XUT.TO vs. ZWU.TO
XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both Utilities Equities funds. XUT.TO is passively managed, while ZWU.TO is actively managed. Over the past 10 years, XUT.TO returned 9.43%/yr vs 6.08%/yr for ZWU.TO. A 0.70 correlation means they provide meaningful diversification when combined. XUT.TO charges 0.61%/yr vs 0.65%/yr for ZWU.TO.
Performance
XUT.TO vs. ZWU.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 higher than ZWU.TO's 10.15% return. Over the past 10 years, XUT.TO has outperformed ZWU.TO with an annualized return of 9.43%, while ZWU.TO has yielded a comparatively lower 6.08% 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%
ZWU.TO
- 1D
- -0.50%
- 1M
- -0.34%
- YTD
- 10.15%
- 6M
- 9.37%
- 1Y
- 15.17%
- 3Y*
- 10.66%
- 5Y*
- 6.33%
- 10Y*
- 6.08%
XUT.TO vs. ZWU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZWU.TO BMO Covered Call Utilities ETF | 10.15% | 13.18% | 10.97% | -2.79% | -3.89% | 15.80% | -7.09% | 23.48% | -5.73% | 5.63% |
Correlation
The correlation between XUT.TO and ZWU.TO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.70 |
The correlation between XUT.TO and ZWU.TO has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
XUT.TO vs. ZWU.TO - Sectors Allocation Comparison
Sectors
XUT.TO
ZWU.TO
Utilities
Energy
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Financial Services
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
XUT.TO
ZWU.TO
Energy
XUT.TO
ZWU.TO
Basic Materials
XUT.TO
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ZWU.TO
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Communication Services
XUT.TO
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ZWU.TO
Consumer Cyclical
XUT.TO
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ZWU.TO
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Consumer Defensive
XUT.TO
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ZWU.TO
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Financial Services
XUT.TO
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ZWU.TO
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Healthcare
XUT.TO
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ZWU.TO
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Industrials
XUT.TO
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ZWU.TO
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Real Estate
XUT.TO
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ZWU.TO
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Technology
XUT.TO
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ZWU.TO
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Return for Risk
XUT.TO vs. ZWU.TO — Risk / Return Rank
XUT.TO
ZWU.TO
XUT.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.36 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.78 | 3.13 | +1.65 |
| Martin ratioReturn relative to average drawdown | 12.45 | 8.85 | +3.60 |
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 | ZWU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 2.01 | +0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.61 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.43 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.42 | +0.12 |
Drawdowns
XUT.TO vs. ZWU.TO - Drawdown Comparison
The maximum XUT.TO drawdown since its inception was -37.65%, roughly equal to the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for XUT.TO and ZWU.TO.
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Drawdown Indicators
| XUT.TO | ZWU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.65% | -37.41% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -4.86% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -12.85% | -6.92% |
Max Drawdown (5Y)Largest decline over 5 years | -28.54% | -23.36% | -5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -37.65% | -37.41% | -0.24% |
Current DrawdownCurrent decline from peak | -1.20% | -2.31% | +1.11% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -5.38% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 1.73% | +0.21% |
Volatility
XUT.TO vs. ZWU.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) is 2.50%, while BMO Covered Call Utilities ETF (ZWU.TO) has a volatility of 2.81%. This indicates that XUT.TO experiences smaller price fluctuations and is considered to be less risky than ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 2.81% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 6.68% | 6.30% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.05% | 7.59% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 10.47% | +2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.09% | 14.18% | +1.91% |
XUT.TO vs. ZWU.TO - Expense Ratio Comparison
XUT.TO has a 0.61% expense ratio, which is lower than ZWU.TO's 0.65% expense ratio.
Dividends
XUT.TO vs. ZWU.TO - Dividend Comparison
XUT.TO's dividend yield for the trailing twelve months is around 3.23%, less than ZWU.TO's 7.09% 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% |
ZWU.TO BMO Covered Call Utilities ETF | 7.09% | 7.59% | 7.96% | 8.54% | 8.35% | 7.43% | 7.94% | 6.29% | 6.84% | 6.46% | 6.77% | 7.57% |
Frequently Asked Questions
XUT.TO and ZWU.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUT.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUT.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for ZWU.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XUT.TO and 0.65% for ZWU.TO.
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