PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMS.TO vs. ZUQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMS.TO vs. ZUQ.TO

Last updated Jun 4, 2026

XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both Large Cap Blend Equities funds - XMS.TO tracks the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index while ZUQ.TO tracks the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, XMS.TO returned 7.82%/yr vs 16.38%/yr for ZUQ.TO. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.33% expense ratio.

Performance

XMS.TO vs. ZUQ.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 High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMS.TO achieves a 1.17% return, which is significantly lower than ZUQ.TO's 9.39% return. Over the past 10 years, XMS.TO has underperformed ZUQ.TO with an annualized return of 7.82%, while ZUQ.TO has yielded a comparatively higher 16.38% annualized return.

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%

ZUQ.TO

1D
0.28%
1M
5.91%
YTD
9.39%
6M
3.18%
1Y
19.10%
3Y*
20.39%
5Y*
15.26%
10Y*
16.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XMS.TO
iShares MSCI Min Vol USA Index ETF (CAD-Hedged)		1.17%3.71%14.23%7.84%-11.15%21.02%1.81%26.70%-1.63%16.85%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		9.39%5.78%34.02%33.24%-18.33%26.40%19.92%31.74%4.70%16.90%

Correlation

The correlation between XMS.TO and ZUQ.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

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

0.39

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

0.42

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

0.43

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2016

0.42

XMS.TO vs. ZUQ.TO - Sectors Allocation Comparison

Sectors
XMS.TO
ZUQ.TO

Technology

29.8%
33.8%

Financial Services

14.0%
10.1%

Healthcare

12.7%
14.8%

Consumer Defensive

9.9%
11.1%

Utilities

7.5%
0.1%

Consumer Cyclical

6.2%
2.8%

Industrials

6.2%
11.0%

Communication Services

5.9%
14.5%

Energy

3.5%
0.2%

Real Estate

2.2%

-

Basic Materials

2.1%
1.7%

Technology

XMS.TO
29.8%
ZUQ.TO
33.8%

Financial Services

XMS.TO
14.0%
ZUQ.TO
10.1%

Healthcare

XMS.TO
12.7%
ZUQ.TO
14.8%

Consumer Defensive

XMS.TO
9.9%
ZUQ.TO
11.1%

Utilities

XMS.TO
7.5%
ZUQ.TO
0.1%

Consumer Cyclical

XMS.TO
6.2%
ZUQ.TO
2.8%

Industrials

XMS.TO
6.2%
ZUQ.TO
11.0%

Communication Services

XMS.TO
5.9%
ZUQ.TO
14.5%

Energy

XMS.TO
3.5%
ZUQ.TO
0.2%

Real Estate

XMS.TO
2.2%
ZUQ.TO

-

Basic Materials

XMS.TO
2.1%
ZUQ.TO
1.7%

Compare stocks, funds, or ETFs

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

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)

BMO MSCI USA High Quality Index ETF

Often compared with XMS.TO:
XMS.TO vs. XMU.TOXMS.TO vs. VFV.TOXMS.TO vs. XDU.TOXMS.TO vs. VSP.TOXMS.TO vs. XUS.TOXMS.TO vs. SPYXMS.TO vs. ZSP.TO
Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L

Return for Risk

XMS.TO vs. ZUQ.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: 99
Overall Rank
XMS.TO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
XMS.TO Sortino Ratio Rank: 88
Sortino Ratio Rank
XMS.TO Omega Ratio Rank: 88
Omega Ratio Rank
XMS.TO Calmar Ratio Rank: 99
Calmar Ratio Rank
XMS.TO Martin Ratio Rank: 99
Martin Ratio Rank
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4141
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 3737
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.

XMS.TO vs. ZUQ.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 High Quality Index ETF (ZUQ.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.TOZUQ.TODifference
Sharpe ratioReturn per unit of total volatility
0.01
1.56

-1.55

Sortino ratioReturn per unit of downside risk
0.07
2.15

-2.08

Omega ratioGain probability vs. loss probability

1.01

1.30

-0.29

Calmar ratioReturn relative to maximum drawdown

0.01

1.81

-1.80

Martin ratioReturn relative to average drawdown

0.03

5.87

-5.84

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMS.TO vs. ZUQ.TO - Sharpe Ratio Comparison

The current XMS.TO Sharpe Ratio is 0.01, which is lower than the ZUQ.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of XMS.TO and ZUQ.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.

Loading charts...

Sharpe Ratios by Period

XMS.TOZUQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

1.56

-1.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.94

-0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.94

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.94

-0.39

Drawdowns

XMS.TO vs. ZUQ.TO - Drawdown Comparison

The maximum XMS.TO drawdown since its inception was -36.48%, which is greater than ZUQ.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for XMS.TO and ZUQ.TO.

Loading charts...

Drawdown Indicators

XMS.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.48%

-26.94%

-9.54%

Max Drawdown (1Y)

Largest decline over 1 year

-6.91%

-10.57%

+3.66%

Max Drawdown (3Y)

Largest decline over 3 years

-9.82%

-17.93%

+8.11%

Max Drawdown (5Y)

Largest decline over 5 years

-19.23%

-26.94%

+7.71%

Max Drawdown (10Y)

Largest decline over 10 years

-36.48%

-26.94%

-9.54%

Current Drawdown

Current decline from peak

-1.73%

-0.10%

-1.63%

Average Drawdown

Average peak-to-trough decline

-4.26%

-4.60%

+0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

3.26%

-0.72%

Volatility

XMS.TO vs. ZUQ.TO - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO) have volatilities of 2.35% and 2.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMS.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.35%

2.31%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

6.14%

9.60%

-3.46%

Volatility (1Y)

Calculated over the trailing 1-year period

8.75%

12.29%

-3.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.11%

16.35%

-4.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.74%

17.52%

-2.78%

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

Both XMS.TO and ZUQ.TO have an expense ratio of 0.33%.

Dividends

XMS.TO vs. ZUQ.TO - Dividend Comparison

XMS.TO's dividend yield for the trailing twelve months is around 1.18%, more than ZUQ.TO's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.46%0.57%0.86%0.99%0.80%0.96%0.96%1.07%1.16%1.00%0.88%

Frequently Asked Questions

XMS.TO and ZUQ.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.33% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XMS.TO and ZUQ.TO have the same expense ratio: 0.33% per year.

XMS.TO tracks MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: iShares and BMO.

Portfolio Optimizer

Find the right allocation for XMS.TO and ZUQ.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer