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ZCB.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZCB.TO vs. XEI.TO

Last updated Jun 5, 2026

ZCB.TO (BMO Corporate Bond Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZCB.TO is a Corporate Bonds fund tracking the FTSE Canada All Corporate Bond Index, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 5 years, ZCB.TO returned 2.18%/yr vs 15.75%/yr for XEI.TO. At a 0.02 correlation, their price movements are largely independent. ZCB.TO charges 0.17%/yr vs 0.22%/yr for XEI.TO.

Performance

ZCB.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Corporate Bond Index ETF (ZCB.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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, ZCB.TO achieves a 1.85% return, which is significantly lower than XEI.TO's 23.25% return.

ZCB.TO

1D
-0.08%
1M
1.43%
YTD
1.85%
6M
1.57%
1Y
4.09%
3Y*
6.02%
5Y*
2.18%
10Y*
—

XEI.TO

1D
0.85%
1M
3.41%
YTD
23.25%
6M
23.82%
1Y
45.53%
3Y*
22.82%
5Y*
15.75%
10Y*
12.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCB.TO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZCB.TO
BMO Corporate Bond Index ETF		1.85%3.81%6.60%8.73%-10.20%-2.22%8.33%8.03%1.27%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		23.25%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-3.47%

Correlation

The correlation between ZCB.TO and XEI.TO is 0.02, 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

0.02

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

0.18

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

0.09

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2018

0.02

The correlation between ZCB.TO and XEI.TO shifts across timeframes, from 0.02 (1 year) to 0.18 (3 years), reflecting how their relationship changes across market environments.

ZCB.TO vs. XEI.TO - Sectors Allocation Comparison

Sectors
ZCB.TO
XEI.TO

Real Estate

0.1%
4.8%

Basic Materials

-

4.6%

Communication Services

-

7.6%

Consumer Cyclical

-

6.2%

Consumer Defensive

-

0.5%

Energy

-

32.1%

Financial Services

-

31.4%

Healthcare

-

0.2%

Industrials

-

0.7%

Technology

-

0.7%

Utilities

-

11.2%

Real Estate

ZCB.TO
0.1%
XEI.TO
4.8%

Basic Materials

ZCB.TO

-

XEI.TO
4.6%

Communication Services

ZCB.TO

-

XEI.TO
7.6%

Consumer Cyclical

ZCB.TO

-

XEI.TO
6.2%

Consumer Defensive

ZCB.TO

-

XEI.TO
0.5%

Energy

ZCB.TO

-

XEI.TO
32.1%

Financial Services

ZCB.TO

-

XEI.TO
31.4%

Healthcare

ZCB.TO

-

XEI.TO
0.2%

Industrials

ZCB.TO

-

XEI.TO
0.7%

Technology

ZCB.TO

-

XEI.TO
0.7%

Utilities

ZCB.TO

-

XEI.TO
11.2%

Compare stocks, funds, or ETFs

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BMO Corporate Bond Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with ZCB.TO:
ZCB.TO vs. ZCS.TOZCB.TO vs. ZAG.TOZCB.TO vs. XCB.TOZCB.TO vs. ZUAG.TOZCB.TO vs. XSH.TOZCB.TO vs. ZBBB.TOZCB.TO vs. XEQT.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

ZCB.TO vs. XEI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZCB.TO
ZCB.TO Risk / Return Rank: 3232
Overall Rank
ZCB.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
ZCB.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
ZCB.TO Omega Ratio Rank: 3232
Omega Ratio Rank
ZCB.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZCB.TO Martin Ratio Rank: 3232
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

ZCB.TO vs. XEI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

ZCB.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
1.10
6.34

-5.24

Sortino ratioReturn per unit of downside risk
1.53
9.47

-7.94

Omega ratioGain probability vs. loss probability

1.21

2.34

-1.13

Calmar ratioReturn relative to maximum drawdown

1.61

20.39

-18.78

Martin ratioReturn relative to average drawdown

4.74

69.23

-64.49

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

ZCB.TO vs. XEI.TO - Sharpe Ratio Comparison

The current ZCB.TO Sharpe Ratio is 1.10, which is lower than the XEI.TO Sharpe Ratio of 6.34. The chart below compares the historical Sharpe Ratios of ZCB.TO and XEI.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

ZCB.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.10

6.34

-5.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

1.41

-0.99

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.67

-0.11

Drawdowns

ZCB.TO vs. XEI.TO - Drawdown Comparison

The maximum ZCB.TO drawdown since its inception was -15.70%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and XEI.TO.

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Drawdown Indicators

ZCB.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.70%

-45.51%

+29.81%

Max Drawdown (1Y)

Largest decline over 1 year

-2.55%

-2.24%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-3.27%

-9.92%

+6.65%

Max Drawdown (5Y)

Largest decline over 5 years

-14.20%

-17.32%

+3.12%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.51%

—

Current Drawdown

Current decline from peak

-0.18%

0.00%

-0.18%

Average Drawdown

Average peak-to-trough decline

-3.70%

-5.05%

+1.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.86%

0.66%

+0.20%

Volatility

ZCB.TO vs. XEI.TO - Volatility Comparison

The current volatility for BMO Corporate Bond Index ETF (ZCB.TO) is 1.51%, while iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) has a volatility of 2.89%. This indicates that ZCB.TO experiences smaller price fluctuations and is considered to be less risky than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZCB.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.51%

2.89%

-1.38%

Volatility (6M)

Calculated over the trailing 6-month period

3.00%

6.03%

-3.03%

Volatility (1Y)

Calculated over the trailing 1-year period

3.72%

7.24%

-3.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.17%

11.24%

-6.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.41%

16.01%

-10.60%

ZCB.TO vs. XEI.TO - Expense Ratio Comparison

ZCB.TO has a 0.17% expense ratio, which is lower than XEI.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZCB.TO vs. XEI.TO - Dividend Comparison

ZCB.TO's dividend yield for the trailing twelve months is around 4.03%, more than XEI.TO's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.53%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
ZCB.TO
BMO Corporate Bond Index ETF		4.03%4.00%3.84%3.89%3.62%3.13%2.97%3.12%3.27%0.00%0.00%0.00%

Frequently Asked Questions

ZCB.TO and XEI.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCB.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XEI.TO.

ZCB.TO is categorized as Corporate Bonds, while XEI.TO is Canada Equities. ZCB.TO tracks FTSE Canada All Corporate Bond Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.17% for ZCB.TO and 0.22% for XEI.TO.

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