XCV.TO vs. ZRE.TO
XCV.TO (iShares Canadian Value Index ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.88%/yr vs 7.16%/yr for ZRE.TO. At a 0.43 correlation, their price movements are largely independent. XCV.TO charges 0.55%/yr vs 0.61%/yr for ZRE.TO.
Performance
XCV.TO vs. ZRE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 22.37% return, which is significantly higher than ZRE.TO's 12.63% return. Over the past 10 years, XCV.TO has outperformed ZRE.TO with an annualized return of 13.88%, while ZRE.TO has yielded a comparatively lower 7.16% annualized return.
XCV.TO
- 1D
- 0.64%
- 1M
- 6.47%
- YTD
- 22.37%
- 6M
- 20.31%
- 1Y
- 47.47%
- 3Y*
- 28.48%
- 5Y*
- 18.73%
- 10Y*
- 13.88%
ZRE.TO
- 1D
- 0.91%
- 1M
- 5.03%
- YTD
- 12.63%
- 6M
- 13.84%
- 1Y
- 13.10%
- 3Y*
- 9.44%
- 5Y*
- 3.60%
- 10Y*
- 7.16%
XCV.TO vs. ZRE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 22.37% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
ZRE.TO BMO Equal Weight REITs Index ETF | 12.63% | 11.28% | 2.89% | 0.91% | -17.74% | 34.04% | -7.72% | 25.86% | 3.36% | 14.36% |
Correlation
The correlation between XCV.TO and ZRE.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since May 26, 2010 | 0.43 |
The correlation between XCV.TO and ZRE.TO shifts across timeframes, from 0.43 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. ZRE.TO — Risk / Return Rank
XCV.TO
ZRE.TO
XCV.TO vs. ZRE.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 Equal Weight REITs Index ETF (ZRE.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.
| XCV.TO | ZRE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.09 | ||
| Sortino ratioReturn per unit of downside risk | +5.23 | ||
| Omega ratioGain probability vs. loss probability | 2.08 | 1.20 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 12.42 | 1.86 | +10.56 |
| Martin ratioReturn relative to average drawdown | 46.72 | 5.00 | +41.72 |
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Drawdowns
XCV.TO vs. ZRE.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than ZRE.TO's maximum drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZRE.TO.
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Drawdown Indicators
| XCV.TO | ZRE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -46.29% | -6.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -7.07% | +3.23% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -17.14% | +7.43% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -32.44% | +14.38% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -46.29% | +5.11% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -7.69% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.64% | -1.62% |
Volatility
XCV.TO vs. ZRE.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.23% compared to BMO Equal Weight REITs Index ETF (ZRE.TO) at 3.01%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than ZRE.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 | ZRE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.23% | 3.01% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 8.59% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.08% | 11.25% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 15.54% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 17.67% | -2.14% |
XCV.TO vs. ZRE.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than ZRE.TO's 0.61% expense ratio.
Dividends
XCV.TO vs. ZRE.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.27%, less than ZRE.TO's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.27% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
ZRE.TO BMO Equal Weight REITs Index ETF | 4.33% | 4.96% | 5.26% | 5.14% | 4.97% | 3.87% | 5.01% | 4.17% | 4.95% | 5.05% | 5.46% | 6.00% |
Frequently Asked Questions
XCV.TO and ZRE.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.61% for ZRE.TO.
XCV.TO is categorized as Canada Equities, while ZRE.TO is REIT. XCV.TO tracks Morningstar Canada GR CAD, while ZRE.TO tracks Solactive Equal Weight Canada REIT Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XCV.TO and 0.61% for ZRE.TO.
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