XEG.TO vs. ZCLN.TO
XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ZCLN.TO (BMO Clean Energy Index ETF) are both exchange-traded funds - XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index, while ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 5 years, XEG.TO returned 32.72%/yr vs -1.76%/yr for ZCLN.TO. Their 0.14 correlation means their historical movements had little consistent relationship. XEG.TO charges 0.60%/yr vs 0.39%/yr for ZCLN.TO.
Performance
XEG.TO vs. ZCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEG.TO achieves a 46.30% return, which is significantly higher than ZCLN.TO's 10.10% return.
XEG.TO
- 1D
- 0.69%
- 1M
- 15.08%
- 6M
- 31.52%
- YTD
- 46.30%
- 1Y
- 65.86%
- 3Y*
- 24.75%
- 5Y*
- 32.72%
- 10Y*
- 12.29%
- ALL TIME*
- 4.78%
ZCLN.TO
- 1D
- -0.16%
- 1M
- -13.51%
- 6M
- -0.10%
- YTD
- 10.10%
- 1Y
- 30.02%
- 3Y*
- 1.52%
- 5Y*
- -1.76%
- 10Y*
- —
- ALL TIME*
- -7.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$58.70M | CA$53.16M | CA$56.38M | |
ZCLN.TO BMO Clean Energy Index ETF | CA$168.18K | CA$222.01K | CA$330.39K |
XEG.TO vs. ZCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 46.30% | 16.72% | 14.04% | 3.55% | 53.25% | 75.06% |
ZCLN.TO BMO Clean Energy Index ETF | 10.10% | 35.83% | -20.23% | -20.37% | 1.41% | -34.25% |
Correlation
The correlation between XEG.TO and ZCLN.TO is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021 | 0.14 |
The correlation between XEG.TO and ZCLN.TO shifts across timeframes, from 0.01 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEG.TO vs. ZCLN.TO — Risk / Return Rank
XEG.TO
ZCLN.TO
XEG.TO vs. ZCLN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Energy Index ETF (XEG.TO) and BMO Clean Energy Index ETF (ZCLN.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.
| XEG.TO | ZCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.18 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 1.15 | +2.67 |
| Martin ratioReturn relative to average drawdown | 11.60 | 3.92 | +7.68 |
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Drawdowns
XEG.TO vs. ZCLN.TO - Drawdown Comparison
The maximum XEG.TO drawdown since its inception was -87.51%, which is greater than ZCLN.TO's maximum drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ZCLN.TO.
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Drawdown Indicators
| XEG.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.51% | -61.18% | -26.33% |
Max Drawdown (1Y)Largest decline over 1 year | -16.47% | -27.65% | +11.18% |
Max Drawdown (3Y)Largest decline over 3 years | -25.67% | -33.73% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -28.42% | -50.26% | +21.84% |
Max Drawdown (10Y)Largest decline over 10 years | -79.66% | — | — |
Current DrawdownCurrent decline from peak | -2.70% | -36.66% | +33.96% |
Average DrawdownAverage peak-to-trough decline | -34.46% | -40.37% | +5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.44% | 8.07% | -2.63% |
Volatility
XEG.TO vs. ZCLN.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Capped Energy Index ETF (XEG.TO) is 8.21%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 10.36%. This indicates that XEG.TO experiences smaller price fluctuations and is considered to be less risky than ZCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEG.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 10.36% | -2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 20.17% | 24.85% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.45% | 31.11% | -6.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.62% | 26.78% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.42% | 27.60% | +5.82% |
XEG.TO vs. ZCLN.TO - Expense Ratio Comparison
XEG.TO has a 0.60% expense ratio, which is higher than ZCLN.TO's 0.39% expense ratio.
Dividends
XEG.TO vs. ZCLN.TO - Dividend Comparison
XEG.TO's dividend yield for the trailing twelve months is around 2.52%, more than ZCLN.TO's 1.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.52% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
ZCLN.TO BMO Clean Energy Index ETF | 1.57% | 1.73% | 2.13% | 1.37% | 0.93% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XEG.TO and ZCLN.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for XEG.TO.
XEG.TO is categorized as Energy Equities, while ZCLN.TO is Alternative Energy Equities. XEG.TO tracks S&P/TSX Capped Energy Index, while ZCLN.TO tracks S&P Global Clean Energy Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.60% for XEG.TO and 0.39% for ZCLN.TO.
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