XEI.TO vs. ZCM.TO
XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and ZCM.TO (BMO Mid 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 ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index. Both are passively managed. Over the past 10 years, XEI.TO returned 11.86%/yr vs 2.93%/yr for ZCM.TO. At a correlation of -0.05, they often move in opposite directions. XEI.TO charges 0.22%/yr vs 0.33%/yr for ZCM.TO.
Performance
XEI.TO vs. ZCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEI.TO achieves a 22.47% return, which is significantly higher than ZCM.TO's 1.18% return. Over the past 10 years, XEI.TO has outperformed ZCM.TO with an annualized return of 11.86%, while ZCM.TO has yielded a comparatively lower 2.93% annualized return.
XEI.TO
- 1D
- 0.05%
- 1M
- 3.98%
- YTD
- 22.47%
- 6M
- 18.86%
- 1Y
- 38.50%
- 3Y*
- 20.67%
- 5Y*
- 14.49%
- 10Y*
- 11.86%
ZCM.TO
- 1D
- -0.32%
- 1M
- 0.11%
- YTD
- 1.18%
- 6M
- 2.05%
- 1Y
- 4.95%
- 3Y*
- 6.91%
- 5Y*
- 2.18%
- 10Y*
- 2.93%
XEI.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 22.47% | 20.86% | 15.26% | 6.59% | 0.32% | 35.76% | -7.60% | 25.30% | -10.95% | 7.14% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.18% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
Correlation
The correlation between XEI.TO and ZCM.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 | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011 | -0.05 |
The correlation between XEI.TO and ZCM.TO shifts across timeframes, from -0.05 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEI.TO vs. ZCM.TO — Risk / Return Rank
XEI.TO
ZCM.TO
XEI.TO vs. ZCM.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 Mid Corporate Bond Index ETF (ZCM.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.
| XEI.TO | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.85 | ||
| Sortino ratioReturn per unit of downside risk | +5.28 | ||
| Omega ratioGain probability vs. loss probability | 2.01 | 1.21 | +0.80 |
| Calmar ratioReturn relative to maximum drawdown | 9.17 | 1.61 | +7.56 |
| Martin ratioReturn relative to average drawdown | 41.24 | 4.64 | +36.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEI.TO | ZCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.96 | 1.11 | +3.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.29 | 0.36 | +0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.34 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.55 | +0.09 |
Drawdowns
XEI.TO vs. ZCM.TO - Drawdown Comparison
The maximum XEI.TO drawdown since its inception was -45.52%, which is greater than ZCM.TO's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for XEI.TO and ZCM.TO.
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Drawdown Indicators
| XEI.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.52% | -26.06% | -19.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -3.08% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -4.02% | -5.94% |
Max Drawdown (5Y)Largest decline over 5 years | -17.35% | -15.81% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -26.06% | -19.46% |
Current DrawdownCurrent decline from peak | -0.64% | -1.13% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -2.61% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.07% | -0.13% |
Volatility
XEI.TO vs. ZCM.TO - Volatility Comparison
iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) has a higher volatility of 2.75% compared to BMO Mid Corporate Bond Index ETF (ZCM.TO) at 1.80%. This indicates that XEI.TO's price experiences larger fluctuations and is considered to be riskier than ZCM.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 | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 1.80% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 6.72% | 3.67% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.82% | 4.48% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 6.10% | +5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.03% | 8.77% | +7.26% |
XEI.TO vs. ZCM.TO - Expense Ratio Comparison
XEI.TO has a 0.22% expense ratio, which is lower than ZCM.TO's 0.33% expense ratio.
Dividends
XEI.TO vs. ZCM.TO - Dividend Comparison
XEI.TO's dividend yield for the trailing twelve months is around 3.58%, less than ZCM.TO's 4.28% 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 | 3.58% | 4.47% | 5.45% | 4.97% | 4.68% | 3.58% | 5.03% | 4.62% | 5.42% | 4.29% | 4.41% | 5.64% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.28% | 4.03% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
Frequently Asked Questions
XEI.TO and ZCM.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, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.33% for ZCM.TO.
XEI.TO is categorized as Canada Equities, while ZCM.TO is Corporate Bonds. XEI.TO tracks S&P/TSX Composite High Dividend Index, while ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XEI.TO and 0.33% for ZCM.TO.
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