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XFN.TO vs. ZUQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XFN.TO vs. ZUQ.TO

Last updated Jun 13, 2026

XFN.TO (iShares S&P/TSX Capped Financials Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, XFN.TO returned 15.21%/yr vs 16.76%/yr for ZUQ.TO. At a 0.47 correlation, their price movements are largely independent. XFN.TO charges 0.61%/yr vs 0.33%/yr for ZUQ.TO.

Performance

XFN.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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, XFN.TO achieves a 17.97% return, which is significantly higher than ZUQ.TO's 10.46% return. Over the past 10 years, XFN.TO has underperformed ZUQ.TO with an annualized return of 15.21%, while ZUQ.TO has yielded a comparatively higher 16.76% annualized return.

XFN.TO

1D
0.81%
1M
9.07%
YTD
17.97%
6M
19.57%
1Y
48.08%
3Y*
31.45%
5Y*
18.22%
10Y*
15.21%

ZUQ.TO

1D
0.51%
1M
3.59%
YTD
10.46%
6M
5.75%
1Y
19.61%
3Y*
20.68%
5Y*
15.10%
10Y*
16.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		17.97%34.40%29.32%13.09%-9.92%35.57%0.99%20.66%-9.76%12.54%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		10.46%5.80%34.06%33.29%-18.30%26.45%19.97%31.80%4.75%17.02%

Correlation

The correlation between XFN.TO and ZUQ.TO is 0.60, 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

0.60

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

0.52

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

0.52

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

0.50

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.47

The correlation between XFN.TO and ZUQ.TO shifts across timeframes, from 0.47 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XFN.TO
ZUQ.TO

Financial Services

100.0%
10.6%

Basic Materials

-

1.6%

Communication Services

-

14.5%

Consumer Cyclical

-

2.7%

Consumer Defensive

-

11.2%

Energy

-

0.2%

Healthcare

-

14.8%

Industrials

-

10.8%

Real Estate

-

-

Technology

-

33.5%

Utilities

-

0.1%

Financial Services

XFN.TO
100.0%
ZUQ.TO
10.6%

Basic Materials

XFN.TO

-

ZUQ.TO
1.6%

Communication Services

XFN.TO

-

ZUQ.TO
14.5%

Consumer Cyclical

XFN.TO

-

ZUQ.TO
2.7%

Consumer Defensive

XFN.TO

-

ZUQ.TO
11.2%

Energy

XFN.TO

-

ZUQ.TO
0.2%

Healthcare

XFN.TO

-

ZUQ.TO
14.8%

Industrials

XFN.TO

-

ZUQ.TO
10.8%

Real Estate

XFN.TO

-

ZUQ.TO

-

Technology

XFN.TO

-

ZUQ.TO
33.5%

Utilities

XFN.TO

-

ZUQ.TO
0.1%

Compare stocks, funds, or ETFs

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iShares S&P/TSX Capped Financials Index ETF

BMO MSCI USA High Quality Index ETF

Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. FIE.TOXFN.TO vs. CEW.TOXFN.TO vs. XIU.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO
Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L

Return for Risk

XFN.TO vs. ZUQ.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: 9595
Overall Rank
XFN.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9696
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9595
Martin Ratio Rank
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4848
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4343
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.

XFN.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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.TOZUQ.TODifference
Sharpe ratioReturn per unit of total volatility
3.95
1.57

+2.38

Sortino ratioReturn per unit of downside risk
5.49
2.16

+3.33

Omega ratioGain probability vs. loss probability

1.70

1.30

+0.40

Calmar ratioReturn relative to maximum drawdown

6.20

1.86

+4.33

Martin ratioReturn relative to average drawdown

25.03

6.05

+18.98

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

The current XFN.TO Sharpe Ratio is 3.95, which is higher than the ZUQ.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XFN.TO and ZUQ.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

XFN.TO vs. ZUQ.TO - Drawdown Comparison

The maximum XFN.TO drawdown since its inception was -55.53%, which is greater than ZUQ.TO's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for XFN.TO and ZUQ.TO.

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Drawdown Indicators

XFN.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.53%

-26.93%

-28.60%

Max Drawdown (1Y)

Largest decline over 1 year

-7.80%

-10.57%

+2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-12.37%

-17.93%

+5.56%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-26.93%

+5.03%

Max Drawdown (10Y)

Largest decline over 10 years

-39.93%

-26.93%

-13.00%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.95%

-4.57%

-2.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

3.26%

-1.33%

Volatility

XFN.TO vs. ZUQ.TO - Volatility Comparison

iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a higher volatility of 4.08% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 3.40%. This indicates that XFN.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XFN.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.08%

3.40%

+0.68%

Volatility (6M)

Calculated over the trailing 6-month period

10.20%

9.92%

+0.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.24%

12.52%

-0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.50%

16.37%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.54%

17.53%

-0.99%

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

XFN.TO has a 0.61% expense ratio, which is higher than ZUQ.TO's 0.33% expense ratio.

Dividends

XFN.TO vs. ZUQ.TO - Dividend Comparison

XFN.TO's dividend yield for the trailing twelve months is around 2.07%, more than ZUQ.TO's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.07%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

XFN.TO and ZUQ.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUQ.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUQ.TO is cheaper with a 0.33% expense ratio, compared with 0.61% for XFN.TO.

XFN.TO is categorized as Financials Equities, while ZUQ.TO is Large Cap Blend Equities. XFN.TO tracks Morningstar Gbl Fin Svc GR CAD, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XFN.TO and 0.33% for ZUQ.TO.

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