XEG.TO vs. ZMT.TO

Last updated Jun 4, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ZMT.TO (BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)) are both Energy Equities funds - XEG.TO tracks the S&P/TSX Capped Energy Index while ZMT.TO tracks the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. Both are passively managed. Over the past 10 years, XEG.TO returned 11.85%/yr vs 17.71%/yr for ZMT.TO. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

XEG.TO vs. ZMT.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 S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEG.TO achieves a 44.34% return, which is significantly higher than ZMT.TO's 39.44% return. Over the past 10 years, XEG.TO has underperformed ZMT.TO with an annualized return of 11.85%, while ZMT.TO has yielded a comparatively higher 17.71% annualized return.

XEG.TO

• 1D: 1.17%
• 1M: -0.04%
• YTD: 44.34%
• 6M: 39.73%
• 1Y: 70.40%
• 3Y*: 28.08%
• 5Y*: 29.48%
• 10Y*: 11.85%

ZMT.TO

• 1D: -3.52%
• 1M: 16.19%
• YTD: 39.44%
• 6M: 46.49%
• 1Y: 109.69%
• 3Y*: 42.46%
• 5Y*: 20.69%
• 10Y*: 17.71%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XEG.TO iShares S&P/TSX Capped Energy Index ETF	44.34%	16.72%	14.08%	3.52%	53.25%	83.71%	-34.41%	8.98%	-27.05%	-11.18%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	39.44%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-34.17%	37.76%

Correlation

The correlation between XEG.TO and ZMT.TO is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009	0.49

Over the past year, the correlation between XEG.TO and ZMT.TO has dropped to 0.02 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

XEG.TO vs. ZMT.TO - Sectors Allocation Comparison

Sectors	XEG.TO	ZMT.TO
Energy	100.0%	3.7%
Basic Materials	-	89.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	10.1%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XEG.TO vs. ZMT.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: 86
XEG.TO Sharpe Ratio Rank: 89
XEG.TO Sortino Ratio Rank: 80
XEG.TO Omega Ratio Rank: 80
XEG.TO Calmar Ratio Rank: 92
XEG.TO Martin Ratio Rank: 87

ZMT.TO

ZMT.TO Risk / Return Rank: 78
ZMT.TO Sharpe Ratio Rank: 85
ZMT.TO Sortino Ratio Rank: 70
ZMT.TO Omega Ratio Rank: 73
ZMT.TO Calmar Ratio Rank: 84
ZMT.TO Martin Ratio Rank: 76

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. ZMT.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 S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.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.TO	ZMT.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.84	+0.27
Sortino ratio: Return per unit of downside risk	3.66	3.23	+0.43
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.05
Calmar ratio: Return relative to maximum drawdown	6.36	4.63	+1.73
Martin ratio: Return relative to average drawdown	19.02	14.58	+4.45
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. ZMT.TO - Sharpe Ratio Comparison

The current XEG.TO Sharpe Ratio is 3.11, which is comparable to the ZMT.TO Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of XEG.TO and ZMT.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

	XEG.TO	ZMT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.84	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.62	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.53	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.00	+0.28

Drawdowns

XEG.TO vs. ZMT.TO - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.74%, which is greater than ZMT.TO's maximum drawdown of -80.73%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ZMT.TO.

Drawdown Indicators

	XEG.TO	ZMT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-87.74%	-80.73%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-23.81%	+12.69%
Max Drawdown (3Y) Largest decline over 3 years	-25.67%	-33.28%	+7.61%
Max Drawdown (5Y) Largest decline over 5 years	-28.42%	-41.01%	+12.59%
Max Drawdown (10Y) Largest decline over 10 years	-79.66%	-67.51%	-12.15%
Current Drawdown Current decline from peak	-4.00%	-3.52%	-0.48%
Average Drawdown Average peak-to-trough decline	-29.19%	-43.15%	+13.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	7.55%	-3.84%

Volatility

XEG.TO vs. ZMT.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Capped Energy Index ETF (XEG.TO) is 9.31%, while BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a volatility of 14.55%. This indicates that XEG.TO experiences smaller price fluctuations and is considered to be less risky than ZMT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEG.TO	ZMT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	14.55%	-5.24%
Volatility (6M) Calculated over the trailing 6-month period	18.99%	31.86%	-12.87%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	38.81%	-16.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.62%	33.74%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.41%	33.32%	+0.09%

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

Both XEG.TO and ZMT.TO have an expense ratio of 0.61%.

Dividends

XEG.TO vs. ZMT.TO - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.65%, more than ZMT.TO's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.65%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.15%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	3.95%	1.29%	1.24%	1.10%

Frequently Asked Questions

Can I hold both XEG.TO and ZMT.TO in my portfolio?

XEG.TO and ZMT.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEG.TO or ZMT.TO?

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEG.TO or ZMT.TO?

XEG.TO and ZMT.TO have the same expense ratio: 0.61% per year.

What is the main difference between XEG.TO and ZMT.TO?

XEG.TO tracks S&P/TSX Capped Energy Index, while ZMT.TO tracks Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. They also come from different issuers: iShares and BMO.