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XIC.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIC.TO vs. ZDV.TO

Last updated Jun 24, 2026

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both Canada Equities funds. XIC.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, XIC.TO returned 12.77%/yr vs 12.42%/yr for ZDV.TO. Their correlation of 0.87 suggests significant overlap in exposure. XIC.TO charges 0.06%/yr vs 0.39%/yr for ZDV.TO.

Performance

XIC.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and BMO Canadian Dividend ETF (ZDV.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, XIC.TO achieves a 11.29% return, which is significantly lower than ZDV.TO's 20.55% return. Both investments have delivered pretty close results over the past 10 years, with XIC.TO having a 12.77% annualized return and ZDV.TO not far behind at 12.42%.

XIC.TO

1D
-0.23%
1M
1.58%
YTD
11.29%
6M
10.14%
1Y
34.27%
3Y*
25.00%
5Y*
14.47%
10Y*
12.77%

ZDV.TO

1D
0.22%
1M
1.64%
YTD
20.55%
6M
20.38%
1Y
42.49%
3Y*
25.40%
5Y*
16.04%
10Y*
12.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIC.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		11.29%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-8.72%8.99%
ZDV.TO
BMO Canadian Dividend ETF		20.55%28.82%16.83%8.14%-1.66%28.75%-3.51%22.89%-10.76%7.46%

Correlation

The correlation between XIC.TO and ZDV.TO is 0.80, 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

0.80

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

0.88

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

0.89

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

0.88

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2011

0.87

The correlation between XIC.TO and ZDV.TO has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

XIC.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
XIC.TO
ZDV.TO

Financial Services

33.7%
38.1%

Basic Materials

18.1%
9.8%

Energy

17.4%
24.0%

Industrials

10.2%
3.5%

Technology

7.4%

-

Consumer Cyclical

3.7%
1.3%

Utilities

3.2%
10.2%

Consumer Defensive

2.9%
2.4%

Communication Services

1.9%
5.2%

Real Estate

1.5%
4.1%

Healthcare

0.1%
0.9%

Financial Services

XIC.TO
33.7%
ZDV.TO
38.1%

Basic Materials

XIC.TO
18.1%
ZDV.TO
9.8%

Energy

XIC.TO
17.4%
ZDV.TO
24.0%

Industrials

XIC.TO
10.2%
ZDV.TO
3.5%

Technology

XIC.TO
7.4%
ZDV.TO

-

Consumer Cyclical

XIC.TO
3.7%
ZDV.TO
1.3%

Utilities

XIC.TO
3.2%
ZDV.TO
10.2%

Consumer Defensive

XIC.TO
2.9%
ZDV.TO
2.4%

Communication Services

XIC.TO
1.9%
ZDV.TO
5.2%

Real Estate

XIC.TO
1.5%
ZDV.TO
4.1%

Healthcare

XIC.TO
0.1%
ZDV.TO
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P/TSX Capped Composite Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO

Return for Risk

XIC.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIC.TO
XIC.TO Risk / Return Rank: 8181
Overall Rank
XIC.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8484
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 9797
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9797
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.

XIC.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and BMO Canadian Dividend ETF (ZDV.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.

XIC.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.62
4.97

-2.34

Sortino ratioReturn per unit of downside risk
3.38
6.73

-3.35

Omega ratioGain probability vs. loss probability

1.46

1.97

-0.51

Calmar ratioReturn relative to maximum drawdown

3.71

7.88

-4.17

Martin ratioReturn relative to average drawdown

16.90

40.67

-23.78

XIC.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current XIC.TO Sharpe Ratio is 2.62, which is lower than the ZDV.TO Sharpe Ratio of 4.97. The chart below compares the historical Sharpe Ratios of XIC.TO and ZDV.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

XIC.TO vs. ZDV.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -47.27%, which is greater than ZDV.TO's maximum drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for XIC.TO and ZDV.TO.

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Drawdown Indicators

XIC.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-47.27%

-43.20%

-4.07%

Max Drawdown (1Y)

Largest decline over 1 year

-9.29%

-5.42%

-3.87%

Max Drawdown (3Y)

Largest decline over 3 years

-12.27%

-9.04%

-3.23%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-16.61%

+0.37%

Max Drawdown (10Y)

Largest decline over 10 years

-37.21%

-43.20%

+5.99%

Current Drawdown

Current decline from peak

-1.31%

-0.09%

-1.22%

Average Drawdown

Average peak-to-trough decline

-6.72%

-4.92%

-1.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.05%

+0.98%

Volatility

XIC.TO vs. ZDV.TO - Volatility Comparison

iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) has a higher volatility of 4.20% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.73%. This indicates that XIC.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIC.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.20%

2.73%

+1.47%

Volatility (6M)

Calculated over the trailing 6-month period

10.74%

7.21%

+3.53%

Volatility (1Y)

Calculated over the trailing 1-year period

13.13%

8.60%

+4.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.22%

10.58%

+2.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.98%

14.95%

+0.03%

XIC.TO vs. ZDV.TO - Expense Ratio Comparison

XIC.TO has a 0.06% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

XIC.TO vs. ZDV.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.01%, less than ZDV.TO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.01%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%
ZDV.TO
BMO Canadian Dividend ETF		2.64%3.07%3.82%4.39%4.38%3.88%4.79%4.53%5.28%4.04%4.31%4.95%

Frequently Asked Questions

XIC.TO and ZDV.TO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.39% for ZDV.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.06% for XIC.TO and 0.39% for ZDV.TO.

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