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XMC.TO vs. ZMID.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMC.TO vs. ZMID.TO

Last updated Jul 18, 2026
Documentation

XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) and ZMID.TO (BMO S&P US Mid Cap Index ETF) are both Mid Cap Blend Equities funds. Over the past 5 years, XMC.TO returned 11.12%/yr vs 10.66%/yr for ZMID.TO. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

XMC.TO vs. ZMID.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and BMO S&P US Mid Cap Index ETF (ZMID.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with XMC.TO having a 17.19% return and ZMID.TO slightly higher at 17.28%.

XMC.TO

1D
-0.61%
1M
0.02%
6M
8.97%
YTD
17.19%
1Y
22.46%
3Y*
15.22%
5Y*
11.12%
10Y*
11.49%

ZMID.TO

1D
-0.35%
1M
-0.01%
6M
9.02%
YTD
17.28%
1Y
20.75%
3Y*
14.71%
5Y*
10.66%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMC.TO vs. ZMID.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		17.19%2.37%22.99%13.65%-7.61%23.39%8.21%
ZMID.TO
BMO S&P US Mid Cap Index ETF		17.28%0.83%23.12%14.42%-8.41%21.96%11.85%

Correlation

The correlation between XMC.TO and ZMID.TO is 0.88, 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

0.88

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

0.87

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

0.76

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2020

0.66

Over the past year, XMC.TO and ZMID.TO have become more correlated (0.88) than their long-term average of 0.66, meaning their price movements have been converging.

XMC.TO vs. ZMID.TO - Sectors Allocation Comparison

Sectors
XMC.TO
ZMID.TO

Industrials

24.8%
24.7%

Technology

17.4%
17.8%

Financial Services

13.8%
13.8%

Consumer Cyclical

10.6%
10.6%

Healthcare

9.0%
9.0%

Real Estate

7.4%
7.3%

Energy

4.9%
4.9%

Basic Materials

4.8%
4.8%

Consumer Defensive

3.4%
3.3%

Utilities

3.0%
2.9%

Communication Services

1.0%
1.0%

Industrials

XMC.TO
24.8%
ZMID.TO
24.7%

Technology

XMC.TO
17.4%
ZMID.TO
17.8%

Financial Services

XMC.TO
13.8%
ZMID.TO
13.8%

Consumer Cyclical

XMC.TO
10.6%
ZMID.TO
10.6%

Healthcare

XMC.TO
9.0%
ZMID.TO
9.0%

Real Estate

XMC.TO
7.4%
ZMID.TO
7.3%

Energy

XMC.TO
4.9%
ZMID.TO
4.9%

Basic Materials

XMC.TO
4.8%
ZMID.TO
4.8%

Consumer Defensive

XMC.TO
3.4%
ZMID.TO
3.3%

Utilities

XMC.TO
3.0%
ZMID.TO
2.9%

Communication Services

XMC.TO
1.0%
ZMID.TO
1.0%

Compare stocks, funds, or ETFs

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iShares S&P U.S. Mid-Cap Index ETF

BMO S&P US Mid Cap Index ETF

Often compared with XMC.TO:
XMC.TO vs. XSMC.TOXMC.TO vs. ZEB.TOXMC.TO vs. XSP.TOXMC.TO vs. XSMOXMC.TO vs. IMCGXMC.TO vs. FMDEXMC.TO vs. VOE
Often compared with ZMID.TO:
ZMID.TO vs. ZEQT.TOZMID.TO vs. XMHQZMID.TO vs. XMMOZMID.TO vs. ZQQ.TOZMID.TO vs. ZLB.TOZMID.TO vs. ZDV.TOZMID.TO vs. ZSP.TO

Return for Risk

XMC.TO vs. ZMID.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMC.TO
XMC.TO Risk / Return Rank: 6161
Overall Rank
XMC.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XMC.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XMC.TO Omega Ratio Rank: 5151
Omega Ratio Rank
XMC.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XMC.TO Martin Ratio Rank: 7171
Martin Ratio Rank
ZMID.TO
ZMID.TO Risk / Return Rank: 5555
Overall Rank
ZMID.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
ZMID.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZMID.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZMID.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
ZMID.TO Martin Ratio Rank: 6969
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.

XMC.TO vs. ZMID.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and BMO S&P US Mid Cap Index ETF (ZMID.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.

XMC.TOZMID.TODifference
Sharpe ratioReturn per unit of total volatility
1.43
1.27

+0.16

Sortino ratioReturn per unit of downside risk
2.16
1.89

+0.27

Omega ratioGain probability vs. loss probability

1.26

1.23

+0.03

Calmar ratioReturn relative to maximum drawdown

2.72

2.39

+0.34

Martin ratioReturn relative to average drawdown

9.85

9.15

+0.70

XMC.TO vs. ZMID.TO - Sharpe Ratio Comparison

The current XMC.TO Sharpe Ratio is 1.43, which is comparable to the ZMID.TO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of XMC.TO and ZMID.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

XMC.TO vs. ZMID.TO - Drawdown Comparison

The maximum XMC.TO drawdown since its inception was -36.38%, which is greater than ZMID.TO's maximum drawdown of -24.51%. Use the drawdown chart below to compare losses from any high point for XMC.TO and ZMID.TO.

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Drawdown Indicators

XMC.TOZMID.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.38%

-24.51%

-11.87%

Max Drawdown (1Y)

Largest decline over 1 year

-8.28%

-8.72%

+0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-22.70%

-23.53%

+0.83%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-23.53%

+0.83%

Max Drawdown (10Y)

Largest decline over 10 years

-36.38%

—

—

Current Drawdown

Current decline from peak

-3.24%

-3.31%

+0.07%

Average Drawdown

Average peak-to-trough decline

-5.00%

-5.67%

+0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

2.27%

+0.02%

Volatility

XMC.TO vs. ZMID.TO - Volatility Comparison

The current volatility for iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) is 3.44%, while BMO S&P US Mid Cap Index ETF (ZMID.TO) has a volatility of 4.56%. This indicates that XMC.TO experiences smaller price fluctuations and is considered to be less risky than ZMID.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMC.TOZMID.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.44%

4.56%

-1.12%

Volatility (6M)

Calculated over the trailing 6-month period

11.76%

12.43%

-0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

15.81%

16.46%

-0.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.67%

18.11%

-0.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.58%

19.39%

-0.81%

Dividends

XMC.TO vs. ZMID.TO - Dividend Comparison

XMC.TO's dividend yield for the trailing twelve months is around 0.91%, which matches ZMID.TO's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		0.91%1.10%0.94%1.17%1.27%0.99%1.07%1.43%1.57%0.98%1.06%0.54%
ZMID.TO
BMO S&P US Mid Cap Index ETF		0.91%1.08%1.14%1.67%1.39%1.03%1.24%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XMC.TO and ZMID.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and BMO.

Portfolio Optimizer

Find the right allocation for XMC.TO and ZMID.TO

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