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XQLT.TO vs. ZUQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XQLT.TO vs. ZUQ.TO

Last updated Jul 16, 2026
Documentation

XQLT.TO (iShares MSCI USA Quality Factor Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - XQLT.TO is a Large Cap Growth Equities fund tracking the MSCI USA Sector Neutral Quality Index, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 5 years, XQLT.TO returned 13.65%/yr vs 13.94%/yr for ZUQ.TO. A 0.77 correlation means they provide meaningful diversification when combined. XQLT.TO charges 0.32%/yr vs 0.33%/yr for ZUQ.TO.

Performance

XQLT.TO vs. ZUQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Quality Factor Index ETF (XQLT.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.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 stocks are quite close, with XQLT.TO having a 13.47% return and ZUQ.TO slightly lower at 13.18%.

XQLT.TO

1D
0.06%
1M
0.63%
6M
10.01%
YTD
13.47%
1Y
23.82%
3Y*
20.26%
5Y*
13.65%
10Y*
—

ZUQ.TO

1D
0.02%
1M
1.04%
6M
10.34%
YTD
13.18%
1Y
20.09%
3Y*
20.43%
5Y*
13.94%
10Y*
16.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		13.47%7.09%32.36%28.08%-17.15%27.90%11.61%9.78%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		13.18%5.80%34.06%33.29%-18.30%26.45%19.97%8.83%

Correlation

The correlation between XQLT.TO and ZUQ.TO is 0.93, 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

0.93

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

0.94

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

0.88

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2019

0.77

The correlation between XQLT.TO and ZUQ.TO shifts across timeframes, from 0.77 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.

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

Sectors
XQLT.TO
ZUQ.TO

Technology

39.1%
35.9%

Financial Services

11.2%
9.8%

Communication Services

9.6%
14.0%

Healthcare

9.1%
15.3%

Consumer Cyclical

9.0%
2.6%

Industrials

8.7%
10.4%

Consumer Defensive

4.3%
10.3%

Energy

2.9%
0.2%

Utilities

2.1%
0.1%

Basic Materials

2.0%
1.5%

Real Estate

1.8%

-

Technology

XQLT.TO
39.1%
ZUQ.TO
35.9%

Financial Services

XQLT.TO
11.2%
ZUQ.TO
9.8%

Communication Services

XQLT.TO
9.6%
ZUQ.TO
14.0%

Healthcare

XQLT.TO
9.1%
ZUQ.TO
15.3%

Consumer Cyclical

XQLT.TO
9.0%
ZUQ.TO
2.6%

Industrials

XQLT.TO
8.7%
ZUQ.TO
10.4%

Consumer Defensive

XQLT.TO
4.3%
ZUQ.TO
10.3%

Energy

XQLT.TO
2.9%
ZUQ.TO
0.2%

Utilities

XQLT.TO
2.1%
ZUQ.TO
0.1%

Basic Materials

XQLT.TO
2.0%
ZUQ.TO
1.5%

Real Estate

XQLT.TO
1.8%
ZUQ.TO

-

Compare stocks, funds, or ETFs

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iShares MSCI USA Quality Factor Index ETF

BMO MSCI USA High Quality Index ETF

Often compared with XQLT.TO:
XQLT.TO vs. XVLU.TOXQLT.TO vs. HYLD.TOXQLT.TO vs. VOOXQLT.TO vs. SPYXQLT.TO vs. VFV.TOXQLT.TO vs. ZSP.TOXQLT.TO vs. XGRO.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

XQLT.TO vs. ZUQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XQLT.TO
XQLT.TO Risk / Return Rank: 7575
Overall Rank
XQLT.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XQLT.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XQLT.TO Omega Ratio Rank: 7575
Omega Ratio Rank
XQLT.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XQLT.TO Martin Ratio Rank: 7474
Martin Ratio Rank
ZUQ.TO
ZUQ.TO Risk / Return Rank: 5454
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4646
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.

XQLT.TO vs. ZUQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor Index ETF (XQLT.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.

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.

XQLT.TOZUQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.97
1.60

+0.37

Sortino ratioReturn per unit of downside risk
2.88
2.22

+0.66

Omega ratioGain probability vs. loss probability

1.35

1.30

+0.06

Calmar ratioReturn relative to maximum drawdown

2.87

1.91

+0.96

Martin ratioReturn relative to average drawdown

10.90

6.18

+4.72

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

The current XQLT.TO Sharpe Ratio is 1.97, which is comparable to the ZUQ.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of XQLT.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.

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Drawdowns

XQLT.TO vs. ZUQ.TO - Drawdown Comparison

The maximum XQLT.TO drawdown since its inception was -25.12%, smaller than the maximum ZUQ.TO drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for XQLT.TO and ZUQ.TO.

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Drawdown Indicators

XQLT.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.12%

-26.93%

+1.81%

Max Drawdown (1Y)

Largest decline over 1 year

-8.35%

-10.57%

+2.22%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-17.93%

-1.02%

Max Drawdown (5Y)

Largest decline over 5 years

-25.12%

-26.93%

+1.81%

Max Drawdown (10Y)

Largest decline over 10 years

—

-26.93%

—

Current Drawdown

Current decline from peak

-0.96%

-1.73%

+0.77%

Average Drawdown

Average peak-to-trough decline

-5.13%

-4.54%

-0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

3.26%

-1.07%

Volatility

XQLT.TO vs. ZUQ.TO - Volatility Comparison

iShares MSCI USA Quality Factor Index ETF (XQLT.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO) have volatilities of 3.03% and 3.18%, 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.

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Volatility by Period

XQLT.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.03%

3.18%

-0.15%

Volatility (6M)

Calculated over the trailing 6-month period

9.83%

9.06%

+0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

12.14%

12.59%

-0.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

16.39%

-0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

17.52%

-1.14%

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

XQLT.TO has a 0.32% expense ratio, which is lower than ZUQ.TO's 0.33% expense ratio.

Dividends

XQLT.TO vs. ZUQ.TO - Dividend Comparison

XQLT.TO's dividend yield for the trailing twelve months is around 0.61%, more than ZUQ.TO's 0.44% yield.

PositionTTM20252024202320222021202020192018201720162015
XQLT.TO
iShares MSCI USA Quality Factor Index ETF		0.61%0.69%0.72%0.94%1.21%0.87%1.11%1.23%0.00%0.00%0.00%0.00%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.44%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

With a correlation of 0.93, XQLT.TO and ZUQ.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, XQLT.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XQLT.TO is cheaper with a 0.32% expense ratio, compared with 0.33% for ZUQ.TO.

XQLT.TO is categorized as Large Cap Growth Equities, while ZUQ.TO is Large Cap Blend Equities. XQLT.TO tracks MSCI USA Sector Neutral Quality Index, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.32% for XQLT.TO and 0.33% for ZUQ.TO.

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