PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XEG.TO vs. ZUQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEG.TO vs. ZUQ.TO

Last updated Jun 13, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, XEG.TO returned 11.69%/yr vs 16.76%/yr for ZUQ.TO. At a 0.15 correlation, their price movements are largely independent. XEG.TO charges 0.61%/yr vs 0.33%/yr for ZUQ.TO.

Performance

XEG.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XEG.TO achieves a 38.53% return, which is significantly higher than ZUQ.TO's 10.46% return. Over the past 10 years, XEG.TO has underperformed ZUQ.TO with an annualized return of 11.69%, while ZUQ.TO has yielded a comparatively higher 16.76% annualized return.

XEG.TO

1D
-0.41%
1M
-2.76%
YTD
38.53%
6M
37.54%
1Y
55.84%
3Y*
26.37%
5Y*
28.03%
10Y*
11.69%

ZUQ.TO

1D
0.51%
1M
3.59%
YTD
10.46%
6M
5.75%
1Y
19.61%
3Y*
20.68%
5Y*
15.10%
10Y*
16.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		38.53%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-27.05%-11.17%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		10.46%5.80%34.06%33.29%-18.30%26.45%19.97%31.80%4.75%17.02%

Correlation

The correlation between XEG.TO and ZUQ.TO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.15

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

0.01

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

0.08

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

0.16

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.15

The correlation between XEG.TO and ZUQ.TO shifts across timeframes, from -0.15 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
XEG.TO
ZUQ.TO

Energy

100.0%
0.2%

Basic Materials

-

1.6%

Communication Services

-

14.5%

Consumer Cyclical

-

2.7%

Consumer Defensive

-

11.2%

Financial Services

-

10.6%

Healthcare

-

14.8%

Industrials

-

10.8%

Real Estate

-

-

Technology

-

33.5%

Utilities

-

0.1%

Energy

XEG.TO
100.0%
ZUQ.TO
0.2%

Basic Materials

XEG.TO

-

ZUQ.TO
1.6%

Communication Services

XEG.TO

-

ZUQ.TO
14.5%

Consumer Cyclical

XEG.TO

-

ZUQ.TO
2.7%

Consumer Defensive

XEG.TO

-

ZUQ.TO
11.2%

Financial Services

XEG.TO

-

ZUQ.TO
10.6%

Healthcare

XEG.TO

-

ZUQ.TO
14.8%

Industrials

XEG.TO

-

ZUQ.TO
10.8%

Real Estate

XEG.TO

-

ZUQ.TO

-

Technology

XEG.TO

-

ZUQ.TO
33.5%

Utilities

XEG.TO

-

ZUQ.TO
0.1%

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 MSCI USA High Quality Index ETF

Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO
Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L

Return for Risk

XEG.TO vs. ZUQ.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: 8282
Overall Rank
XEG.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8383
Martin Ratio Rank
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4848
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4343
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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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.TOZUQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.41
1.57

+0.84

Sortino ratioReturn per unit of downside risk
2.93
2.16

+0.77

Omega ratioGain probability vs. loss probability

1.39

1.30

+0.09

Calmar ratioReturn relative to maximum drawdown

5.04

1.86

+3.18

Martin ratioReturn relative to average drawdown

14.38

6.05

+8.33

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

The current XEG.TO Sharpe Ratio is 2.41, which is higher than the ZUQ.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XEG.TO and ZUQ.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.

Loading charts...

Drawdowns

XEG.TO vs. ZUQ.TO - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.51%, which is greater than ZUQ.TO's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ZUQ.TO.

Loading charts...

Drawdown Indicators

XEG.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-87.51%

-26.93%

-60.58%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-10.57%

-0.55%

Max Drawdown (3Y)

Largest decline over 3 years

-25.67%

-17.93%

-7.74%

Max Drawdown (5Y)

Largest decline over 5 years

-28.42%

-26.93%

-1.49%

Max Drawdown (10Y)

Largest decline over 10 years

-79.66%

-26.93%

-52.73%

Current Drawdown

Current decline from peak

-7.87%

0.00%

-7.87%

Average Drawdown

Average peak-to-trough decline

-34.55%

-4.57%

-29.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.89%

3.26%

+0.63%

Volatility

XEG.TO vs. ZUQ.TO - Volatility Comparison

iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 9.11% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 3.40%. This indicates that XEG.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XEG.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.11%

3.40%

+5.71%

Volatility (6M)

Calculated over the trailing 6-month period

19.65%

9.92%

+9.73%

Volatility (1Y)

Calculated over the trailing 1-year period

23.30%

12.52%

+10.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.72%

16.37%

+12.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.40%

17.53%

+15.87%

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

XEG.TO has a 0.61% expense ratio, which is higher than ZUQ.TO's 0.33% expense ratio.

Dividends

XEG.TO vs. ZUQ.TO - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.76%, more than ZUQ.TO's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.76%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

XEG.TO and ZUQ.TO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUQ.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUQ.TO is cheaper with a 0.33% expense ratio, compared with 0.61% for XEG.TO.

XEG.TO is categorized as Energy Equities, while ZUQ.TO is Large Cap Blend Equities. XEG.TO tracks S&P/TSX Capped Energy Index, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XEG.TO and 0.33% for ZUQ.TO.

Portfolio Optimizer

Find the right allocation for XEG.TO and ZUQ.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer