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

XEQT.TO vs. ZCN.TO

Last updated Apr 11, 2026

XEQT.TO (iShares Core Equity ETF Portfolio) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds — XEQT.TO is a Global Equities fund actively managed by iShares, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. XEQT.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, XEQT.TO returned 12.32%/yr vs 15.12%/yr for ZCN.TO. Their correlation of 0.82 suggests significant overlap in exposure. XEQT.TO charges 0.20%/yr vs 0.06%/yr for ZCN.TO.

Performance

XEQT.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Equity ETF Portfolio (XEQT.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, XEQT.TO achieves a 4.80% return, which is significantly lower than ZCN.TO's 6.89% return.

XEQT.TO

1D
0.41%
1M
3.32%
YTD
4.80%
6M
7.93%
1Y
36.34%
3Y*
19.58%
5Y*
12.32%
10Y*
—

ZCN.TO

1D
0.67%
1M
1.98%
YTD
6.89%
6M
14.13%
1Y
49.76%
3Y*
21.55%
5Y*
15.12%
10Y*
12.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
XEQT.TO
iShares Core Equity ETF Portfolio		4.80%19.47%24.36%17.25%-11.01%18.94%11.82%9.89%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		6.89%31.51%21.64%11.63%-5.84%25.05%5.69%7.55%

Correlation

The correlation between XEQT.TO and ZCN.TO is 0.80, 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

0.80

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

0.81

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

0.82

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.82

The correlation between XEQT.TO and ZCN.TO has been stable across timeframes, ranging from 0.80 to 0.82 — a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core Equity ETF Portfolio

BMO S&P/TSX Capped Composite Index ETF

Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. XAW.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VCE.TOZCN.TO vs. VDY.TOZCN.TO vs. VFV.TOZCN.TO vs. ZDV.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEQT.TO
XEQT.TO Risk / Return Rank: 8585
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8686
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 9393
Overall Rank
ZCN.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 9393
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core Equity ETF Portfolio (XEQT.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.

XEQT.TOZCN.TODifference

Sharpe ratio

Return per unit of total volatility

3.04

4.05

-1.00

Sortino ratio

Return per unit of downside risk

4.15

5.05

-0.90

Omega ratio

Gain probability vs. loss probability

1.57

1.76

-0.19

Calmar ratio

Return relative to maximum drawdown

4.93

5.73

-0.79

Martin ratio

Return relative to average drawdown

21.32

27.45

-6.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XEQT.TO Sharpe Ratio is 3.04, which is comparable to the ZCN.TO Sharpe Ratio of 4.05. The chart below compares the historical Sharpe Ratios of XEQT.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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Sharpe Ratios by Period

XEQT.TOZCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.04

4.05

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

1.17

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.86

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.67

+0.22

Drawdowns

XEQT.TO vs. ZCN.TO - Drawdown Comparison

The maximum XEQT.TO drawdown since its inception was -29.74%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for XEQT.TO and ZCN.TO.

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Drawdown Indicators

XEQT.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.74%

-37.18%

+7.44%

Max Drawdown (1Y)

Largest decline over 1 year

-8.25%

-9.30%

+1.05%

Max Drawdown (5Y)

Largest decline over 5 years

-19.56%

-16.25%

-3.31%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.18%

—

Current Drawdown

Current decline from peak

-1.17%

-2.14%

+0.97%

Average Drawdown

Average peak-to-trough decline

-4.19%

-4.79%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.91%

1.94%

-0.03%

Volatility

XEQT.TO vs. ZCN.TO - Volatility Comparison

iShares Core Equity ETF Portfolio (XEQT.TO) has a higher volatility of 5.82% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 5.51%. This indicates that XEQT.TO's price experiences larger fluctuations and is considered to be riskier 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

XEQT.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

5.51%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

9.72%

10.92%

-1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

12.60%

12.78%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.06%

13.02%

+0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.63%

14.96%

+0.67%

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

XEQT.TO has a 0.20% expense ratio, which is higher than ZCN.TO's 0.06% 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

XEQT.TO vs. ZCN.TO - Dividend Comparison

XEQT.TO's dividend yield for the trailing twelve months is around 1.59%, less than ZCN.TO's 2.10% yield.

TTM20252024202320222021202020192018201720162015
XEQT.TO
iShares Core Equity ETF Portfolio		1.59%1.66%2.01%2.07%2.12%1.64%1.66%1.19%0.00%0.00%0.00%0.00%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.10%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.71%2.84%3.33%