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XEC.TO vs. ZEO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEC.TO vs. ZEO.TO

Last updated Jun 4, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both exchange-traded funds - XEC.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index. Both are passively managed. Over the past 10 years, XEC.TO returned 10.71%/yr vs 10.67%/yr for ZEO.TO. At a 0.26 correlation, their price movements are largely independent. XEC.TO charges 0.28%/yr vs 0.60%/yr for ZEO.TO.

Performance

XEC.TO vs. ZEO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.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, XEC.TO achieves a 27.92% return, which is significantly lower than ZEO.TO's 37.72% return. Both investments have delivered pretty close results over the past 10 years, with XEC.TO having a 10.71% annualized return and ZEO.TO not far behind at 10.67%.

XEC.TO

1D
-0.88%
1M
10.15%
YTD
27.92%
6M
28.48%
1Y
54.44%
3Y*
24.69%
5Y*
10.21%
10Y*
10.71%

ZEO.TO

1D
0.65%
1M
2.51%
YTD
37.72%
6M
32.21%
1Y
50.73%
3Y*
27.08%
5Y*
25.42%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. ZEO.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%15.08%11.53%-8.26%27.93%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		37.72%12.35%21.51%5.98%39.67%63.65%-28.56%16.50%-25.62%-12.74%

Correlation

The correlation between XEC.TO and ZEO.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.13

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

0.17

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

0.27

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.26

The correlation between XEC.TO and ZEO.TO shifts across timeframes, from -0.08 (1 year) to 0.27 (10 years), reflecting how their relationship changes across market environments.

XEC.TO vs. ZEO.TO - Sectors Allocation Comparison

Sectors
XEC.TO
ZEO.TO

Technology

35.0%

-

Financial Services

18.4%

-

Consumer Cyclical

9.6%

-

Industrials

9.0%

-

Basic Materials

6.9%

-

Communication Services

6.4%

-

Energy

3.9%
100.0%

Healthcare

3.7%

-

Consumer Defensive

3.3%

-

Utilities

2.2%

-

Real Estate

1.7%

-

Technology

XEC.TO
35.0%
ZEO.TO

-

Financial Services

XEC.TO
18.4%
ZEO.TO

-

Consumer Cyclical

XEC.TO
9.6%
ZEO.TO

-

Industrials

XEC.TO
9.0%
ZEO.TO

-

Basic Materials

XEC.TO
6.9%
ZEO.TO

-

Communication Services

XEC.TO
6.4%
ZEO.TO

-

Energy

XEC.TO
3.9%
ZEO.TO
100.0%

Healthcare

XEC.TO
3.7%
ZEO.TO

-

Consumer Defensive

XEC.TO
3.3%
ZEO.TO

-

Utilities

XEC.TO
2.2%
ZEO.TO

-

Real Estate

XEC.TO
1.7%
ZEO.TO

-

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI Index ETF

BMO Equal Weight Oil & Gas Index ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. XEM.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. ENCC.TOZEO.TO vs. XLEZEO.TO vs. ZWEN.TOZEO.TO vs. VFV.TOZEO.TO vs. HXT.TO

Return for Risk

XEC.TO vs. ZEO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEC.TO
XEC.TO Risk / Return Rank: 8686
Overall Rank
XEC.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
ZEO.TO
ZEO.TO Risk / Return Rank: 8686
Overall Rank
ZEO.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8484
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.

XEC.TO vs. ZEO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

XEC.TOZEO.TODifference
Sharpe ratioReturn per unit of total volatility
3.01
3.02

-0.01

Sortino ratioReturn per unit of downside risk
3.86
3.86

0.00

Omega ratioGain probability vs. loss probability

1.56

1.52

+0.04

Calmar ratioReturn relative to maximum drawdown

4.86

5.34

-0.48

Martin ratioReturn relative to average drawdown

17.00

17.25

-0.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEC.TO vs. ZEO.TO - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 3.01, which is comparable to the ZEO.TO Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of XEC.TO and ZEO.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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Sharpe Ratios by Period

XEC.TOZEO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

3.02

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

1.21

-0.56

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.39

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.00

+0.52

Drawdowns

XEC.TO vs. ZEO.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum ZEO.TO drawdown of -77.71%. Use the drawdown chart below to compare losses from any high point for XEC.TO and ZEO.TO.

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Drawdown Indicators

XEC.TOZEO.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-77.71%

+45.17%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-9.54%

-1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-17.62%

+2.55%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-22.59%

-6.55%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

-72.03%

+39.49%

Current Drawdown

Current decline from peak

-0.88%

-2.93%

+2.05%

Average Drawdown

Average peak-to-trough decline

-9.56%

-21.98%

+12.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

2.95%

+0.26%

Volatility

XEC.TO vs. ZEO.TO - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 7.80% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 6.99%. This indicates that XEC.TO's price experiences larger fluctuations and is considered to be riskier than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOZEO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.80%

6.99%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

14.57%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

16.92%

+1.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.91%

21.17%

-5.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

27.27%

-9.67%

XEC.TO vs. ZEO.TO - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is lower than ZEO.TO's 0.60% expense ratio.

Dividends

XEC.TO vs. ZEO.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.50%, less than ZEO.TO's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.50%1.92%2.03%2.16%2.28%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.59%3.42%3.86%4.82%4.69%3.27%5.54%3.55%3.57%2.46%2.50%4.09%

Frequently Asked Questions

XEC.TO and ZEO.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.60% for ZEO.TO.

XEC.TO is categorized as Emerging Markets Equities, while ZEO.TO is Energy Equities. XEC.TO tracks Morningstar EM GR CAD, while ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for XEC.TO and 0.60% for ZEO.TO.

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