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XEN.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEN.TO vs. ZCN.TO

Last updated Jun 25, 2026

XEN.TO (iShares Jantzi Social Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - XEN.TO tracks the Morningstar Canada GR CAD while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, XEN.TO returned 12.58%/yr vs 12.84%/yr for ZCN.TO. A 0.74 correlation means they provide meaningful diversification when combined. XEN.TO charges 0.55%/yr vs 0.06%/yr for ZCN.TO.

Performance

XEN.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Jantzi Social Index ETF (XEN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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, XEN.TO achieves a 9.70% return, which is significantly lower than ZCN.TO's 10.54% return. Both investments have delivered pretty close results over the past 10 years, with XEN.TO having a 12.58% annualized return and ZCN.TO not far ahead at 12.84%.

XEN.TO

1D
0.27%
1M
0.27%
YTD
9.70%
6M
8.66%
1Y
31.43%
3Y*
23.65%
5Y*
15.01%
10Y*
12.58%

ZCN.TO

1D
-0.64%
1M
-0.13%
YTD
10.54%
6M
9.63%
1Y
32.92%
3Y*
24.74%
5Y*
14.61%
10Y*
12.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEN.TO vs. ZCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEN.TO
iShares Jantzi Social Index ETF		9.70%34.17%16.91%12.18%-3.38%28.00%-0.30%17.33%-7.93%10.65%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		10.54%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.85%8.98%

Correlation

The correlation between XEN.TO and ZCN.TO is 0.89, 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

0.89

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

0.88

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

0.86

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

0.86

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.74

The correlation between XEN.TO and ZCN.TO shifts across timeframes, from 0.74 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

XEN.TO vs. ZCN.TO - Sectors Allocation Comparison

Sectors
XEN.TO
ZCN.TO

Financial Services

35.7%
33.7%

Basic Materials

18.7%
17.2%

Energy

17.9%
18.9%

Industrials

9.8%
10.2%

Technology

7.9%
6.7%

Consumer Cyclical

3.2%
3.7%

Consumer Defensive

3.1%
2.9%

Utilities

2.5%
3.3%

Communication Services

0.9%
1.8%

Real Estate

0.4%
1.5%

Healthcare

-

0.1%

Financial Services

XEN.TO
35.7%
ZCN.TO
33.7%

Basic Materials

XEN.TO
18.7%
ZCN.TO
17.2%

Energy

XEN.TO
17.9%
ZCN.TO
18.9%

Industrials

XEN.TO
9.8%
ZCN.TO
10.2%

Technology

XEN.TO
7.9%
ZCN.TO
6.7%

Consumer Cyclical

XEN.TO
3.2%
ZCN.TO
3.7%

Consumer Defensive

XEN.TO
3.1%
ZCN.TO
2.9%

Utilities

XEN.TO
2.5%
ZCN.TO
3.3%

Communication Services

XEN.TO
0.9%
ZCN.TO
1.8%

Real Estate

XEN.TO
0.4%
ZCN.TO
1.5%

Healthcare

XEN.TO

-

ZCN.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 Jantzi Social Index ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with XEN.TO:
XEN.TO vs. GEQT.TOXEN.TO vs. XCSR.TOXEN.TO vs. XDSR.TOXEN.TO vs. VFV.TOXEN.TO vs. DMEC.TOXEN.TO vs. XIU.TOXEN.TO vs. XIC.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

XEN.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEN.TO
XEN.TO Risk / Return Rank: 8585
Overall Rank
XEN.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XEN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEN.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEN.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
XEN.TO Martin Ratio Rank: 8787
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8383
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8686
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.

XEN.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Jantzi Social Index ETF (XEN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

XEN.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.48
2.52

-0.04

Sortino ratioReturn per unit of downside risk
3.34
3.26

+0.08

Omega ratioGain probability vs. loss probability

1.45

1.45

0.00

Calmar ratioReturn relative to maximum drawdown

3.69

3.55

+0.14

Martin ratioReturn relative to average drawdown

16.30

16.26

+0.05

XEN.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current XEN.TO Sharpe Ratio is 2.48, which is comparable to the ZCN.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of XEN.TO and ZCN.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

XEN.TO vs. ZCN.TO - Drawdown Comparison

The maximum XEN.TO drawdown since its inception was -49.97%, which is greater than ZCN.TO's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for XEN.TO and ZCN.TO.

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Drawdown Indicators

XEN.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.97%

-37.18%

-12.79%

Max Drawdown (1Y)

Largest decline over 1 year

-8.55%

-9.30%

+0.75%

Max Drawdown (3Y)

Largest decline over 3 years

-13.31%

-12.25%

-1.06%

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

-16.25%

-1.54%

Max Drawdown (10Y)

Largest decline over 10 years

-36.24%

-37.18%

+0.94%

Current Drawdown

Current decline from peak

-1.70%

-1.89%

+0.19%

Average Drawdown

Average peak-to-trough decline

-7.74%

-4.72%

-3.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.03%

-0.10%

Volatility

XEN.TO vs. ZCN.TO - Volatility Comparison

The current volatility for iShares Jantzi Social Index ETF (XEN.TO) is 3.72%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.23%. This indicates that XEN.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEN.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.72%

4.23%

-0.51%

Volatility (6M)

Calculated over the trailing 6-month period

10.23%

10.71%

-0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

12.74%

13.13%

-0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.00%

13.19%

+0.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.07%

15.00%

+0.07%

XEN.TO vs. ZCN.TO - Expense Ratio Comparison

XEN.TO has a 0.55% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

XEN.TO vs. ZCN.TO - Dividend Comparison

XEN.TO's dividend yield for the trailing twelve months is around 1.69%, less than ZCN.TO's 2.03% yield.

PositionTTM20252024202320222021202020192018201720162015
XEN.TO
iShares Jantzi Social Index ETF		1.69%1.83%2.29%2.46%2.60%1.74%3.72%2.13%2.31%1.75%2.07%2.56%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.03%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.75%2.86%3.36%

Frequently Asked Questions

XEN.TO and ZCN.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.55% for XEN.TO.

XEN.TO tracks Morningstar Canada GR CAD, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XEN.TO and 0.06% for ZCN.TO.

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