XEI.TO vs. ZCB.TO
XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while ZCB.TO is a Corporate Bonds fund tracking the FTSE Canada All Corporate Bond Index. Both are passively managed. Over the past 5 years, XEI.TO returned 14.74%/yr vs 2.14%/yr for ZCB.TO. At a 0.02 correlation, their price movements are largely independent. XEI.TO charges 0.22%/yr vs 0.17%/yr for ZCB.TO.
Performance
XEI.TO vs. ZCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEI.TO achieves a 24.32% return, which is significantly higher than ZCB.TO's 1.97% return.
XEI.TO
- 1D
- 0.58%
- 1M
- 4.80%
- YTD
- 24.32%
- 6M
- 20.22%
- 1Y
- 39.14%
- 3Y*
- 21.39%
- 5Y*
- 14.74%
- 10Y*
- 12.09%
ZCB.TO
- 1D
- -0.08%
- 1M
- 1.38%
- YTD
- 1.97%
- 6M
- 2.40%
- 1Y
- 4.64%
- 3Y*
- 6.28%
- 5Y*
- 2.14%
- 10Y*
- —
XEI.TO vs. ZCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 24.32% | 20.86% | 15.26% | 6.59% | 0.32% | 35.76% | -7.60% | 25.30% | -5.97% |
ZCB.TO BMO Corporate Bond Index ETF | 1.97% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 0.90% |
Correlation
The correlation between XEI.TO and ZCB.TO is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.02 |
The correlation between XEI.TO and ZCB.TO shifts across timeframes, from 0.02 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.
XEI.TO vs. ZCB.TO - Sectors Allocation Comparison
Sectors
XEI.TO
ZCB.TO
Energy
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Financial Services
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Utilities
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Communication Services
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Consumer Cyclical
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Real Estate
Basic Materials
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Technology
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Industrials
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Consumer Defensive
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Healthcare
-
Energy
XEI.TO
ZCB.TO
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Financial Services
XEI.TO
ZCB.TO
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Utilities
XEI.TO
ZCB.TO
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Communication Services
XEI.TO
ZCB.TO
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Consumer Cyclical
XEI.TO
ZCB.TO
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Real Estate
XEI.TO
ZCB.TO
Basic Materials
XEI.TO
ZCB.TO
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Technology
XEI.TO
ZCB.TO
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Industrials
XEI.TO
ZCB.TO
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Consumer Defensive
XEI.TO
ZCB.TO
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Healthcare
XEI.TO
ZCB.TO
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Return for Risk
XEI.TO vs. ZCB.TO — Risk / Return Rank
XEI.TO
ZCB.TO
XEI.TO vs. ZCB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and BMO Corporate Bond Index ETF (ZCB.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.
| XEI.TO | ZCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.78 | ||
| Sortino ratioReturn per unit of downside risk | +5.15 | ||
| Omega ratioGain probability vs. loss probability | 2.02 | 1.24 | +0.78 |
| Calmar ratioReturn relative to maximum drawdown | 9.32 | 1.83 | +7.50 |
| Martin ratioReturn relative to average drawdown | 41.87 | 5.41 | +36.45 |
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Drawdowns
XEI.TO vs. ZCB.TO - Drawdown Comparison
The maximum XEI.TO drawdown since its inception was -45.52%, which is greater than ZCB.TO's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for XEI.TO and ZCB.TO.
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Drawdown Indicators
| XEI.TO | ZCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.52% | -15.70% | -29.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -2.55% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -3.27% | -6.69% |
Max Drawdown (5Y)Largest decline over 5 years | -17.35% | -14.20% | -3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -3.69% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.86% | +0.08% |
Volatility
XEI.TO vs. ZCB.TO - Volatility Comparison
iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) has a higher volatility of 2.68% compared to BMO Corporate Bond Index ETF (ZCB.TO) at 1.28%. This indicates that XEI.TO's price experiences larger fluctuations and is considered to be riskier than ZCB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEI.TO | ZCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 1.28% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 2.91% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 3.73% | +4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 5.20% | +6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 5.42% | +10.60% |
XEI.TO vs. ZCB.TO - Expense Ratio Comparison
XEI.TO has a 0.22% expense ratio, which is higher than ZCB.TO's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XEI.TO vs. ZCB.TO - Dividend Comparison
XEI.TO's dividend yield for the trailing twelve months is around 3.53%, less than ZCB.TO's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 3.53% | 4.47% | 5.45% | 4.97% | 4.68% | 3.58% | 5.03% | 4.62% | 5.42% | 4.29% | 4.41% | 5.64% |
ZCB.TO BMO Corporate Bond Index ETF | 4.03% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XEI.TO and ZCB.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCB.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XEI.TO.
XEI.TO is categorized as Canada Equities, while ZCB.TO is Corporate Bonds. XEI.TO tracks S&P/TSX Composite High Dividend Index, while ZCB.TO tracks FTSE Canada All Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XEI.TO and 0.17% for ZCB.TO.
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