XUT.TO vs. ZCLN.TO
XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) and ZCLN.TO (BMO Clean Energy Index ETF) are both exchange-traded funds - XUT.TO is a Utilities Equities fund tracking the Morningstar Gbl GR CAD, while ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 5 years, XUT.TO returned 7.97%/yr vs 4.92%/yr for ZCLN.TO. At a 0.37 correlation, their price movements are largely independent. XUT.TO charges 0.61%/yr vs 0.39%/yr for ZCLN.TO.
Performance
XUT.TO vs. ZCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XUT.TO achieves a 14.90% return, which is significantly lower than ZCLN.TO's 43.19% return.
XUT.TO
- 1D
- 0.14%
- 1M
- 3.21%
- YTD
- 14.90%
- 6M
- 13.55%
- 1Y
- 23.81%
- 3Y*
- 12.29%
- 5Y*
- 7.97%
- 10Y*
- 9.43%
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
XUT.TO vs. ZCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XUT.TO iShares S&P/TSX Capped Utilities Index ETF | 14.90% | 18.91% | 13.09% | -0.45% | -11.02% | 5.65% |
ZCLN.TO BMO Clean Energy Index ETF | 43.19% | 37.90% | -20.23% | -20.37% | 1.41% | -34.06% |
Correlation
The correlation between XUT.TO and ZCLN.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.37 |
Over the past year, the correlation between XUT.TO and ZCLN.TO has dropped to 0.16 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.
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Return for Risk
XUT.TO vs. ZCLN.TO — Risk / Return Rank
XUT.TO
ZCLN.TO
XUT.TO vs. ZCLN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) and BMO Clean Energy Index ETF (ZCLN.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.
| XUT.TO | ZCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.46 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.78 | 6.45 | -1.67 |
| Martin ratioReturn relative to average drawdown | 12.45 | 19.07 | -6.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XUT.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 3.08 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.19 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | -0.12 | +0.66 |
Drawdowns
XUT.TO vs. ZCLN.TO - Drawdown Comparison
The maximum XUT.TO drawdown since its inception was -37.65%, smaller than the maximum ZCLN.TO drawdown of -61.07%. Use the drawdown chart below to compare losses from any high point for XUT.TO and ZCLN.TO.
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Drawdown Indicators
| XUT.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.65% | -61.07% | +23.42% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -12.95% | +7.95% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -38.80% | +19.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.54% | -50.26% | +21.72% |
Max Drawdown (10Y)Largest decline over 10 years | -37.65% | — | — |
Current DrawdownCurrent decline from peak | -1.20% | -16.13% | +14.93% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -40.49% | +34.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 4.37% | -2.43% |
Volatility
XUT.TO vs. ZCLN.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) is 2.50%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 9.92%. This indicates that XUT.TO experiences smaller price fluctuations and is considered to be less risky than ZCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUT.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 9.92% | -7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.68% | 20.45% | -13.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.05% | 27.21% | -19.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 25.89% | -13.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.09% | 27.06% | -10.97% |
XUT.TO vs. ZCLN.TO - Expense Ratio Comparison
XUT.TO has a 0.61% expense ratio, which is higher than ZCLN.TO's 0.39% expense ratio.
Dividends
XUT.TO vs. ZCLN.TO - Dividend Comparison
XUT.TO's dividend yield for the trailing twelve months is around 3.23%, more than ZCLN.TO's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XUT.TO iShares S&P/TSX Capped Utilities Index ETF | 3.23% | 3.79% | 4.00% | 3.90% | 3.80% | 2.99% | 4.51% | 3.57% | 4.52% | 3.57% | 3.74% | 4.05% |
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XUT.TO and ZCLN.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.61% for XUT.TO.
XUT.TO is categorized as Utilities Equities, while ZCLN.TO is Alternative Energy Equities. XUT.TO tracks Morningstar Gbl GR CAD, while ZCLN.TO tracks S&P Global Clean Energy Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XUT.TO and 0.39% for ZCLN.TO.
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