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

XEG.TO vs. ZWEN.TO

Last updated Jun 4, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and ZWEN.TO (BMO Covered Call Energy ETF) are both Energy Equities funds. XEG.TO is passively managed, while ZWEN.TO is actively managed. Over the past 3 years, XEG.TO returned 28.08%/yr vs 19.60%/yr for ZWEN.TO. A 0.80 correlation means they provide meaningful diversification when combined. XEG.TO charges 0.61%/yr vs 0.88%/yr for ZWEN.TO.

Performance

XEG.TO vs. ZWEN.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 Covered Call Energy ETF (ZWEN.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 44.34% return, which is significantly higher than ZWEN.TO's 30.35% 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%

ZWEN.TO

1D
1.16%
1M
0.91%
YTD
30.35%
6M
25.89%
1Y
41.26%
3Y*
19.60%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%-0.30%
ZWEN.TO
BMO Covered Call Energy ETF		30.35%6.74%10.43%2.68%

Correlation

The correlation between XEG.TO and ZWEN.TO is 0.84, 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

0.84

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

0.81

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2023

0.80

The correlation between XEG.TO and ZWEN.TO has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

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

Sectors
XEG.TO
ZWEN.TO

Energy

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

XEG.TO
100.0%
ZWEN.TO
100.0%

Basic Materials

XEG.TO

-

ZWEN.TO

-

Communication Services

XEG.TO

-

ZWEN.TO

-

Consumer Cyclical

XEG.TO

-

ZWEN.TO

-

Consumer Defensive

XEG.TO

-

ZWEN.TO

-

Financial Services

XEG.TO

-

ZWEN.TO

-

Healthcare

XEG.TO

-

ZWEN.TO

-

Industrials

XEG.TO

-

ZWEN.TO

-

Real Estate

XEG.TO

-

ZWEN.TO

-

Technology

XEG.TO

-

ZWEN.TO

-

Utilities

XEG.TO

-

ZWEN.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Capped Energy Index ETF

BMO Covered Call Energy 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 ZWEN.TO:
ZWEN.TO vs. ENCC.TOZWEN.TO vs. ZEO.TOZWEN.TO vs. ZWU.TOZWEN.TO vs. ZMT.TOZWEN.TO vs. EMAX.TOZWEN.TO vs. NNRG.NEOZWEN.TO vs. PPLN.TO

Return for Risk

XEG.TO vs. ZWEN.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: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
Martin Ratio Rank
ZWEN.TO
ZWEN.TO Risk / Return Rank: 7474
Overall Rank
ZWEN.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZWEN.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZWEN.TO Omega Ratio Rank: 6868
Omega Ratio Rank
ZWEN.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
ZWEN.TO Martin Ratio Rank: 7575
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. ZWEN.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 Covered Call Energy ETF (ZWEN.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.TOZWEN.TODifference
Sharpe ratioReturn per unit of total volatility
3.11
2.49

+0.62

Sortino ratioReturn per unit of downside risk
3.66
3.18

+0.48

Omega ratioGain probability vs. loss probability

1.49

1.41

+0.07

Calmar ratioReturn relative to maximum drawdown

6.36

4.37

+2.00

Martin ratioReturn relative to average drawdown

19.02

14.22

+4.80

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. ZWEN.TO - Sharpe Ratio Comparison

The current XEG.TO Sharpe Ratio is 3.11, which is comparable to the ZWEN.TO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of XEG.TO and ZWEN.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.TOZWEN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.11

2.49

+0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.81

-0.53

Drawdowns

XEG.TO vs. ZWEN.TO - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.74%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for XEG.TO and ZWEN.TO.

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Drawdown Indicators

XEG.TOZWEN.TODifference

Max Drawdown

Largest peak-to-trough decline

-87.74%

-18.75%

-68.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-9.50%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-25.67%

-18.75%

-6.92%

Max Drawdown (5Y)

Largest decline over 5 years

-28.42%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-79.66%

—

—

Current Drawdown

Current decline from peak

-4.00%

-2.09%

-1.91%

Average Drawdown

Average peak-to-trough decline

-29.19%

-4.38%

-24.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

2.91%

+0.80%

Volatility

XEG.TO vs. ZWEN.TO - Volatility Comparison

iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 9.31% compared to BMO Covered Call Energy ETF (ZWEN.TO) at 7.08%. This indicates that XEG.TO's price experiences larger fluctuations and is considered to be riskier than ZWEN.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.TOZWEN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.31%

7.08%

+2.23%

Volatility (6M)

Calculated over the trailing 6-month period

18.99%

13.73%

+5.26%

Volatility (1Y)

Calculated over the trailing 1-year period

22.76%

16.69%

+6.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.62%

18.11%

+10.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.41%

18.11%

+15.30%

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

XEG.TO has a 0.61% expense ratio, which is lower than ZWEN.TO's 0.88% expense ratio.

Dividends

XEG.TO vs. ZWEN.TO - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.65%, less than ZWEN.TO's 7.56% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWEN.TO
BMO Covered Call Energy ETF		7.56%9.53%9.09%8.27%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XEG.TO and ZWEN.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEG.TO is cheaper with a 0.61% expense ratio, compared with 0.88% for ZWEN.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XEG.TO and 0.88% for ZWEN.TO.

Portfolio Optimizer

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