XIU.TO vs. ZWC.TO

Last updated Jun 4, 2026

XIU.TO (iShares S&P/TSX 60 Index ETF) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both exchange-traded funds - XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index, while ZWC.TO is a Derivative Income fund actively managed by BMO. XIU.TO is passively managed, while ZWC.TO is actively managed. Over the past 5 years, XIU.TO returned 14.37%/yr vs 11.09%/yr for ZWC.TO. Their correlation of 0.88 suggests significant overlap in exposure. XIU.TO charges 0.18%/yr vs 0.91%/yr for ZWC.TO.

Performance

XIU.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX 60 Index ETF (XIU.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XIU.TO achieves a 10.14% return, which is significantly lower than ZWC.TO's 11.12% return.

XIU.TO

• 1D: -0.87%
• 1M: 3.47%
• YTD: 10.14%
• 6M: 12.10%
• 1Y: 31.65%
• 3Y*: 22.48%
• 5Y*: 14.37%
• 10Y*: 12.62%

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

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

XIU.TO vs. ZWC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XIU.TO iShares S&P/TSX 60 Index ETF	10.14%	28.89%	20.73%	11.85%	-6.35%	28.06%	5.27%	21.81%	-7.82%	6.25%
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	12.00%	7.54%	-3.54%	25.39%	-6.92%	17.32%	-10.05%	7.34%

Correlation

The correlation between XIU.TO and ZWC.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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 13, 2017	0.88

The correlation between XIU.TO and ZWC.TO has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

XIU.TO vs. ZWC.TO - Sectors Allocation Comparison

Sectors	XIU.TO	ZWC.TO
Financial Services	39.4%	38.7%
Energy	18.6%	22.9%
Basic Materials	13.3%	12.7%
Technology	8.8%	-
Industrials	7.9%	4.9%
Consumer Cyclical	4.1%	4.1%
Consumer Defensive	3.2%	1.5%
Utilities	2.6%	8.9%
Communication Services	2.0%	6.4%
Real Estate	0.2%	-
Healthcare	-	-

Return for Risk

XIU.TO vs. ZWC.TO — Risk / Return Rank

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

XIU.TO

XIU.TO Risk / Return Rank: 82
XIU.TO Sharpe Ratio Rank: 82
XIU.TO Sortino Ratio Rank: 79
XIU.TO Omega Ratio Rank: 80
XIU.TO Calmar Ratio Rank: 79
XIU.TO Martin Ratio Rank: 87

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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.

XIU.TO vs. ZWC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX 60 Index ETF (XIU.TO) and BMO CA High Dividend Covered Call ETF (ZWC.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.

	XIU.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.71	3.61	-0.90
Sortino ratio: Return per unit of downside risk	3.64	5.11	-1.47
Omega ratio: Gain probability vs. loss probability	1.49	1.69	-0.20
Calmar ratio: Return relative to maximum drawdown	4.16	4.71	-0.55
Martin ratio: Return relative to average drawdown	19.30	23.23	-3.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XIU.TO vs. ZWC.TO - Sharpe Ratio Comparison

The current XIU.TO Sharpe Ratio is 2.71, which is comparable to the ZWC.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of XIU.TO and ZWC.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

	XIU.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	3.61	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	1.10	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.56	-0.05

Drawdowns

XIU.TO vs. ZWC.TO - Drawdown Comparison

The maximum XIU.TO drawdown since its inception was -52.31%, which is greater than ZWC.TO's maximum drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for XIU.TO and ZWC.TO.

Drawdown Indicators

	XIU.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.31%	-40.57%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-5.99%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-12.36%	-9.09%	-3.27%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-16.43%	+0.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.46%	—	—
Current Drawdown Current decline from peak	-0.87%	-0.97%	+0.10%
Average Drawdown Average peak-to-trough decline	-11.63%	-4.69%	-6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.21%	+0.43%

Volatility

XIU.TO vs. ZWC.TO - Volatility Comparison

iShares S&P/TSX 60 Index ETF (XIU.TO) has a higher volatility of 3.28% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.40%. This indicates that XIU.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XIU.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.40%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	6.77%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	7.80%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	10.13%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	14.94%	+0.07%

XIU.TO vs. ZWC.TO - Expense Ratio Comparison

XIU.TO has a 0.18% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

XIU.TO vs. ZWC.TO - Dividend Comparison

XIU.TO's dividend yield for the trailing twelve months is around 2.20%, less than ZWC.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XIU.TO iShares S&P/TSX 60 Index ETF	2.20%	2.39%	2.92%	3.16%	3.02%	2.43%	3.03%	2.87%	3.18%	2.58%	2.65%	3.19%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XIU.TO and ZWC.TO in my portfolio?

XIU.TO and ZWC.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.

Which ETF is better, XIU.TO or ZWC.TO?

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XIU.TO or ZWC.TO?

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between XIU.TO and ZWC.TO?

XIU.TO is categorized as Canada Equities, while ZWC.TO is Derivative Income. They also come from different issuers: iShares and BMO. Their fees differ too: 0.18% for XIU.TO and 0.91% for ZWC.TO.