XHD.TO vs. ZEQL.TO
XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds - XHD.TO tracks the Morningstar US Market TR CAD while ZEQL.TO tracks the MSCI USA Equal Weighted Index. Both are passively managed. At a 0.20 correlation, their price movements are largely independent. XHD.TO charges 0.33%/yr vs 0.05%/yr for ZEQL.TO.
Performance
XHD.TO vs. ZEQL.TO - Performance Comparison
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Returns By Period
XHD.TO
- 1D
- 0.83%
- 1M
- 0.69%
- YTD
- 11.94%
- 6M
- 5.51%
- 1Y
- 11.69%
- 3Y*
- 9.73%
- 5Y*
- 6.55%
- 10Y*
- 6.22%
ZEQL.TO
- 1D
- -0.12%
- 1M
- 6.20%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XHD.TO vs. ZEQL.TO - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) | -0.18% |
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units) | 7.44% |
Correlation
The correlation between XHD.TO and ZEQL.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 10, 2026 | 0.20 |
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Return for Risk
XHD.TO vs. ZEQL.TO — Risk / Return Rank
XHD.TO
ZEQL.TO
XHD.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.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.
| XHD.TO | ZEQL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.20 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | — | — |
| Martin ratioReturn relative to average drawdown | 5.11 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XHD.TO | ZEQL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 2.01 | -1.48 |
Drawdowns
XHD.TO vs. ZEQL.TO - Drawdown Comparison
The maximum XHD.TO drawdown since its inception was -38.71%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for XHD.TO and ZEQL.TO.
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Drawdown Indicators
| XHD.TO | ZEQL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -6.12% | -32.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -12.75% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -2.45% | -0.58% | -1.87% |
Average DrawdownAverage peak-to-trough decline | -3.93% | -1.69% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | — | — |
Volatility
XHD.TO vs. ZEQL.TO - Volatility Comparison
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Volatility by Period
| XHD.TO | ZEQL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 12.92% | -1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.03% | 12.92% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 12.92% | +2.61% |
XHD.TO vs. ZEQL.TO - Expense Ratio Comparison
XHD.TO has a 0.33% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.
Dividends
XHD.TO vs. ZEQL.TO - Dividend Comparison
XHD.TO's dividend yield for the trailing twelve months is around 2.38%, more than ZEQL.TO's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) | 2.38% | 2.61% | 2.99% | 3.09% | 2.69% | 2.81% | 3.44% | 2.46% | 2.81% | 2.36% | 2.48% | 3.00% |
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units) | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XHD.TO and ZEQL.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.33% for XHD.TO.
XHD.TO tracks Morningstar US Market TR CAD, while ZEQL.TO tracks MSCI USA Equal Weighted Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.33% for XHD.TO and 0.05% for ZEQL.TO.
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