XCV.TO vs. ZCM.TO
XCV.TO (iShares Canadian Value Index ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.52%/yr vs 2.93%/yr for ZCM.TO. At a correlation of -0.06, they often move in opposite directions. XCV.TO charges 0.55%/yr vs 0.33%/yr for ZCM.TO.
Performance
XCV.TO vs. ZCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 19.91% return, which is significantly higher than ZCM.TO's 1.18% return. Over the past 10 years, XCV.TO has outperformed ZCM.TO with an annualized return of 13.52%, while ZCM.TO has yielded a comparatively lower 2.93% annualized return.
XCV.TO
- 1D
- 0.18%
- 1M
- 5.14%
- YTD
- 19.91%
- 6M
- 19.01%
- 1Y
- 45.12%
- 3Y*
- 27.78%
- 5Y*
- 18.31%
- 10Y*
- 13.52%
ZCM.TO
- 1D
- -0.32%
- 1M
- 0.11%
- YTD
- 1.18%
- 6M
- 2.05%
- 1Y
- 4.95%
- 3Y*
- 6.91%
- 5Y*
- 2.18%
- 10Y*
- 2.93%
XCV.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.91% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.18% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
Correlation
The correlation between XCV.TO and ZCM.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | -0.06 |
The correlation between XCV.TO and ZCM.TO shifts across timeframes, from -0.06 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. ZCM.TO — Risk / Return Rank
XCV.TO
ZCM.TO
XCV.TO vs. ZCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and BMO Mid Corporate Bond Index ETF (ZCM.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.
| XCV.TO | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.91 | ||
| Sortino ratioReturn per unit of downside risk | +5.17 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.21 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 11.81 | 1.61 | +10.19 |
| Martin ratioReturn relative to average drawdown | 44.42 | 4.64 | +39.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCV.TO | ZCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.02 | 1.11 | +3.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.44 | 0.36 | +1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.34 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.55 | -0.01 |
Drawdowns
XCV.TO vs. ZCM.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than ZCM.TO's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZCM.TO.
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Drawdown Indicators
| XCV.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -26.06% | -26.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -3.08% | -0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -4.02% | -5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -15.81% | -2.25% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -26.06% | -15.12% |
Current DrawdownCurrent decline from peak | -0.50% | -1.13% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -2.61% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.07% | -0.05% |
Volatility
XCV.TO vs. ZCM.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.29% compared to BMO Mid Corporate Bond Index ETF (ZCM.TO) at 1.80%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than ZCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 1.80% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 7.69% | 3.67% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.05% | 4.48% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 6.10% | +6.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 8.77% | +6.76% |
XCV.TO vs. ZCM.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than ZCM.TO's 0.33% expense ratio.
Dividends
XCV.TO vs. ZCM.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.32%, less than ZCM.TO's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.32% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.28% | 4.03% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
Frequently Asked Questions
XCV.TO and ZCM.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCM.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCM.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO is categorized as Canada Equities, while ZCM.TO is Corporate Bonds. XCV.TO tracks Morningstar Canada GR CAD, while ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XCV.TO and 0.33% for ZCM.TO.
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