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

ZAG.TO vs. XUU.TO

Last updated Jun 13, 2026

ZAG.TO (BMO Aggregate Bond Index ETF) and XUU.TO (iShares Core S&P U.S. Total Market Index ETF) are both exchange-traded funds - ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index, while XUU.TO is a Large Cap Blend Equities fund tracking the S&P Total Market Index. Both are passively managed. Over the past 10 years, ZAG.TO returned 1.63%/yr vs 15.61%/yr for XUU.TO. At a 0.03 correlation, their price movements are largely independent. ZAG.TO charges 0.09%/yr vs 0.07%/yr for XUU.TO.

Performance

ZAG.TO vs. XUU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Aggregate Bond Index ETF (ZAG.TO) and iShares Core S&P U.S. Total Market Index ETF (XUU.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, ZAG.TO achieves a 1.77% return, which is significantly lower than XUU.TO's 11.45% return. Over the past 10 years, ZAG.TO has underperformed XUU.TO with an annualized return of 1.63%, while XUU.TO has yielded a comparatively higher 15.61% annualized return.

ZAG.TO

1D
0.00%
1M
1.30%
YTD
1.77%
6M
2.14%
1Y
3.92%
3Y*
4.75%
5Y*
0.68%
10Y*
1.63%

XUU.TO

1D
0.63%
1M
1.53%
YTD
11.45%
6M
11.22%
1Y
29.10%
3Y*
22.22%
5Y*
15.33%
10Y*
15.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZAG.TO
BMO Aggregate Bond Index ETF		1.77%2.25%4.48%6.41%-11.60%-2.60%8.34%6.84%1.12%2.45%
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		11.45%11.25%34.07%23.11%-13.53%25.94%16.26%23.78%2.43%12.80%

Correlation

The correlation between ZAG.TO and XUU.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.28

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

0.18

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

0.14

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

0.04

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.03

Over the past year, ZAG.TO and XUU.TO have become more correlated (0.28) than their long-term average of 0.03, meaning their price movements have been converging.

ZAG.TO vs. XUU.TO - Sectors Allocation Comparison

Sectors
ZAG.TO
XUU.TO

Real Estate

0.0%
2.2%

Basic Materials

-

1.9%

Communication Services

-

9.8%

Consumer Cyclical

-

9.8%

Consumer Defensive

-

4.4%

Energy

-

3.4%

Financial Services

-

11.2%

Healthcare

-

8.4%

Industrials

-

8.8%

Technology

-

37.3%

Utilities

-

2.5%

Real Estate

ZAG.TO
0.0%
XUU.TO
2.2%

Basic Materials

ZAG.TO

-

XUU.TO
1.9%

Communication Services

ZAG.TO

-

XUU.TO
9.8%

Consumer Cyclical

ZAG.TO

-

XUU.TO
9.8%

Consumer Defensive

ZAG.TO

-

XUU.TO
4.4%

Energy

ZAG.TO

-

XUU.TO
3.4%

Financial Services

ZAG.TO

-

XUU.TO
11.2%

Healthcare

ZAG.TO

-

XUU.TO
8.4%

Industrials

ZAG.TO

-

XUU.TO
8.8%

Technology

ZAG.TO

-

XUU.TO
37.3%

Utilities

ZAG.TO

-

XUU.TO
2.5%

Compare stocks, funds, or ETFs

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BMO Aggregate Bond Index ETF

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

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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

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZAG.TO
ZAG.TO Risk / Return Rank: 2626
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2626
Martin Ratio Rank
XUU.TO
XUU.TO Risk / Return Rank: 7676
Overall Rank
XUU.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XUU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XUU.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XUU.TO Martin Ratio Rank: 7373
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Aggregate Bond Index ETF (ZAG.TO) and iShares Core S&P U.S. Total Market Index ETF (XUU.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ZAG.TOXUU.TODifference
Sharpe ratioReturn per unit of total volatility
0.83
2.22

-1.39

Sortino ratioReturn per unit of downside risk
1.17
3.00

-1.83

Omega ratioGain probability vs. loss probability

1.15

1.41

-0.26

Calmar ratioReturn relative to maximum drawdown

1.33

3.13

-1.80

Martin ratioReturn relative to average drawdown

3.11

11.81

-8.70

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

The current ZAG.TO Sharpe Ratio is 0.83, which is lower than the XUU.TO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZAG.TO and XUU.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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Drawdowns

ZAG.TO vs. XUU.TO - Drawdown Comparison

The maximum ZAG.TO drawdown since its inception was -18.03%, smaller than the maximum XUU.TO drawdown of -28.22%. Use the drawdown chart below to compare losses from any high point for ZAG.TO and XUU.TO.

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Drawdown Indicators

ZAG.TOXUU.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.03%

-28.22%

+10.19%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

-8.80%

+6.01%

Max Drawdown (3Y)

Largest decline over 3 years

-5.42%

-19.70%

+14.28%

Max Drawdown (5Y)

Largest decline over 5 years

-15.77%

-23.40%

+7.63%

Max Drawdown (10Y)

Largest decline over 10 years

-18.03%

-28.22%

+10.19%

Current Drawdown

Current decline from peak

-1.02%

-1.41%

+0.39%

Average Drawdown

Average peak-to-trough decline

-3.54%

-4.15%

+0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

2.33%

-1.14%

Volatility

ZAG.TO vs. XUU.TO - Volatility Comparison

The current volatility for BMO Aggregate Bond Index ETF (ZAG.TO) is 1.47%, while iShares Core S&P U.S. Total Market Index ETF (XUU.TO) has a volatility of 4.57%. This indicates that ZAG.TO experiences smaller price fluctuations and is considered to be less risky than XUU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZAG.TOXUU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.47%

4.57%

-3.10%

Volatility (6M)

Calculated over the trailing 6-month period

3.35%

9.69%

-6.34%

Volatility (1Y)

Calculated over the trailing 1-year period

4.46%

12.42%

-7.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.58%

15.50%

-8.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.11%

16.61%

-9.50%

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

ZAG.TO has a 0.09% expense ratio, which is higher than XUU.TO's 0.07% 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

ZAG.TO vs. XUU.TO - Dividend Comparison

ZAG.TO's dividend yield for the trailing twelve months is around 3.41%, more than XUU.TO's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		1.02%1.16%1.02%1.22%1.38%1.01%1.33%1.68%1.74%1.49%1.65%1.53%
ZAG.TO
BMO Aggregate Bond Index ETF		3.41%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%

Frequently Asked Questions

ZAG.TO and XUU.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUU.TO is cheaper with a 0.07% expense ratio, compared with 0.09% for ZAG.TO.

ZAG.TO is categorized as Canadian Government Bonds, while XUU.TO is Large Cap Blend Equities. ZAG.TO tracks FTSE Canada Universe Bond Index, while XUU.TO tracks S&P Total Market Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZAG.TO and 0.07% for XUU.TO.

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