XHC.TO vs. ZUH.TO

Last updated Jun 4, 2026

XHC.TO (iShares Global Healthcare Index ETF (CAD-Hedged)) and ZUH.TO (BMO Equal Weight US Health Care Hedged to CAD Index ETF) are both Health & Biotech Equities funds - XHC.TO tracks the Morningstar Gbl GR CAD while ZUH.TO tracks the Solactive Equal Weight US Health Care Index CAD Hedged. Both are passively managed. Over the past 10 years, XHC.TO returned 6.87%/yr vs 5.47%/yr for ZUH.TO. Their correlation of 0.83 suggests significant overlap in exposure. XHC.TO charges 0.66%/yr vs 0.39%/yr for ZUH.TO.

Performance

XHC.TO vs. ZUH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) and BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHC.TO achieves a -5.65% return, which is significantly lower than ZUH.TO's -3.50% return. Over the past 10 years, XHC.TO has outperformed ZUH.TO with an annualized return of 6.87%, while ZUH.TO has yielded a comparatively lower 5.47% annualized return.

XHC.TO

• 1D: 0.59%
• 1M: 0.77%
• YTD: -5.65%
• 6M: -5.54%
• 1Y: 7.72%
• 3Y*: 2.70%
• 5Y*: 3.54%
• 10Y*: 6.87%

ZUH.TO

• 1D: 1.33%
• 1M: 2.40%
• YTD: -3.50%
• 6M: -4.70%
• 1Y: 8.24%
• 3Y*: -0.11%
• 5Y*: -1.97%
• 10Y*: 5.47%

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

XHC.TO vs. ZUH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	-5.65%	10.91%	1.22%	2.14%	-3.56%	21.32%	8.71%	22.47%	2.20%	16.84%
ZUH.TO BMO Equal Weight US Health Care Hedged to CAD Index ETF	-3.50%	6.34%	-3.86%	-1.73%	-15.65%	15.42%	21.65%	25.99%	-2.84%	25.34%

Correlation

The correlation between XHC.TO and ZUH.TO is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.83

The correlation between XHC.TO and ZUH.TO has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

XHC.TO vs. ZUH.TO - Sectors Allocation Comparison

Sectors	XHC.TO	ZUH.TO
Healthcare	97.4%	100.0%
Consumer Defensive	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XHC.TO vs. ZUH.TO — Risk / Return Rank

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

XHC.TO

XHC.TO Risk / Return Rank: 17
XHC.TO Sharpe Ratio Rank: 17
XHC.TO Sortino Ratio Rank: 17
XHC.TO Omega Ratio Rank: 16
XHC.TO Calmar Ratio Rank: 18
XHC.TO Martin Ratio Rank: 17

ZUH.TO

ZUH.TO Risk / Return Rank: 18
ZUH.TO Sharpe Ratio Rank: 18
ZUH.TO Sortino Ratio Rank: 18
ZUH.TO Omega Ratio Rank: 17
ZUH.TO Calmar Ratio Rank: 18
ZUH.TO Martin Ratio Rank: 18

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.

XHC.TO vs. ZUH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) and BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.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.

	XHC.TO	ZUH.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.54	0.00
Sortino ratio: Return per unit of downside risk	0.91	0.89	+0.02
Omega ratio: Gain probability vs. loss probability	1.10	1.10	0.00
Calmar ratio: Return relative to maximum drawdown	0.72	0.71	0.00
Martin ratio: Return relative to average drawdown	1.76	1.81	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHC.TO vs. ZUH.TO - Sharpe Ratio Comparison

The current XHC.TO Sharpe Ratio is 0.54, which is comparable to the ZUH.TO Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of XHC.TO and ZUH.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.

Sharpe Ratios by Period

	XHC.TO	ZUH.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.54	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.12	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.30	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.61	+0.06

Drawdowns

XHC.TO vs. ZUH.TO - Drawdown Comparison

The maximum XHC.TO drawdown since its inception was -27.28%, smaller than the maximum ZUH.TO drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for XHC.TO and ZUH.TO.

Drawdown Indicators

	XHC.TO	ZUH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-34.20%	+6.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-11.59%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-22.23%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-18.81%	-34.20%	+15.39%
Max Drawdown (10Y) Largest decline over 10 years	-27.28%	-34.20%	+6.92%
Current Drawdown Current decline from peak	-9.76%	-22.21%	+12.45%
Average Drawdown Average peak-to-trough decline	-4.85%	-9.22%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	4.56%	-0.17%

Volatility

XHC.TO vs. ZUH.TO - Volatility Comparison

iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) and BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.TO) have volatilities of 4.76% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHC.TO	ZUH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.64%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	10.97%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	15.27%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.87%	17.20%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	18.53%	-2.78%

XHC.TO vs. ZUH.TO - Expense Ratio Comparison

XHC.TO has a 0.66% expense ratio, which is higher than ZUH.TO's 0.39% expense ratio.

Dividends

XHC.TO vs. ZUH.TO - Dividend Comparison

XHC.TO's dividend yield for the trailing twelve months is around 1.98%, more than ZUH.TO's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	1.98%	1.87%	4.42%	2.38%	0.84%	0.79%	0.96%	1.07%	1.68%	1.14%	1.63%	2.15%
ZUH.TO BMO Equal Weight US Health Care Hedged to CAD Index ETF	0.57%	0.55%	0.74%	0.73%	0.43%	0.12%	0.37%	0.33%	0.32%	0.36%	0.48%	0.48%

Frequently Asked Questions

Can I hold both XHC.TO and ZUH.TO in my portfolio?

XHC.TO and ZUH.TO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XHC.TO or ZUH.TO?

On fees, ZUH.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XHC.TO or ZUH.TO?

ZUH.TO is cheaper with a 0.39% expense ratio, compared with 0.66% for XHC.TO.

What is the main difference between XHC.TO and ZUH.TO?

XHC.TO tracks Morningstar Gbl GR CAD, while ZUH.TO tracks Solactive Equal Weight US Health Care Index CAD Hedged. They also come from different issuers: iShares and BMO. Their fees differ too: 0.66% for XHC.TO and 0.39% for ZUH.TO.