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XUT.TO vs. ZEB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XUT.TO vs. ZEB.TO

Last updated Jun 4, 2026

XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - XUT.TO is a Utilities Equities fund tracking the Morningstar Gbl GR CAD, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 10 years, XUT.TO returned 9.43%/yr vs 15.82%/yr for ZEB.TO. At a 0.35 correlation, their price movements are largely independent. XUT.TO charges 0.61%/yr vs 0.25%/yr for ZEB.TO.

Performance

XUT.TO vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) and BMO Equal Weight Banks Index ETF (ZEB.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, XUT.TO achieves a 14.90% return, which is significantly lower than ZEB.TO's 19.22% return. Over the past 10 years, XUT.TO has underperformed ZEB.TO with an annualized return of 9.43%, while ZEB.TO has yielded a comparatively higher 15.82% annualized 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%

ZEB.TO

1D
-0.43%
1M
5.51%
YTD
19.22%
6M
24.72%
1Y
60.22%
3Y*
32.73%
5Y*
18.18%
10Y*
15.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XUT.TO vs. ZEB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF		14.90%18.91%13.09%-0.45%-11.02%10.80%14.74%36.63%-8.30%10.16%
ZEB.TO
BMO Equal Weight Banks Index ETF		19.22%43.43%24.58%10.87%-10.38%39.38%3.52%16.06%-8.85%14.26%

Correlation

The correlation between XUT.TO and ZEB.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.07

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

0.44

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

0.34

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

0.30

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.35

Over the past year, the correlation between XUT.TO and ZEB.TO has dropped to 0.07 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

XUT.TO vs. ZEB.TO - Sectors Allocation Comparison

Sectors
XUT.TO
ZEB.TO

Utilities

90.7%

-

Energy

9.3%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

100.0%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

XUT.TO
90.7%
ZEB.TO

-

Energy

XUT.TO
9.3%
ZEB.TO

-

Basic Materials

XUT.TO

-

ZEB.TO

-

Communication Services

XUT.TO

-

ZEB.TO

-

Consumer Cyclical

XUT.TO

-

ZEB.TO

-

Consumer Defensive

XUT.TO

-

ZEB.TO

-

Financial Services

XUT.TO

-

ZEB.TO
100.0%

Healthcare

XUT.TO

-

ZEB.TO

-

Industrials

XUT.TO

-

ZEB.TO

-

Real Estate

XUT.TO

-

ZEB.TO

-

Technology

XUT.TO

-

ZEB.TO

-

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iShares S&P/TSX Capped Utilities Index ETF

BMO Equal Weight Banks Index ETF

Often compared with XUT.TO:
XUT.TO vs. ZUT.TOXUT.TO vs. XEI.TOXUT.TO vs. ZLB.TOXUT.TO vs. XIU.TOXUT.TO vs. XLUXUT.TO vs. UTES.TOXUT.TO vs. VPU
Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO

Return for Risk

XUT.TO vs. ZEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUT.TO
XUT.TO Risk / Return Rank: 8484
Overall Rank
XUT.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XUT.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
XUT.TO Omega Ratio Rank: 8989
Omega Ratio Rank
XUT.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
XUT.TO Martin Ratio Rank: 6767
Martin Ratio Rank
ZEB.TO
ZEB.TO Risk / Return Rank: 9696
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9595
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.

XUT.TO vs. ZEB.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 Equal Weight Banks Index ETF (ZEB.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.TOZEB.TODifference
Sharpe ratioReturn per unit of total volatility
2.99
4.79

-1.80

Sortino ratioReturn per unit of downside risk
4.20
6.54

-2.33

Omega ratioGain probability vs. loss probability

1.57

1.90

-0.33

Calmar ratioReturn relative to maximum drawdown

4.78

7.17

-2.39

Martin ratioReturn relative to average drawdown

12.45

30.84

-18.40

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

XUT.TO vs. ZEB.TO - Sharpe Ratio Comparison

The current XUT.TO Sharpe Ratio is 2.99, which is lower than the ZEB.TO Sharpe Ratio of 4.79. The chart below compares the historical Sharpe Ratios of XUT.TO and ZEB.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

XUT.TOZEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.99

4.79

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.35

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.94

-0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.88

-0.34

Drawdowns

XUT.TO vs. ZEB.TO - Drawdown Comparison

The maximum XUT.TO drawdown since its inception was -37.65%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for XUT.TO and ZEB.TO.

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Drawdown Indicators

XUT.TOZEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.65%

-39.69%

+2.04%

Max Drawdown (1Y)

Largest decline over 1 year

-5.00%

-8.44%

+3.44%

Max Drawdown (3Y)

Largest decline over 3 years

-19.77%

-14.80%

-4.97%

Max Drawdown (5Y)

Largest decline over 5 years

-28.54%

-25.97%

-2.57%

Max Drawdown (10Y)

Largest decline over 10 years

-37.65%

-39.69%

+2.04%

Current Drawdown

Current decline from peak

-1.20%

-2.00%

+0.80%

Average Drawdown

Average peak-to-trough decline

-5.70%

-5.65%

-0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

1.96%

-0.02%

Volatility

XUT.TO vs. ZEB.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) is 2.50%, while BMO Equal Weight Banks Index ETF (ZEB.TO) has a volatility of 4.89%. This indicates that XUT.TO experiences smaller price fluctuations and is considered to be less risky than ZEB.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.TOZEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

4.89%

-2.39%

Volatility (6M)

Calculated over the trailing 6-month period

6.68%

11.14%

-4.46%

Volatility (1Y)

Calculated over the trailing 1-year period

8.05%

12.62%

-4.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.65%

13.52%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

16.91%

-0.82%

XUT.TO vs. ZEB.TO - Expense Ratio Comparison

XUT.TO has a 0.61% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.

Dividends

XUT.TO vs. ZEB.TO - Dividend Comparison

XUT.TO's dividend yield for the trailing twelve months is around 3.23%, more than ZEB.TO's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.54%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%

Frequently Asked Questions

XUT.TO and ZEB.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.61% for XUT.TO.

XUT.TO is categorized as Utilities Equities, while ZEB.TO is Financials Equities. XUT.TO tracks Morningstar Gbl GR CAD, while ZEB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XUT.TO and 0.25% for ZEB.TO.

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