XCV.TO vs. ZCN.TO
XCV.TO (iShares Canadian Value Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - XCV.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 10 years, XCV.TO returned 13.30%/yr vs 12.72%/yr for ZCN.TO. A 0.78 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.06%/yr for ZCN.TO.
Performance
XCV.TO vs. ZCN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 20.51% return, which is significantly higher than ZCN.TO's 12.08% return. Both investments have delivered pretty close results over the past 10 years, with XCV.TO having a 13.30% annualized return and ZCN.TO not far behind at 12.72%.
XCV.TO
- 1D
- 1.13%
- 1M
- 5.14%
- YTD
- 20.51%
- 6M
- 19.30%
- 1Y
- 46.03%
- 3Y*
- 28.17%
- 5Y*
- 18.10%
- 10Y*
- 13.30%
ZCN.TO
- 1D
- 1.24%
- 1M
- 5.09%
- YTD
- 12.08%
- 6M
- 13.16%
- 1Y
- 36.95%
- 3Y*
- 24.35%
- 5Y*
- 15.19%
- 10Y*
- 12.72%
XCV.TO vs. ZCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 20.51% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 12.08% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 5.69% | 22.85% | -8.84% | 8.94% |
Correlation
The correlation between XCV.TO and ZCN.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2009 | 0.78 |
The correlation between XCV.TO and ZCN.TO shifts across timeframes, from 0.67 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. ZCN.TO — Risk / Return Rank
XCV.TO
ZCN.TO
XCV.TO vs. ZCN.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 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.
| XCV.TO | ZCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 2.07 | 1.53 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 11.99 | 3.99 | +8.00 |
| Martin ratioReturn relative to average drawdown | 45.20 | 18.58 | +26.62 |
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 | ZCN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.13 | 2.92 | +2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.41 | 1.17 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.85 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.68 | -0.14 |
Drawdowns
XCV.TO vs. ZCN.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than ZCN.TO's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZCN.TO.
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Drawdown Indicators
| XCV.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -37.18% | -15.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -9.30% | +5.44% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -12.25% | +2.54% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -16.25% | -1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -37.18% | -4.00% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.76% | -1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.99% | -0.97% |
Volatility
XCV.TO vs. ZCN.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.36%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.63%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 3.63% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 7.71% | 10.37% | -2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 12.71% | -3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.88% | 13.10% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.55% | 14.99% | +0.56% |
XCV.TO vs. ZCN.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.
Dividends
XCV.TO vs. ZCN.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.27%, more than ZCN.TO's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.27% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.00% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.71% | 2.84% | 3.33% |
Frequently Asked Questions
XCV.TO and ZCN.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.55% for XCV.TO.
XCV.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: 0.55% for XCV.TO and 0.06% for ZCN.TO.
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