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XUU.TO vs. ZEQL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XUU.TO vs. ZEQL.TO

Last updated Jun 4, 2026

XUU.TO (iShares Core S&P U.S. Total Market Index ETF) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds - XUU.TO tracks the Morningstar US Market TR CAD while ZEQL.TO tracks the MSCI USA Equal Weighted Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. XUU.TO charges 0.07%/yr vs 0.05%/yr for ZEQL.TO.

Performance

XUU.TO vs. ZEQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P U.S. Total Market Index ETF (XUU.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

XUU.TO

1D
-0.29%
1M
7.40%
YTD
12.48%
6M
10.56%
1Y
29.05%
3Y*
23.13%
5Y*
15.81%
10Y*
15.46%

ZEQL.TO

1D
-0.12%
1M
6.20%
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XUU.TO vs. ZEQL.TO - Yearly Performance Comparison

2026 (YTD)
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		11.62%
ZEQL.TO
BMO MSCI USA Equal Weight Index ETF (CAD Units)		7.44%

Correlation

The correlation between XUU.TO and ZEQL.TO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since Feb 10, 2026

0.73

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iShares Core S&P U.S. Total Market Index ETF

BMO MSCI USA Equal Weight Index ETF (CAD Units)

Often compared with XUU.TO:
XUU.TO vs. XUS.TOXUU.TO vs. VUN.TOXUU.TO vs. XAW.TOXUU.TO vs. XUU-U.TOXUU.TO vs. XIC.TOXUU.TO vs. VTIXUU.TO vs. VOO
Often compared with ZEQL.TO:
ZEQL.TO vs. XTOT.TOZEQL.TO vs. XUU-U.TOZEQL.TO vs. ZLB.TOZEQL.TO vs. SMVP.TOZEQL.TO vs. TPU.TOZEQL.TO vs. ZQQ.TOZEQL.TO vs. COW.TO

Return for Risk

XUU.TO vs. ZEQL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUU.TO
XUU.TO Risk / Return Rank: 7070
Overall Rank
XUU.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
XUU.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
XUU.TO Omega Ratio Rank: 7373
Omega Ratio Rank
XUU.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
XUU.TO Martin Ratio Rank: 6767
Martin Ratio Rank
ZEQL.TO
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.

XUU.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Total Market Index ETF (XUU.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.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.

XUU.TOZEQL.TODifference
Sharpe ratioReturn per unit of total volatility
2.42

—

—

Sortino ratioReturn per unit of downside risk
3.32

—

—

Omega ratioGain probability vs. loss probability

1.45

—

—

Calmar ratioReturn relative to maximum drawdown

3.32

—

—

Martin ratioReturn relative to average drawdown

12.64

—

—

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

XUU.TO vs. ZEQL.TO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

XUU.TOZEQL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.03

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

2.01

-1.14

Drawdowns

XUU.TO vs. ZEQL.TO - Drawdown Comparison

The maximum XUU.TO drawdown since its inception was -28.22%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for XUU.TO and ZEQL.TO.

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Drawdown Indicators

XUU.TOZEQL.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.22%

-6.12%

-22.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.80%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-19.70%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-23.41%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.22%

—

—

Current Drawdown

Current decline from peak

-0.29%

-0.58%

+0.29%

Average Drawdown

Average peak-to-trough decline

-4.09%

-1.69%

-2.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

—

—

Volatility

XUU.TO vs. ZEQL.TO - Volatility Comparison

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Volatility by Period

XUU.TOZEQL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

9.08%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

12.06%

12.92%

-0.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.45%

12.92%

+2.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.59%

12.92%

+3.67%

XUU.TO vs. ZEQL.TO - Expense Ratio Comparison

XUU.TO has a 0.07% expense ratio, which is higher than ZEQL.TO's 0.05% 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

XUU.TO vs. ZEQL.TO - Dividend Comparison

XUU.TO's dividend yield for the trailing twelve months is around 1.01%, more than ZEQL.TO's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		1.01%1.16%1.02%1.22%1.38%1.01%1.33%1.68%1.73%1.49%1.65%1.52%
ZEQL.TO
BMO MSCI USA Equal Weight Index ETF (CAD Units)		0.37%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XUU.TO and ZEQL.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.07% for XUU.TO.

XUU.TO tracks Morningstar US Market TR CAD, while ZEQL.TO tracks MSCI USA Equal Weighted Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.07% for XUU.TO and 0.05% for ZEQL.TO.

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