XFN.TO vs. ZIN.TO

Last updated Jun 24, 2026

XFN.TO (iShares S&P/TSX Capped Financials Index ETF) and ZIN.TO (BMO Equal Weight Industrials Index ETF) are both exchange-traded funds - XFN.TO is a Financials Equities fund tracking the S&P/TSX Capped Financials Index, while ZIN.TO is a Industrials Equities fund tracking the Solactive Equal Weight Canada Industrials Index. Both are passively managed. Over the past 10 years, XFN.TO returned 15.64%/yr vs 13.62%/yr for ZIN.TO. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

XFN.TO vs. ZIN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Financials Index ETF (XFN.TO) and BMO Equal Weight Industrials Index ETF (ZIN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XFN.TO having a 21.44% return and ZIN.TO slightly lower at 21.17%. Over the past 10 years, XFN.TO has outperformed ZIN.TO with an annualized return of 15.64%, while ZIN.TO has yielded a comparatively lower 13.62% annualized return.

XFN.TO

• 1D: 0.26%
• 1M: 7.37%
• YTD: 21.44%
• 6M: 21.35%
• 1Y: 51.32%
• 3Y*: 34.06%
• 5Y*: 18.77%
• 10Y*: 15.64%

ZIN.TO

• 1D: -0.35%
• 1M: 1.55%
• YTD: 21.17%
• 6M: 20.21%
• 1Y: 37.72%
• 3Y*: 21.57%
• 5Y*: 12.78%
• 10Y*: 13.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XFN.TO vs. ZIN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XFN.TO iShares S&P/TSX Capped Financials Index ETF	21.44%	34.40%	29.32%	13.09%	-9.92%	35.57%	0.99%	20.66%	-9.76%	12.54%
ZIN.TO BMO Equal Weight Industrials Index ETF	21.17%	16.80%	16.33%	19.36%	-8.05%	17.86%	6.62%	22.67%	-6.61%	17.73%

Correlation

The correlation between XFN.TO and ZIN.TO is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 23, 2012	0.48

The correlation between XFN.TO and ZIN.TO has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.

XFN.TO vs. ZIN.TO - Sectors Allocation Comparison

Sectors	XFN.TO	ZIN.TO
Financial Services	100.0%	5.0%
Basic Materials	-	2.6%
Communication Services	-	-
Consumer Cyclical	-	7.9%
Consumer Defensive	-	-
Energy	-	9.6%
Healthcare	-	-
Industrials	-	69.7%
Real Estate	-	2.4%
Technology	-	-
Utilities	-	2.9%

Return for Risk

XFN.TO vs. ZIN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XFN.TO

XFN.TO Risk / Return Rank: 96
XFN.TO Sharpe Ratio Rank: 97
XFN.TO Sortino Ratio Rank: 97
XFN.TO Omega Ratio Rank: 96
XFN.TO Calmar Ratio Rank: 94
XFN.TO Martin Ratio Rank: 94

ZIN.TO

ZIN.TO Risk / Return Rank: 83
ZIN.TO Sharpe Ratio Rank: 85
ZIN.TO Sortino Ratio Rank: 79
ZIN.TO Omega Ratio Rank: 80
ZIN.TO Calmar Ratio Rank: 88
ZIN.TO Martin Ratio Rank: 85

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.

XFN.TO vs. ZIN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Financials Index ETF (XFN.TO) and BMO Equal Weight Industrials Index ETF (ZIN.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.

	XFN.TO	ZIN.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.23	2.47	+1.76
Sortino ratio: Return per unit of downside risk	5.82	3.20	+2.62
Omega ratio: Gain probability vs. loss probability	1.75	1.43	+0.32
Calmar ratio: Return relative to maximum drawdown	6.61	4.68	+1.94
Martin ratio: Return relative to average drawdown	26.72	16.10	+10.62

XFN.TO vs. ZIN.TO - Sharpe Ratio Comparison

The current XFN.TO Sharpe Ratio is 4.23, which is higher than the ZIN.TO Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of XFN.TO and ZIN.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.

Drawdowns

XFN.TO vs. ZIN.TO - Drawdown Comparison

The maximum XFN.TO drawdown since its inception was -55.53%, which is greater than ZIN.TO's maximum drawdown of -44.01%. Use the drawdown chart below to compare losses from any high point for XFN.TO and ZIN.TO.

Drawdown Indicators

	XFN.TO	ZIN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.53%	-44.01%	-11.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-8.10%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-22.39%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	-23.10%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-44.01%	+4.08%
Current Drawdown Current decline from peak	0.00%	-2.62%	+2.62%
Average Drawdown Average peak-to-trough decline	-6.94%	-5.79%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.35%	-0.42%

Volatility

XFN.TO vs. ZIN.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Capped Financials Index ETF (XFN.TO) is 3.36%, while BMO Equal Weight Industrials Index ETF (ZIN.TO) has a volatility of 5.12%. This indicates that XFN.TO experiences smaller price fluctuations and is considered to be less risky than ZIN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XFN.TO	ZIN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	5.12%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	12.23%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	15.33%	-3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.50%	16.81%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	18.08%	-1.57%

XFN.TO vs. ZIN.TO - Expense Ratio Comparison

Both XFN.TO and ZIN.TO have an expense ratio of 0.61%.

Dividends

XFN.TO vs. ZIN.TO - Dividend Comparison

XFN.TO's dividend yield for the trailing twelve months is around 2.01%, more than ZIN.TO's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XFN.TO iShares S&P/TSX Capped Financials Index ETF	2.01%	2.39%	3.16%	3.60%	3.48%	2.67%	3.35%	3.00%	3.43%	2.73%	2.83%	3.17%
ZIN.TO BMO Equal Weight Industrials Index ETF	0.96%	1.22%	1.42%	1.68%	2.01%	1.84%	2.10%	2.32%	1.82%	1.35%	1.48%	2.25%

Frequently Asked Questions

Can I hold both XFN.TO and ZIN.TO in my portfolio?

XFN.TO and ZIN.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XFN.TO or ZIN.TO?

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XFN.TO or ZIN.TO?

XFN.TO and ZIN.TO have the same expense ratio: 0.61% per year.

What is the main difference between XFN.TO and ZIN.TO?

XFN.TO is categorized as Financials Equities, while ZIN.TO is Industrials Equities. XFN.TO tracks S&P/TSX Capped Financials Index, while ZIN.TO tracks Solactive Equal Weight Canada Industrials Index. They also come from different issuers: iShares and BMO.