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XSAB.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSAB.TO vs. ZCN.TO

Last updated Jun 5, 2026

XSAB.TO (iShares ESG Aware Canadian Aggregate Bond Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - XSAB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 5 years, XSAB.TO returned 0.61%/yr vs 15.19%/yr for ZCN.TO. At a 0.09 correlation, their price movements are largely independent. XSAB.TO charges 0.17%/yr vs 0.06%/yr for ZCN.TO.

Performance

XSAB.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware Canadian Aggregate Bond Index ETF (XSAB.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSAB.TO achieves a 1.61% return, which is significantly lower than ZCN.TO's 12.08% return.

XSAB.TO

1D
0.06%
1M
1.57%
YTD
1.61%
6M
1.04%
1Y
2.74%
3Y*
4.06%
5Y*
0.61%
10Y*
—

ZCN.TO

1D
1.24%
1M
5.09%
YTD
12.08%
6M
13.16%
1Y
36.95%
3Y*
24.35%
5Y*
15.19%
10Y*
12.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSAB.TO vs. ZCN.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XSAB.TO
iShares ESG Aware Canadian Aggregate Bond Index ETF		1.61%2.22%4.03%6.35%-11.42%-2.71%7.79%2.30%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		12.08%31.51%21.64%11.63%-5.84%25.05%5.69%7.99%

Correlation

The correlation between XSAB.TO and ZCN.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.26

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

0.14

Correlation (All Time)
Calculated using the full available price history since Mar 29, 2019

0.09

Over the past year, XSAB.TO and ZCN.TO have become more correlated (0.31) than their long-term average of 0.09, meaning their price movements have been converging.

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iShares ESG Aware Canadian Aggregate Bond Index ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with XSAB.TO:
XSAB.TO vs. XSTB.TOXSAB.TO vs. XSUS.TOXSAB.TO vs. XSHG.TOXSAB.TO vs. ZST.TOXSAB.TO vs. ZAG.TOXSAB.TO vs. VSB.TOXSAB.TO vs. GEQT.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

XSAB.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSAB.TO
XSAB.TO Risk / Return Rank: 2020
Overall Rank
XSAB.TO Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
XSAB.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
XSAB.TO Omega Ratio Rank: 1919
Omega Ratio Rank
XSAB.TO Calmar Ratio Rank: 2323
Calmar Ratio Rank
XSAB.TO Martin Ratio Rank: 2121
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8585
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8787
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.

XSAB.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware Canadian Aggregate Bond Index ETF (XSAB.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

XSAB.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
0.66
2.92

-2.27

Sortino ratioReturn per unit of downside risk
0.92
3.75

-2.84

Omega ratioGain probability vs. loss probability

1.12

1.53

-0.41

Calmar ratioReturn relative to maximum drawdown

1.01

3.99

-2.98

Martin ratioReturn relative to average drawdown

2.36

18.58

-16.22

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

XSAB.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current XSAB.TO Sharpe Ratio is 0.66, which is lower than the ZCN.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of XSAB.TO and ZCN.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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Sharpe Ratios by Period

XSAB.TOZCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.66

2.92

-2.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

1.17

-1.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.68

-0.50

Drawdowns

XSAB.TO vs. ZCN.TO - Drawdown Comparison

The maximum XSAB.TO drawdown since its inception was -17.96%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for XSAB.TO and ZCN.TO.

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Drawdown Indicators

XSAB.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.96%

-37.18%

+19.22%

Max Drawdown (1Y)

Largest decline over 1 year

-2.72%

-9.30%

+6.58%

Max Drawdown (3Y)

Largest decline over 3 years

-5.30%

-12.25%

+6.95%

Max Drawdown (5Y)

Largest decline over 5 years

-15.66%

-16.25%

+0.59%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.18%

—

Current Drawdown

Current decline from peak

-1.87%

0.00%

-1.87%

Average Drawdown

Average peak-to-trough decline

-6.47%

-4.76%

-1.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

1.99%

-0.82%

Volatility

XSAB.TO vs. ZCN.TO - Volatility Comparison

The current volatility for iShares ESG Aware Canadian Aggregate Bond Index ETF (XSAB.TO) is 1.49%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.63%. This indicates that XSAB.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSAB.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.49%

3.63%

-2.14%

Volatility (6M)

Calculated over the trailing 6-month period

3.30%

10.37%

-7.07%

Volatility (1Y)

Calculated over the trailing 1-year period

4.21%

12.71%

-8.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.32%

13.10%

-6.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.66%

14.99%

-8.33%

XSAB.TO vs. ZCN.TO - Expense Ratio Comparison

XSAB.TO has a 0.17% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XSAB.TO vs. ZCN.TO - Dividend Comparison

XSAB.TO's dividend yield for the trailing twelve months is around 3.26%, more than ZCN.TO's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
XSAB.TO
iShares ESG Aware Canadian Aggregate Bond Index ETF		3.26%3.20%3.01%2.81%2.75%2.35%2.49%2.05%0.00%0.00%0.00%0.00%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.00%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.71%2.84%3.33%

Frequently Asked Questions

XSAB.TO and ZCN.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.17% for XSAB.TO.

XSAB.TO is categorized as Canadian Government Bonds, while ZCN.TO is Canada Equities. XSAB.TO tracks Morningstar Can Core Bd GR CAD, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.17% for XSAB.TO and 0.06% for ZCN.TO.

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