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XEI.TO vs. ZMI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEI.TO vs. ZMI.TO

Last updated Jun 13, 2026

XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and ZMI.TO (BMO Monthly Income ETF) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while ZMI.TO is a Diversified Portfolio fund actively managed by BMO. XEI.TO is passively managed, while ZMI.TO is actively managed. Over the past 10 years, XEI.TO returned 12.09%/yr vs 6.85%/yr for ZMI.TO. A 0.65 correlation means they provide meaningful diversification when combined. XEI.TO charges 0.22%/yr vs 0.18%/yr for ZMI.TO.

Performance

XEI.TO vs. ZMI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and BMO Monthly Income ETF (ZMI.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, XEI.TO achieves a 24.32% return, which is significantly higher than ZMI.TO's 9.27% return. Over the past 10 years, XEI.TO has outperformed ZMI.TO with an annualized return of 12.09%, while ZMI.TO has yielded a comparatively lower 6.85% annualized 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%

ZMI.TO

1D
0.35%
1M
2.97%
YTD
9.27%
6M
6.28%
1Y
15.52%
3Y*
12.55%
5Y*
7.84%
10Y*
6.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEI.TO vs. ZMI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%-10.95%7.14%
ZMI.TO
BMO Monthly Income ETF		9.27%8.04%13.60%9.17%-5.76%11.38%2.54%13.52%-2.39%4.98%

Correlation

The correlation between XEI.TO and ZMI.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

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

0.63

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

0.61

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

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2011

0.65

The correlation between XEI.TO and ZMI.TO shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

XEI.TO vs. ZMI.TO - Sectors Allocation Comparison

Sectors
XEI.TO
ZMI.TO

Energy

32.1%
13.4%

Financial Services

31.4%
20.1%

Utilities

11.2%
5.8%

Communication Services

7.6%
7.4%

Consumer Cyclical

6.2%
5.4%

Real Estate

4.8%
3.1%

Basic Materials

4.6%
5.3%

Technology

0.7%
16.4%

Industrials

0.7%
6.0%

Consumer Defensive

0.5%
7.3%

Healthcare

0.2%
9.8%

Energy

XEI.TO
32.1%
ZMI.TO
13.4%

Financial Services

XEI.TO
31.4%
ZMI.TO
20.1%

Utilities

XEI.TO
11.2%
ZMI.TO
5.8%

Communication Services

XEI.TO
7.6%
ZMI.TO
7.4%

Consumer Cyclical

XEI.TO
6.2%
ZMI.TO
5.4%

Real Estate

XEI.TO
4.8%
ZMI.TO
3.1%

Basic Materials

XEI.TO
4.6%
ZMI.TO
5.3%

Technology

XEI.TO
0.7%
ZMI.TO
16.4%

Industrials

XEI.TO
0.7%
ZMI.TO
6.0%

Consumer Defensive

XEI.TO
0.5%
ZMI.TO
7.3%

Healthcare

XEI.TO
0.2%
ZMI.TO
9.8%

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 Composite High Dividend Index ETF

BMO Monthly Income ETF

Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO
Often compared with ZMI.TO:
ZMI.TO vs. XTR.TOZMI.TO vs. VRIF.TOZMI.TO vs. XDIV.TOZMI.TO vs. VDY.TOZMI.TO vs. VBAL.TOZMI.TO vs. ZBAL.TOZMI.TO vs. ZLB.TO

Return for Risk

XEI.TO vs. ZMI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZMI.TO
ZMI.TO Risk / Return Rank: 7575
Overall Rank
ZMI.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6666
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.

XEI.TO vs. ZMI.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 Monthly Income ETF (ZMI.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.TOZMI.TODifference
Sharpe ratioReturn per unit of total volatility
5.02
2.15

+2.87

Sortino ratioReturn per unit of downside risk
6.90
2.85

+4.05

Omega ratioGain probability vs. loss probability

2.02

1.44

+0.58

Calmar ratioReturn relative to maximum drawdown

9.32

3.28

+6.04

Martin ratioReturn relative to average drawdown

41.87

10.68

+31.18

XEI.TO vs. ZMI.TO - Sharpe Ratio Comparison

The current XEI.TO Sharpe Ratio is 5.02, which is higher than the ZMI.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of XEI.TO and ZMI.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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Drawdowns

XEI.TO vs. ZMI.TO - Drawdown Comparison

The maximum XEI.TO drawdown since its inception was -45.52%, which is greater than ZMI.TO's maximum drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for XEI.TO and ZMI.TO.

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Drawdown Indicators

XEI.TOZMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.52%

-26.64%

-18.88%

Max Drawdown (1Y)

Largest decline over 1 year

-4.22%

-4.75%

+0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-9.96%

-8.80%

-1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-17.35%

-12.68%

-4.67%

Max Drawdown (10Y)

Largest decline over 10 years

-45.52%

-26.64%

-18.88%

Current Drawdown

Current decline from peak

0.00%

-0.10%

+0.10%

Average Drawdown

Average peak-to-trough decline

-5.10%

-2.09%

-3.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.46%

-0.52%

Volatility

XEI.TO vs. ZMI.TO - Volatility Comparison

iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and BMO Monthly Income ETF (ZMI.TO) have volatilities of 2.68% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEI.TOZMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.68%

2.63%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

6.71%

5.92%

+0.79%

Volatility (1Y)

Calculated over the trailing 1-year period

7.84%

7.24%

+0.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.31%

7.45%

+3.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.02%

8.87%

+7.15%

XEI.TO vs. ZMI.TO - Expense Ratio Comparison

XEI.TO has a 0.22% expense ratio, which is higher than ZMI.TO's 0.18% 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. ZMI.TO - Dividend Comparison

XEI.TO's dividend yield for the trailing twelve months is around 3.53%, less than ZMI.TO's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZMI.TO
BMO Monthly Income ETF		3.99%4.67%4.82%5.09%4.63%3.82%4.34%4.37%4.72%4.18%4.01%4.01%

Frequently Asked Questions

XEI.TO and ZMI.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.22% for XEI.TO.

XEI.TO is categorized as Canada Equities, while ZMI.TO is Diversified Portfolio. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XEI.TO and 0.18% for ZMI.TO.

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