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

XFN.TO vs. ZUT.TO

Last updated Jun 4, 2026

XFN.TO (iShares S&P/TSX Capped Financials Index ETF) and ZUT.TO (BMO Equal Weight Utilities Index ETF) are both exchange-traded funds - XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index. Both are passively managed. Over the past 10 years, XFN.TO returned 14.38%/yr vs 10.18%/yr for ZUT.TO. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

XFN.TO vs. ZUT.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 Utilities Index ETF (ZUT.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 12.51% return, which is significantly lower than ZUT.TO's 20.31% return. Over the past 10 years, XFN.TO has outperformed ZUT.TO with an annualized return of 14.38%, while ZUT.TO has yielded a comparatively lower 10.18% annualized return.

XFN.TO

1D
-0.55%
1M
5.10%
YTD
12.51%
6M
17.66%
1Y
41.54%
3Y*
29.67%
5Y*
16.93%
10Y*
14.38%

ZUT.TO

1D
0.17%
1M
4.34%
YTD
20.31%
6M
17.09%
1Y
25.60%
3Y*
12.49%
5Y*
7.40%
10Y*
10.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		12.51%34.40%29.32%13.09%-9.92%35.57%0.99%20.66%-9.76%12.54%
ZUT.TO
BMO Equal Weight Utilities Index ETF		20.31%15.25%14.13%-5.37%-8.69%5.45%28.15%35.59%-8.02%8.46%

Correlation

The correlation between XFN.TO and ZUT.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.46

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

0.38

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

0.33

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2010

0.38

Over the past year, the correlation between XFN.TO and ZUT.TO has dropped to 0.16 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

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

Sectors
XFN.TO
ZUT.TO

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

7.8%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

92.2%

Financial Services

XFN.TO
100.0%
ZUT.TO

-

Basic Materials

XFN.TO

-

ZUT.TO

-

Communication Services

XFN.TO

-

ZUT.TO

-

Consumer Cyclical

XFN.TO

-

ZUT.TO

-

Consumer Defensive

XFN.TO

-

ZUT.TO

-

Energy

XFN.TO

-

ZUT.TO
7.8%

Healthcare

XFN.TO

-

ZUT.TO

-

Industrials

XFN.TO

-

ZUT.TO

-

Real Estate

XFN.TO

-

ZUT.TO

-

Technology

XFN.TO

-

ZUT.TO

-

Utilities

XFN.TO

-

ZUT.TO
92.2%

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iShares S&P/TSX Capped Financials Index ETF

BMO Equal Weight Utilities Index ETF

Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. FIE.TOXFN.TO vs. XIU.TOXFN.TO vs. CEW.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO
Often compared with ZUT.TO:
ZUT.TO vs. XUT.TOZUT.TO vs. ZWU.TOZUT.TO vs. VDY.TOZUT.TO vs. ZLB.TOZUT.TO vs. XDIV.TOZUT.TO vs. XMA.TOZUT.TO vs. HUTL.TO

Return for Risk

XFN.TO vs. ZUT.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: 9191
Overall Rank
XFN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9191
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9090
Martin Ratio Rank
ZUT.TO
ZUT.TO Risk / Return Rank: 6565
Overall Rank
ZUT.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
ZUT.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZUT.TO Omega Ratio Rank: 7878
Omega Ratio Rank
ZUT.TO Calmar Ratio Rank: 5757
Calmar Ratio Rank
ZUT.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. ZUT.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 Utilities Index ETF (ZUT.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.

XFN.TOZUT.TODifference
Sharpe ratioReturn per unit of total volatility
3.46
2.47

+0.99

Sortino ratioReturn per unit of downside risk
4.85
3.28

+1.58

Omega ratioGain probability vs. loss probability

1.61

1.47

+0.14

Calmar ratioReturn relative to maximum drawdown

5.35

2.87

+2.48

Martin ratioReturn relative to average drawdown

21.60

7.24

+14.36

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

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

The current XFN.TO Sharpe Ratio is 3.46, which is higher than the ZUT.TO Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of XFN.TO and ZUT.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

XFN.TOZUT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.46

2.47

+0.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

0.53

+0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.87

0.62

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.58

+0.06

Drawdowns

XFN.TO vs. ZUT.TO - Drawdown Comparison

The maximum XFN.TO drawdown since its inception was -56.55%, which is greater than ZUT.TO's maximum drawdown of -37.08%. Use the drawdown chart below to compare losses from any high point for XFN.TO and ZUT.TO.

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Drawdown Indicators

XFN.TOZUT.TODifference

Max Drawdown

Largest peak-to-trough decline

-56.55%

-37.08%

-19.47%

Max Drawdown (1Y)

Largest decline over 1 year

-7.80%

-8.96%

+1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-12.37%

-21.44%

+9.07%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-32.42%

+10.52%

Max Drawdown (10Y)

Largest decline over 10 years

-39.93%

-37.08%

-2.85%

Current Drawdown

Current decline from peak

-1.39%

-0.24%

-1.15%

Average Drawdown

Average peak-to-trough decline

-6.60%

-6.33%

-0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

3.55%

-1.62%

Volatility

XFN.TO vs. ZUT.TO - Volatility Comparison

iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a higher volatility of 4.19% compared to BMO Equal Weight Utilities Index ETF (ZUT.TO) at 2.42%. This indicates that XFN.TO's price experiences larger fluctuations and is considered to be riskier than ZUT.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.TOZUT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.19%

2.42%

+1.77%

Volatility (6M)

Calculated over the trailing 6-month period

10.10%

8.27%

+1.83%

Volatility (1Y)

Calculated over the trailing 1-year period

12.07%

10.62%

+1.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.47%

13.95%

-0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.53%

16.50%

+0.03%

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

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

Dividends

XFN.TO vs. ZUT.TO - Dividend Comparison

XFN.TO's dividend yield for the trailing twelve months is around 2.17%, less than ZUT.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.17%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%
ZUT.TO
BMO Equal Weight Utilities Index ETF		2.77%3.44%3.98%4.35%3.95%3.25%3.31%4.00%4.59%3.71%3.98%4.63%

Frequently Asked Questions

XFN.TO and ZUT.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

XFN.TO is categorized as Financials Equities, while ZUT.TO is Utilities Equities. XFN.TO tracks Morningstar Gbl Fin Svc GR CAD, while ZUT.TO tracks Solactive Equal Weight Canada Utilities Index. They also come from different issuers: iShares and BMO.

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