exposure. XAW.TO charges 0.22%/yr vs 0.18%/yr for ZGRO.TO.

Performance

XAW.TO vs. ZGRO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and BMO Growth ETF (ZGRO.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XAW.TO achieves a 13.70% return, which is significantly higher than ZGRO.TO's 10.53% return.

XAW.TO

1D
-0.37%
1M
7.13%
YTD
13.70%
6M
12.70%
1Y
30.51%
3Y*
21.73%
5Y*
13.96%
10Y*
13.22%

ZGRO.TO

1D
-0.41%
1M
5.37%
YTD
10.53%
6M
10.31%
1Y
25.76%
3Y*
18.49%
5Y*
11.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XAW.TO vs. ZGRO.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.70%15.87%26.31%18.45%-11.84%18.38%12.37%12.11%
ZGRO.TO
BMO Growth ETF		10.53%16.39%20.71%14.64%-10.58%14.99%10.81%10.83%

Correlation

The correlation between XAW.TO and ZGRO.TO is 0.87, 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

0.87

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

0.91

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

0.92

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.91

The correlation between XAW.TO and ZGRO.TO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

XAW.TO vs. ZGRO.TO - Sectors Allocation Comparison

Sectors
XAW.TO
ZGRO.TO

Technology

32.6%
22.2%

Financial Services

13.7%
19.8%

Industrials

9.1%
11.2%

Consumer Cyclical

8.8%
8.3%

Communication Services

8.7%
6.7%

Healthcare

7.8%
6.9%

Consumer Defensive

4.6%
4.9%

Energy

3.3%
8.0%

Basic Materials

2.8%
7.2%

Utilities

2.2%
3.0%

Real Estate

1.4%
2.0%

Technology

XAW.TO
32.6%
ZGRO.TO
22.2%

Financial Services

XAW.TO
13.7%
ZGRO.TO
19.8%

Industrials

XAW.TO
9.1%
ZGRO.TO
11.2%

Consumer Cyclical

XAW.TO
8.8%
ZGRO.TO
8.3%

Communication Services

XAW.TO
8.7%
ZGRO.TO
6.7%

Healthcare

XAW.TO
7.8%
ZGRO.TO
6.9%

Consumer Defensive

XAW.TO
4.6%
ZGRO.TO
4.9%

Energy

XAW.TO
3.3%
ZGRO.TO
8.0%

Basic Materials

XAW.TO
2.8%
ZGRO.TO
7.2%

Utilities

XAW.TO
2.2%
ZGRO.TO
3.0%

Real Estate

XAW.TO
1.4%
ZGRO.TO
2.0%

Compare stocks, funds, or ETFs

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iShares Core MSCI All Country World ex Canada Index ETF

BMO Growth ETF

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Often compared with ZGRO.TO:
ZGRO.TO vs. VGRO.TOZGRO.TO vs. XGRO.TOZGRO.TO vs. TGRO.TOZGRO.TO vs. XEQT.TOZGRO.TO vs. VFV.TOZGRO.TO vs. ZBAL.TOZGRO.TO vs. XDIV.TO

Return for Risk

XAW.TO vs. ZGRO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XAW.TO
XAW.TO Risk / Return Rank: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
ZGRO.TO
ZGRO.TO Risk / Return Rank: 7373
Overall Rank
ZGRO.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZGRO.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
ZGRO.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZGRO.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
ZGRO.TO Martin Ratio Rank: 7878
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.

XAW.TO vs. ZGRO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and BMO Growth ETF (ZGRO.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.

XAW.TOZGRO.TODifference
Sharpe ratioReturn per unit of total volatility
2.50
2.39

+0.11

Sortino ratioReturn per unit of downside risk
3.49
3.32

+0.16

Omega ratioGain probability vs. loss probability

1.48

1.44

+0.04

Calmar ratioReturn relative to maximum drawdown

3.76

3.76

-0.01

Martin ratioReturn relative to average drawdown

15.15

15.21

-0.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAW.TO vs. ZGRO.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.50, which is comparable to the ZGRO.TO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of XAW.TO and ZGRO.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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Sharpe Ratios by Period

XAW.TOZGRO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

2.39

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.08

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.91

-0.13

Drawdowns

XAW.TO vs. ZGRO.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, which is greater than ZGRO.TO's maximum drawdown of -24.64%. Use the drawdown chart below to compare losses from any high point for XAW.TO and ZGRO.TO.

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Drawdown Indicators

XAW.TOZGRO.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-24.64%

-2.68%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-6.87%

-1.29%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-12.45%

-4.21%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-17.19%

-3.83%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

—

—

Current Drawdown

Current decline from peak

-0.37%

-0.41%

+0.04%

Average Drawdown

Average peak-to-trough decline

-3.91%

-3.38%

-0.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.02%

1.70%

+0.32%

Volatility

XAW.TO vs. ZGRO.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and BMO Growth ETF (ZGRO.TO) have volatilities of 4.21% and 4.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XAW.TOZGRO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

4.11%

+0.10%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

9.00%

+0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

12.25%

10.81%

+1.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.56%

10.76%

+2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.12%

12.99%

+2.13%

XAW.TO vs. ZGRO.TO - Expense Ratio Comparison

XAW.TO has a 0.22% expense ratio, which is higher than ZGRO.TO's 0.18% 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

XAW.TO vs. ZGRO.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less than ZGRO.TO's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%
ZGRO.TO
BMO Growth ETF		1.48%1.70%1.92%2.27%2.54%2.22%2.49%2.32%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XAW.TO and ZGRO.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZGRO.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZGRO.TO is cheaper with a 0.18% expense ratio, compared with 0.22% for XAW.TO.

XAW.TO is categorized as Global Equities, while ZGRO.TO is Large Cap Growth Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XAW.TO and 0.18% for ZGRO.TO.

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