XVLU.TO vs. ZVC.TO

Last updated Jun 4, 2026

XVLU.TO (iShares MSCI USA Value Factor Index ETF) and ZVC.TO (BMO MSCI Canada Value Index ETF) are both Large Cap Value Equities funds - XVLU.TO tracks the MSCI USA Enhanced Value Index while ZVC.TO tracks the MSCI Canada Enhanced Value Capped Index. Both are passively managed. Over the past 5 years, XVLU.TO returned 19.03%/yr vs 16.44%/yr for ZVC.TO. At a 0.40 correlation, their price movements are largely independent. XVLU.TO charges 0.32%/yr vs 0.40%/yr for ZVC.TO.

Performance

XVLU.TO vs. ZVC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Value Factor Index ETF (XVLU.TO) and BMO MSCI Canada Value Index ETF (ZVC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XVLU.TO achieves a 50.62% return, which is significantly higher than ZVC.TO's 16.23% return.

XVLU.TO

• 1D: 0.06%
• 1M: 23.30%
• YTD: 50.62%
• 6M: 51.55%
• 1Y: 95.75%
• 3Y*: 35.04%
• 5Y*: 19.03%
• 10Y*: —

ZVC.TO

• 1D: -0.32%
• 1M: 4.99%
• YTD: 16.23%
• 6M: 18.05%
• 1Y: 43.80%
• 3Y*: 23.40%
• 5Y*: 16.44%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XVLU.TO vs. ZVC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XVLU.TO iShares MSCI USA Value Factor Index ETF	50.62%	26.17%	15.37%	11.09%	-8.87%	28.64%	-3.66%	7.29%
ZVC.TO BMO MSCI Canada Value Index ETF	16.23%	30.30%	15.38%	11.07%	2.23%	31.46%	-3.94%	10.35%

Correlation

The correlation between XVLU.TO and ZVC.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.40

XVLU.TO vs. ZVC.TO - Sectors Allocation Comparison

Sectors	XVLU.TO	ZVC.TO
Technology	44.5%	8.2%
Financial Services	10.4%	37.6%
Healthcare	8.5%	-
Consumer Cyclical	8.4%	4.2%
Communication Services	8.3%	0.7%
Industrials	7.3%	9.9%
Consumer Defensive	4.0%	2.5%
Energy	3.2%	19.2%
Utilities	1.9%	2.0%
Real Estate	1.8%	0.2%
Basic Materials	1.6%	15.5%

Return for Risk

XVLU.TO vs. ZVC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XVLU.TO

XVLU.TO Risk / Return Rank: 98
XVLU.TO Sharpe Ratio Rank: 98
XVLU.TO Sortino Ratio Rank: 98
XVLU.TO Omega Ratio Rank: 97
XVLU.TO Calmar Ratio Rank: 98
XVLU.TO Martin Ratio Rank: 98

ZVC.TO

ZVC.TO Risk / Return Rank: 96
ZVC.TO Sharpe Ratio Rank: 96
ZVC.TO Sortino Ratio Rank: 96
ZVC.TO Omega Ratio Rank: 96
ZVC.TO Calmar Ratio Rank: 94
ZVC.TO Martin Ratio Rank: 96

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.

XVLU.TO vs. ZVC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor Index ETF (XVLU.TO) and BMO MSCI Canada Value Index ETF (ZVC.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.

	XVLU.TO	ZVC.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.59	4.27	+1.32
Sortino ratio: Return per unit of downside risk	7.16	5.80	+1.36
Omega ratio: Gain probability vs. loss probability	1.96	1.82	+0.15
Calmar ratio: Return relative to maximum drawdown	13.34	7.20	+6.14
Martin ratio: Return relative to average drawdown	55.16	35.91	+19.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XVLU.TO vs. ZVC.TO - Sharpe Ratio Comparison

The current XVLU.TO Sharpe Ratio is 5.59, which is higher than the ZVC.TO Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of XVLU.TO and ZVC.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.

Sharpe Ratios by Period

	XVLU.TO	ZVC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.59	4.27	+1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	1.23	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.70	+0.23

Drawdowns

XVLU.TO vs. ZVC.TO - Drawdown Comparison

The maximum XVLU.TO drawdown since its inception was -34.40%, smaller than the maximum ZVC.TO drawdown of -41.00%. Use the drawdown chart below to compare losses from any high point for XVLU.TO and ZVC.TO.

Drawdown Indicators

	XVLU.TO	ZVC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-41.00%	+6.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-6.11%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	-13.34%	-3.79%
Max Drawdown (5Y) Largest decline over 5 years	-20.16%	-16.17%	-3.99%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-6.49%	-4.92%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.22%	+0.52%

Volatility

XVLU.TO vs. ZVC.TO - Volatility Comparison

iShares MSCI USA Value Factor Index ETF (XVLU.TO) has a higher volatility of 7.55% compared to BMO MSCI Canada Value Index ETF (ZVC.TO) at 3.20%. This indicates that XVLU.TO's price experiences larger fluctuations and is considered to be riskier than ZVC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XVLU.TO	ZVC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	3.20%	+4.35%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	8.14%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.24%	10.32%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	13.46%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.82%	17.30%	+1.52%

XVLU.TO vs. ZVC.TO - Expense Ratio Comparison

XVLU.TO has a 0.32% expense ratio, which is lower than ZVC.TO's 0.40% expense ratio.

Dividends

XVLU.TO vs. ZVC.TO - Dividend Comparison

XVLU.TO's dividend yield for the trailing twelve months is around 1.12%, less than ZVC.TO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
XVLU.TO iShares MSCI USA Value Factor Index ETF	1.12%	1.75%	2.17%	2.26%	2.51%	2.03%	2.72%	0.68%	0.00%
ZVC.TO BMO MSCI Canada Value Index ETF	1.95%	2.23%	2.87%	3.32%	2.96%	2.41%	3.30%	2.66%	2.67%

Frequently Asked Questions

Can I hold both XVLU.TO and ZVC.TO in my portfolio?

XVLU.TO and ZVC.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XVLU.TO or ZVC.TO?

On fees, XVLU.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XVLU.TO or ZVC.TO?

XVLU.TO is cheaper with a 0.32% expense ratio, compared with 0.40% for ZVC.TO.

What is the main difference between XVLU.TO and ZVC.TO?

XVLU.TO tracks MSCI USA Enhanced Value Index, while ZVC.TO tracks MSCI Canada Enhanced Value Capped Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.32% for XVLU.TO and 0.40% for ZVC.TO.