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

ZCH.TO vs. XEI.TO

Last updated Jun 4, 2026

ZCH.TO (BMO MSCI China ESG Leaders Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZCH.TO is a China Equities fund tracking the MSCI China ESG Leaders 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 10 years, ZCH.TO returned 1.75%/yr vs 12.32%/yr for XEI.TO. At a 0.33 correlation, their price movements are largely independent. ZCH.TO charges 0.67%/yr vs 0.22%/yr for XEI.TO.

Performance

ZCH.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI China ESG Leaders Index ETF (ZCH.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, ZCH.TO achieves a -9.03% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, ZCH.TO has underperformed XEI.TO with an annualized return of 1.75%, while XEI.TO has yielded a comparatively higher 12.32% annualized return.

ZCH.TO

1D
-2.32%
1M
-0.59%
YTD
-9.03%
6M
-12.83%
1Y
5.31%
3Y*
11.03%
5Y*
-6.68%
10Y*
1.75%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZCH.TO
BMO MSCI China ESG Leaders Index ETF		-9.03%33.25%25.33%-11.83%-23.85%-41.03%37.62%17.26%-16.63%37.66%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between ZCH.TO and XEI.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.10

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

0.25

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

0.21

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

0.28

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.33

Over the past year, the correlation between ZCH.TO and XEI.TO has dropped to 0.10 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

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

Sectors
ZCH.TO
XEI.TO

Consumer Cyclical

33.2%
6.2%

Communication Services

30.4%
7.6%

Financial Services

15.6%
31.4%

Healthcare

6.8%
0.2%

Industrials

3.9%
0.7%

Basic Materials

2.9%
4.6%

Real Estate

2.0%
4.8%

Consumer Defensive

1.6%
0.5%

Technology

1.3%
0.7%

Energy

1.2%
32.1%

Utilities

1.2%
11.2%

Consumer Cyclical

ZCH.TO
33.2%
XEI.TO
6.2%

Communication Services

ZCH.TO
30.4%
XEI.TO
7.6%

Financial Services

ZCH.TO
15.6%
XEI.TO
31.4%

Healthcare

ZCH.TO
6.8%
XEI.TO
0.2%

Industrials

ZCH.TO
3.9%
XEI.TO
0.7%

Basic Materials

ZCH.TO
2.9%
XEI.TO
4.6%

Real Estate

ZCH.TO
2.0%
XEI.TO
4.8%

Consumer Defensive

ZCH.TO
1.6%
XEI.TO
0.5%

Technology

ZCH.TO
1.3%
XEI.TO
0.7%

Energy

ZCH.TO
1.2%
XEI.TO
32.1%

Utilities

ZCH.TO
1.2%
XEI.TO
11.2%

Compare stocks, funds, or ETFs

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BMO MSCI China ESG Leaders Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

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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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZCH.TO
ZCH.TO Risk / Return Rank: 1212
Overall Rank
ZCH.TO Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ZCH.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZCH.TO Omega Ratio Rank: 1212
Omega Ratio Rank
ZCH.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
ZCH.TO Martin Ratio Rank: 1111
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: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI China ESG Leaders Index ETF (ZCH.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.

ZCH.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
0.24
6.08

-5.84

Sortino ratioReturn per unit of downside risk
0.51
9.07

-8.56

Omega ratioGain probability vs. loss probability

1.06

2.27

-1.21

Calmar ratioReturn relative to maximum drawdown

0.23

19.53

-19.30

Martin ratioReturn relative to average drawdown

0.45

66.28

-65.83

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

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

The current ZCH.TO Sharpe Ratio is 0.24, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of ZCH.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

ZCH.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.24

6.08

-5.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.20

1.39

-1.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.06

0.77

-0.71

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.67

-0.55

Drawdowns

ZCH.TO vs. XEI.TO - Drawdown Comparison

The maximum ZCH.TO drawdown since its inception was -73.84%, which is greater than XEI.TO's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZCH.TO and XEI.TO.

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Drawdown Indicators

ZCH.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-73.84%

-45.51%

-28.33%

Max Drawdown (1Y)

Largest decline over 1 year

-23.50%

-2.24%

-21.26%

Max Drawdown (3Y)

Largest decline over 3 years

-25.64%

-9.92%

-15.72%

Max Drawdown (5Y)

Largest decline over 5 years

-63.44%

-17.32%

-46.12%

Max Drawdown (10Y)

Largest decline over 10 years

-73.84%

-45.51%

-28.33%

Current Drawdown

Current decline from peak

-52.00%

-0.76%

-51.24%

Average Drawdown

Average peak-to-trough decline

-26.62%

-5.05%

-21.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.82%

0.66%

+11.16%

Volatility

ZCH.TO vs. XEI.TO - Volatility Comparison

BMO MSCI China ESG Leaders Index ETF (ZCH.TO) has a higher volatility of 8.06% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that ZCH.TO's price experiences larger fluctuations and is considered to be riskier 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

ZCH.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.06%

2.87%

+5.19%

Volatility (6M)

Calculated over the trailing 6-month period

15.81%

6.01%

+9.80%

Volatility (1Y)

Calculated over the trailing 1-year period

22.12%

7.21%

+14.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.81%

11.24%

+21.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.56%

16.01%

+12.55%

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

ZCH.TO has a 0.67% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

ZCH.TO vs. XEI.TO - Dividend Comparison

ZCH.TO's dividend yield for the trailing twelve months is around 1.40%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
ZCH.TO
BMO MSCI China ESG Leaders Index ETF		1.40%1.28%2.22%3.96%1.21%0.00%0.51%1.18%1.32%0.56%1.65%0.81%

Frequently Asked Questions

ZCH.TO and XEI.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.67% for ZCH.TO.

ZCH.TO is categorized as China Equities, while XEI.TO is Canada Equities. ZCH.TO tracks MSCI China ESG Leaders 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: 0.67% for ZCH.TO and 0.22% for XEI.TO.

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