XCV.TO vs. ZVU.TO

Last updated Jun 4, 2026

XCV.TO (iShares Canadian Value Index ETF) and ZVU.TO (BMO MSCI USA Value ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZVU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Capped Index. Both are passively managed. Over the past 5 years, XCV.TO returned 17.83%/yr vs 17.58%/yr for ZVU.TO. At a 0.35 correlation, their price movements are largely independent. XCV.TO charges 0.55%/yr vs 0.33%/yr for ZVU.TO.

Performance

XCV.TO vs. ZVU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Value Index ETF (XCV.TO) and BMO MSCI USA Value ETF (ZVU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCV.TO achieves a 19.17% return, which is significantly lower than ZVU.TO's 49.80% return.

XCV.TO

• 1D: -0.02%
• 1M: 4.70%
• YTD: 19.17%
• 6M: 19.26%
• 1Y: 44.26%
• 3Y*: 27.30%
• 5Y*: 17.83%
• 10Y*: 13.20%

ZVU.TO

• 1D: 0.11%
• 1M: 22.65%
• YTD: 49.80%
• 6M: 42.92%
• 1Y: 85.09%
• 3Y*: 33.16%
• 5Y*: 17.58%
• 10Y*: —

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

XCV.TO vs. ZVU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XCV.TO iShares Canadian Value Index ETF	19.17%	32.17%	21.26%	9.47%	1.87%	32.71%	-2.56%	18.02%	-9.15%
ZVU.TO BMO MSCI USA Value ETF	49.80%	20.00%	15.86%	11.00%	-9.58%	28.41%	-3.14%	21.55%	-7.25%

Correlation

The correlation between XCV.TO and ZVU.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 5, 2018	0.35

The correlation between XCV.TO and ZVU.TO shifts across timeframes, from 0.29 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XCV.TO vs. ZVU.TO — Risk / Return Rank

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

XCV.TO

XCV.TO Risk / Return Rank: 97
XCV.TO Sharpe Ratio Rank: 97
XCV.TO Sortino Ratio Rank: 97
XCV.TO Omega Ratio Rank: 98
XCV.TO Calmar Ratio Rank: 97
XCV.TO Martin Ratio Rank: 97

ZVU.TO

ZVU.TO Risk / Return Rank: 97
ZVU.TO Sharpe Ratio Rank: 97
ZVU.TO Sortino Ratio Rank: 97
ZVU.TO Omega Ratio Rank: 97
ZVU.TO Calmar Ratio Rank: 98
ZVU.TO Martin Ratio Rank: 97

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.

XCV.TO vs. ZVU.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 MSCI USA Value ETF (ZVU.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	ZVU.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.97	4.92	+0.05
Sortino ratio: Return per unit of downside risk	6.62	6.09	+0.53
Omega ratio: Gain probability vs. loss probability	2.03	1.89	+0.14
Calmar ratio: Return relative to maximum drawdown	11.53	14.52	-2.99
Martin ratio: Return relative to average drawdown	43.47	48.34	-4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCV.TO vs. ZVU.TO - Sharpe Ratio Comparison

The current XCV.TO Sharpe Ratio is 4.97, which is comparable to the ZVU.TO Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of XCV.TO and ZVU.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

	XCV.TO	ZVU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.97	4.92	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.39	1.11	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.77	-0.23

Drawdowns

XCV.TO vs. ZVU.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than ZVU.TO's maximum drawdown of -34.24%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZVU.TO.

Drawdown Indicators

	XCV.TO	ZVU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.49%	-34.24%	-18.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-5.89%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-9.71%	-16.27%	+6.56%
Max Drawdown (5Y) Largest decline over 5 years	-18.08%	-20.30%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.18%	—	—
Current Drawdown Current decline from peak	-0.89%	0.00%	-0.89%
Average Drawdown Average peak-to-trough decline	-6.67%	-6.12%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.77%	-0.75%

Volatility

XCV.TO vs. ZVU.TO - Volatility Comparison

The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.27%, while BMO MSCI USA Value ETF (ZVU.TO) has a volatility of 8.79%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than ZVU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCV.TO	ZVU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	8.79%	-5.52%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	14.57%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	17.39%	-8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	15.95%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	17.98%	-2.44%

XCV.TO vs. ZVU.TO - Expense Ratio Comparison

XCV.TO has a 0.55% expense ratio, which is higher than ZVU.TO's 0.33% expense ratio.

Dividends

XCV.TO vs. ZVU.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than ZVU.TO's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XCV.TO iShares Canadian Value Index ETF	2.29%	2.71%	3.72%	3.88%	3.18%	2.11%	3.35%	3.06%	3.13%	2.40%	2.50%	3.14%
ZVU.TO BMO MSCI USA Value ETF	1.06%	1.62%	2.13%	2.55%	2.45%	1.89%	2.38%	1.97%	1.98%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCV.TO and ZVU.TO in my portfolio?

XCV.TO and ZVU.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCV.TO or ZVU.TO?

On fees, ZVU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCV.TO or ZVU.TO?

ZVU.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for XCV.TO.

What is the main difference between XCV.TO and ZVU.TO?

XCV.TO is categorized as Canada Equities, while ZVU.TO is Large Cap Value Equities. XCV.TO tracks Morningstar Canada GR CAD, while ZVU.TO tracks MSCI USA Enhanced Value Capped Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XCV.TO and 0.33% for ZVU.TO.