XCSR.TO vs. ZCN.TO

Last updated Jun 25, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - XCSR.TO tracks the Morningstar Canada GR CAD while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 5 years, XCSR.TO returned 13.71%/yr vs 14.61%/yr for ZCN.TO. Their correlation of 0.87 suggests significant overlap in exposure. XCSR.TO charges 0.17%/yr vs 0.06%/yr for ZCN.TO.

Performance

XCSR.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Advanced MSCI Canada Index ETF (XCSR.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, XCSR.TO achieves a 8.85% return, which is significantly lower than ZCN.TO's 10.54% return.

XCSR.TO

• 1D: 0.15%
• 1M: 2.55%
• YTD: 8.85%
• 6M: 4.99%
• 1Y: 30.52%
• 3Y*: 26.52%
• 5Y*: 13.71%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	8.85%	35.36%	24.42%	15.21%	-14.41%	22.32%	33.84%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.54%	31.51%	21.64%	11.63%	-5.84%	25.05%	27.83%

Correlation

The correlation between XCSR.TO and ZCN.TO is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 22, 2020	0.87

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

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

Sectors	XCSR.TO	ZCN.TO
Financial Services	51.4%	33.7%
Basic Materials	16.6%	17.2%
Technology	13.8%	6.7%
Consumer Defensive	5.7%	2.9%
Industrials	5.2%	10.2%
Consumer Cyclical	3.0%	3.7%
Communication Services	1.5%	1.8%
Real Estate	1.4%	1.5%
Utilities	1.1%	3.3%
Healthcare	0.2%	0.1%
Energy	-	18.9%

Return for Risk

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

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

XCSR.TO

XCSR.TO Risk / Return Rank: 66
XCSR.TO Sharpe Ratio Rank: 69
XCSR.TO Sortino Ratio Rank: 65
XCSR.TO Omega Ratio Rank: 66
XCSR.TO Calmar Ratio Rank: 63
XCSR.TO Martin Ratio Rank: 67

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI Canada Index ETF (XCSR.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.

	XCSR.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.52	-0.53
Sortino ratio: Return per unit of downside risk	2.69	3.26	-0.57
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	2.76	3.55	-0.80
Martin ratio: Return relative to average drawdown	10.92	16.26	-5.34

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

The current XCSR.TO Sharpe Ratio is 1.99, which is comparable to the ZCN.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of XCSR.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

XCSR.TO vs. ZCN.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for XCSR.TO and ZCN.TO.

Drawdown Indicators

	XCSR.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-37.18%	+13.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-9.30%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.14%	-12.25%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-23.56%	-16.25%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-1.06%	-1.89%	+0.83%
Average Drawdown Average peak-to-trough decline	-5.08%	-4.72%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.03%	+0.77%

Volatility

XCSR.TO vs. ZCN.TO - Volatility Comparison

iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) have volatilities of 4.16% and 4.23%, 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.

Volatility by Period

	XCSR.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.23%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	10.71%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	13.13%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	13.19%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	15.00%	-0.49%

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

XCSR.TO has a 0.17% 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

XCSR.TO vs. ZCN.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.62%, less than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	1.62%	1.74%	2.20%	2.64%	2.78%	1.54%	0.81%	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 XCSR.TO and ZCN.TO in my portfolio?

With a correlation of 0.92, XCSR.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, XCSR.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, XCSR.TO or ZCN.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.17% for XCSR.TO.

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

XCSR.TO tracks Morningstar Canada GR CAD, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.17% for XCSR.TO and 0.06% for ZCN.TO.