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

XEG.TO vs. ZEO.TO

Last updated Apr 11, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both Energy Equities funds — XEG.TO tracks the S&P/TSX Capped Energy Index while ZEO.TO tracks the Solactive Equal Weight Canada Oil & Gas Index. Both are passively managed. Over the past 10 years, XEG.TO returned 11.66%/yr vs 10.46%/yr for ZEO.TO. Their correlation of 0.92 suggests significant overlap in exposure. XEG.TO charges 0.61%/yr vs 0.60%/yr for ZEO.TO.

Performance

XEG.TO vs. ZEO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Energy Index ETF (XEG.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, XEG.TO achieves a 35.55% return, which is significantly higher than ZEO.TO's 26.87% return. Over the past 10 years, XEG.TO has outperformed ZEO.TO with an annualized return of 11.66%, while ZEO.TO has yielded a comparatively lower 10.46% annualized return.

XEG.TO

1D
1.57%
1M
5.18%
YTD
35.55%
6M
45.44%
1Y
86.97%
3Y*
22.96%
5Y*
32.46%
10Y*
11.66%

ZEO.TO

1D
0.66%
1M
3.80%
YTD
26.87%
6M
27.83%
1Y
59.96%
3Y*
22.06%
5Y*
27.37%
10Y*
10.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		35.55%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		26.87%12.35%21.51%5.98%39.67%63.65%-28.56%16.50%-25.62%-12.74%

Correlation

The correlation between XEG.TO and ZEO.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

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

0.91

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

0.93

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

0.95

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2009

0.92

The correlation between XEG.TO and ZEO.TO has been stable across timeframes, ranging from 0.91 to 0.95 — a consistent structural relationship.

Compare stocks, funds, or ETFs

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

iShares S&P/TSX Capped Energy Index ETF

BMO Equal Weight Oil & Gas Index ETF

Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TOXEG.TO vs. HXE.TOXEG.TO vs. ZLB.TO
Often compared with ZEO.TO:
ZEO.TO vs. NRGY.TOZEO.TO vs. XLEZEO.TO vs. ENCC.TOZEO.TO vs. VOOZEO.TO vs. HXT.TOZEO.TO vs. VFV.TOZEO.TO vs. SHLD.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEG.TO
XEG.TO Risk / Return Rank: 9494
Overall Rank
XEG.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 9191
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 9494
Martin Ratio Rank
ZEO.TO
ZEO.TO Risk / Return Rank: 9393
Overall Rank
ZEO.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 9292
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 9191
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.

XEG.TO vs. ZEO.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 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.

XEG.TOZEO.TODifference

Sharpe ratio

Return per unit of total volatility

4.16

3.91

+0.25

Sortino ratio

Return per unit of downside risk

4.94

4.98

-0.03

Omega ratio

Gain probability vs. loss probability

1.64

1.67

-0.03

Calmar ratio

Return relative to maximum drawdown

11.90

7.22

+4.69

Martin ratio

Return relative to average drawdown

28.48

25.69

+2.79

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

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

The current XEG.TO Sharpe Ratio is 4.16, which is comparable to the ZEO.TO Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of XEG.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

XEG.TOZEO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.16

3.91

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

1.31

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.39

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.00

+0.27

Drawdowns

XEG.TO vs. ZEO.TO - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.74%, smaller than the maximum ZEO.TO drawdown of -100.25%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ZEO.TO.

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Drawdown Indicators

XEG.TOZEO.TODifference

Max Drawdown

Largest peak-to-trough decline

-87.74%

-100.25%

+12.51%

Max Drawdown (1Y)

Largest decline over 1 year

-7.52%

-8.44%

+0.92%

Max Drawdown (5Y)

Largest decline over 5 years

-28.42%

-22.59%

-5.83%

Max Drawdown (10Y)

Largest decline over 10 years

-79.66%

-72.03%

-7.63%

Current Drawdown

Current decline from peak

-5.58%

-4.36%

-1.22%

Average Drawdown

Average peak-to-trough decline

-29.33%

-49.89%

+20.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

2.37%

+0.77%

Volatility

XEG.TO vs. ZEO.TO - Volatility Comparison

iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 8.70% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 6.40%. This indicates that XEG.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

XEG.TOZEO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.70%

6.40%

+2.30%

Volatility (6M)

Calculated over the trailing 6-month period

16.15%

12.64%

+3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

22.22%

16.30%

+5.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.57%

21.00%

+7.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.33%

27.25%

+6.08%

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

XEG.TO has a 0.61% expense ratio, which is higher than ZEO.TO's 0.60% expense ratio.

Dividends

XEG.TO vs. ZEO.TO - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.82%, which matches ZEO.TO's 2.81% yield.

TTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.82%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.81%3.42%3.86%4.82%4.69%3.27%5.54%3.55%3.57%2.46%2.50%4.09%