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XDV.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XDV.TO vs. ZCN.TO

Last updated Jun 24, 2026

XDV.TO (iShares Canadian Select Dividend Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - XDV.TO tracks the Dow Jones Canada Select Dividend Index while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, XDV.TO returned 12.05%/yr vs 12.91%/yr for ZCN.TO. A 0.80 correlation means they provide meaningful diversification when combined. XDV.TO charges 0.55%/yr vs 0.06%/yr for ZCN.TO.

Performance

XDV.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Select Dividend Index ETF (XDV.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XDV.TO achieves a 21.19% return, which is significantly higher than ZCN.TO's 11.25% return. Over the past 10 years, XDV.TO has underperformed ZCN.TO with an annualized return of 12.05%, while ZCN.TO has yielded a comparatively higher 12.91% annualized return.

XDV.TO

1D
0.32%
1M
4.19%
YTD
21.19%
6M
17.42%
1Y
40.11%
3Y*
24.81%
5Y*
13.20%
10Y*
12.05%

ZCN.TO

1D
-0.17%
1M
1.58%
YTD
11.25%
6M
10.21%
1Y
34.30%
3Y*
25.01%
5Y*
14.77%
10Y*
12.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XDV.TO
iShares Canadian Select Dividend Index ETF		21.19%24.97%21.28%8.00%-8.57%29.33%-0.38%21.30%-12.48%11.06%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		11.25%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.85%8.98%

Correlation

The correlation between XDV.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

0.75

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.80

The correlation between XDV.TO and ZCN.TO shifts across timeframes, from 0.67 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XDV.TO
ZCN.TO

Financial Services

52.8%
33.7%

Energy

11.0%
18.9%

Consumer Cyclical

10.8%
3.7%

Utilities

10.7%
3.3%

Communication Services

7.7%
1.8%

Industrials

3.7%
10.2%

Consumer Defensive

1.7%
2.9%

Basic Materials

1.6%
17.2%

Healthcare

-

0.1%

Real Estate

-

1.5%

Technology

-

6.7%

Financial Services

XDV.TO
52.8%
ZCN.TO
33.7%

Energy

XDV.TO
11.0%
ZCN.TO
18.9%

Consumer Cyclical

XDV.TO
10.8%
ZCN.TO
3.7%

Utilities

XDV.TO
10.7%
ZCN.TO
3.3%

Communication Services

XDV.TO
7.7%
ZCN.TO
1.8%

Industrials

XDV.TO
3.7%
ZCN.TO
10.2%

Consumer Defensive

XDV.TO
1.7%
ZCN.TO
2.9%

Basic Materials

XDV.TO
1.6%
ZCN.TO
17.2%

Healthcare

XDV.TO

-

ZCN.TO
0.1%

Real Estate

XDV.TO

-

ZCN.TO
1.5%

Technology

XDV.TO

-

ZCN.TO
6.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Canadian Select Dividend Index ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with XDV.TO:
XDV.TO vs. XDIV.TOXDV.TO vs. VDY.TOXDV.TO vs. XEI.TOXDV.TO vs. CDZ.TOXDV.TO vs. ZDV.TOXDV.TO vs. XIU.TOXDV.TO vs. ZSP.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDV.TO
XDV.TO Risk / Return Rank: 9797
Overall Rank
XDV.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XDV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
XDV.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
XDV.TO Martin Ratio Rank: 9696
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8181
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8282
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8585
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Select Dividend Index ETF (XDV.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.

XDV.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
4.68
2.63

+2.05

Sortino ratioReturn per unit of downside risk
6.16
3.39

+2.77

Omega ratioGain probability vs. loss probability

1.97

1.47

+0.50

Calmar ratioReturn relative to maximum drawdown

8.41

3.70

+4.71

Martin ratioReturn relative to average drawdown

33.87

16.96

+16.90

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

The current XDV.TO Sharpe Ratio is 4.68, which is higher than the ZCN.TO Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of XDV.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.

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Drawdowns

XDV.TO vs. ZCN.TO - Drawdown Comparison

The maximum XDV.TO drawdown since its inception was -50.11%, 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 XDV.TO and ZCN.TO.

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Drawdown Indicators

XDV.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-50.11%

-37.18%

-12.93%

Max Drawdown (1Y)

Largest decline over 1 year

-4.79%

-9.30%

+4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-12.99%

-12.25%

-0.74%

Max Drawdown (5Y)

Largest decline over 5 years

-20.52%

-16.25%

-4.27%

Max Drawdown (10Y)

Largest decline over 10 years

-39.08%

-37.18%

-1.90%

Current Drawdown

Current decline from peak

0.00%

-1.26%

+1.26%

Average Drawdown

Average peak-to-trough decline

-7.15%

-4.72%

-2.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

2.03%

-0.84%

Volatility

XDV.TO vs. ZCN.TO - Volatility Comparison

The current volatility for iShares Canadian Select Dividend Index ETF (XDV.TO) is 2.30%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.21%. This indicates that XDV.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

XDV.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

4.21%

-1.91%

Volatility (6M)

Calculated over the trailing 6-month period

7.46%

10.71%

-3.25%

Volatility (1Y)

Calculated over the trailing 1-year period

8.61%

13.12%

-4.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.85%

13.18%

-2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.66%

15.00%

-0.34%

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

XDV.TO has a 0.55% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

XDV.TO vs. ZCN.TO - Dividend Comparison

XDV.TO's dividend yield for the trailing twelve months is around 3.28%, more than ZCN.TO's 2.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XDV.TO
iShares Canadian Select Dividend Index ETF		3.28%3.57%4.34%4.62%4.49%3.87%4.78%4.21%4.92%3.65%3.91%4.75%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.02%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

XDV.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 XDV.TO.

XDV.TO tracks Dow Jones Canada Select Dividend Index, 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 XDV.TO and 0.06% for ZCN.TO.

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