XMS.TO vs. ZEQL.TO

Last updated Jun 4, 2026

XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds - XMS.TO tracks the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index while ZEQL.TO tracks the MSCI USA Equal Weighted Index. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. XMS.TO charges 0.33%/yr vs 0.05%/yr for ZEQL.TO.

Performance

XMS.TO vs. ZEQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XMS.TO

• 1D: -0.36%
• 1M: 1.94%
• YTD: 1.17%
• 6M: -0.55%
• 1Y: 0.08%
• 3Y*: 8.89%
• 5Y*: 5.12%
• 10Y*: 7.82%

ZEQL.TO

• 1D: -0.12%
• 1M: 6.20%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XMS.TO vs. ZEQL.TO - Yearly Performance Comparison

	2026 (YTD)
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	0.29%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	7.44%

Correlation

The correlation between XMS.TO and ZEQL.TO is 0.42, 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	0.42

Return for Risk

XMS.TO vs. ZEQL.TO — Risk / Return Rank

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

XMS.TO

XMS.TO Risk / Return Rank: 9
XMS.TO Sharpe Ratio Rank: 9
XMS.TO Sortino Ratio Rank: 8
XMS.TO Omega Ratio Rank: 8
XMS.TO Calmar Ratio Rank: 9
XMS.TO Martin Ratio Rank: 9

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.

XMS.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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.

	XMS.TO	ZEQL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.01	—	—
Sortino ratio: Return per unit of downside risk	0.07	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	0.01	—	—
Martin ratio: Return relative to average drawdown	0.03	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	XMS.TO	ZEQL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	2.01	-1.46

Drawdowns

XMS.TO vs. ZEQL.TO - Drawdown Comparison

The maximum XMS.TO drawdown since its inception was -36.48%, 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 XMS.TO and ZEQL.TO.

Drawdown Indicators

	XMS.TO	ZEQL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.48%	-6.12%	-30.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.91%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.48%	—	—
Current Drawdown Current decline from peak	-1.73%	-0.58%	-1.15%
Average Drawdown Average peak-to-trough decline	-4.26%	-1.69%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	—	—

Volatility

Volatility by Period

	XMS.TO	ZEQL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.75%	12.92%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	12.92%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	12.92%	+1.82%

XMS.TO vs. ZEQL.TO - Expense Ratio Comparison

XMS.TO has a 0.33% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.

Dividends

XMS.TO vs. ZEQL.TO - Dividend Comparison

XMS.TO's dividend yield for the trailing twelve months is around 1.18%, more than ZEQL.TO's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	1.18%	1.08%	1.21%	1.38%	1.20%	0.99%	1.66%	1.40%	1.54%	1.53%	1.43%
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%

Frequently Asked Questions

Can I hold both XMS.TO and ZEQL.TO in my portfolio?

XMS.TO and ZEQL.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMS.TO or ZEQL.TO?

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.

Which ETF is cheaper, XMS.TO or ZEQL.TO?

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.33% for XMS.TO.

What is the main difference between XMS.TO and ZEQL.TO?

XMS.TO tracks MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index, 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 XMS.TO and 0.05% for ZEQL.TO.