XBM.TO vs. ZEO.TO

Last updated Jun 4, 2026

XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both Energy Equities funds - XBM.TO tracks the Morningstar Can Natural Resource NR CAD while ZEO.TO tracks the Solactive Equal Weight Canada Oil & Gas Index. Both are passively managed. Over the past 10 years, XBM.TO returned 20.17%/yr vs 10.67%/yr for ZEO.TO. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

XBM.TO vs. ZEO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XBM.TO having a 38.48% return and ZEO.TO slightly lower at 37.72%. Over the past 10 years, XBM.TO has outperformed ZEO.TO with an annualized return of 20.17%, while ZEO.TO has yielded a comparatively lower 10.67% annualized return.

XBM.TO

• 1D: -3.17%
• 1M: 21.23%
• YTD: 38.48%
• 6M: 46.72%
• 1Y: 119.30%
• 3Y*: 29.93%
• 5Y*: 19.70%
• 10Y*: 20.17%

ZEO.TO

• 1D: 0.65%
• 1M: 2.51%
• YTD: 37.72%
• 6M: 32.21%
• 1Y: 50.73%
• 3Y*: 27.08%
• 5Y*: 25.42%
• 10Y*: 10.67%

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

XBM.TO vs. ZEO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	38.48%	50.69%	5.96%	2.84%	3.69%	32.04%	31.54%	9.93%	-22.39%	32.45%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	37.72%	12.35%	21.51%	5.98%	39.67%	63.65%	-28.56%	16.50%	-25.62%	-12.74%

Correlation

The correlation between XBM.TO and ZEO.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.48

The correlation between XBM.TO and ZEO.TO shifts across timeframes, from -0.01 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

XBM.TO vs. ZEO.TO - Sectors Allocation Comparison

Sectors	XBM.TO	ZEO.TO
Basic Materials	99.8%	-
Industrials	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XBM.TO vs. ZEO.TO — Risk / Return Rank

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

XBM.TO

XBM.TO Risk / Return Rank: 85
XBM.TO Sharpe Ratio Rank: 92
XBM.TO Sortino Ratio Rank: 80
XBM.TO Omega Ratio Rank: 80
XBM.TO Calmar Ratio Rank: 87
XBM.TO Martin Ratio Rank: 88

ZEO.TO

ZEO.TO Risk / Return Rank: 86
ZEO.TO Sharpe Ratio Rank: 89
ZEO.TO Sortino Ratio Rank: 85
ZEO.TO Omega Ratio Rank: 84
ZEO.TO Calmar Ratio Rank: 89
ZEO.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.

XBM.TO vs. ZEO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

	XBM.TO	ZEO.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.37	3.02	+0.35
Sortino ratio: Return per unit of downside risk	3.67	3.86	-0.19
Omega ratio: Gain probability vs. loss probability	1.49	1.52	-0.03
Calmar ratio: Return relative to maximum drawdown	5.02	5.34	-0.32
Martin ratio: Return relative to average drawdown	19.44	17.25	+2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBM.TO vs. ZEO.TO - Sharpe Ratio Comparison

The current XBM.TO Sharpe Ratio is 3.37, which is comparable to the ZEO.TO Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of XBM.TO and ZEO.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

	XBM.TO	ZEO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	3.02	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	1.21	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.39	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.00	+0.25

Drawdowns

XBM.TO vs. ZEO.TO - Drawdown Comparison

The maximum XBM.TO drawdown since its inception was -67.40%, smaller than the maximum ZEO.TO drawdown of -77.71%. Use the drawdown chart below to compare losses from any high point for XBM.TO and ZEO.TO.

Drawdown Indicators

	XBM.TO	ZEO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-67.40%	-77.71%	+10.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.88%	-9.54%	-14.34%
Max Drawdown (3Y) Largest decline over 3 years	-37.45%	-17.62%	-19.83%
Max Drawdown (5Y) Largest decline over 5 years	-40.57%	-22.59%	-17.98%
Max Drawdown (10Y) Largest decline over 10 years	-57.24%	-72.03%	+14.79%
Current Drawdown Current decline from peak	-3.17%	-2.93%	-0.24%
Average Drawdown Average peak-to-trough decline	-25.80%	-21.98%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	2.95%	+3.21%

Volatility

XBM.TO vs. ZEO.TO - Volatility Comparison

iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 13.03% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 6.99%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBM.TO	ZEO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	6.99%	+6.04%
Volatility (6M) Calculated over the trailing 6-month period	29.68%	14.57%	+15.11%
Volatility (1Y) Calculated over the trailing 1-year period	35.62%	16.92%	+18.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.06%	21.17%	+11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.66%	27.27%	+5.39%

XBM.TO vs. ZEO.TO - Expense Ratio Comparison

Both XBM.TO and ZEO.TO have an expense ratio of 0.60%.

Dividends

XBM.TO vs. ZEO.TO - Dividend Comparison

XBM.TO's dividend yield for the trailing twelve months is around 0.62%, less than ZEO.TO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.62%	0.86%	1.25%	2.09%	4.83%	3.01%	1.81%	3.71%	3.43%	1.63%	2.42%	5.70%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.59%	3.42%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	3.57%	2.46%	2.50%	4.09%

Frequently Asked Questions

Can I hold both XBM.TO and ZEO.TO in my portfolio?

XBM.TO and ZEO.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBM.TO or ZEO.TO?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBM.TO or ZEO.TO?

XBM.TO and ZEO.TO have the same expense ratio: 0.60% per year.

What is the main difference between XBM.TO and ZEO.TO?

XBM.TO tracks Morningstar Can Natural Resource NR CAD, while ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index. They also come from different issuers: iShares and BMO.