ZCLN.TO vs. HCLN.TO
ZCLN.TO (BMO Clean Energy Index ETF) and HCLN.TO (Harvest Clean Energy ETF) are both Alternative Energy Equities funds. ZCLN.TO is passively managed, while HCLN.TO is actively managed. Over the past 5 years, ZCLN.TO returned 4.92%/yr vs -1.80%/yr for HCLN.TO. A 0.80 correlation means they provide meaningful diversification when combined. ZCLN.TO charges 0.39%/yr vs 0.40%/yr for HCLN.TO.
Performance
ZCLN.TO vs. HCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCLN.TO achieves a 43.19% return, which is significantly higher than HCLN.TO's 26.71% return.
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
HCLN.TO
- 1D
- -1.09%
- 1M
- 16.00%
- YTD
- 26.71%
- 6M
- 25.34%
- 1Y
- 65.71%
- 3Y*
- 2.93%
- 5Y*
- -1.80%
- 10Y*
- —
ZCLN.TO vs. HCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 43.19% | 37.90% | -20.23% | -20.37% | 1.41% | -34.06% |
HCLN.TO Harvest Clean Energy ETF | 26.71% | 29.60% | -20.55% | -22.13% | -15.59% | -28.64% |
Correlation
The correlation between ZCLN.TO and HCLN.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.80 |
The correlation between ZCLN.TO and HCLN.TO has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.
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Return for Risk
ZCLN.TO vs. HCLN.TO — Risk / Return Rank
ZCLN.TO
HCLN.TO
ZCLN.TO vs. HCLN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Clean Energy Index ETF (ZCLN.TO) and Harvest Clean Energy ETF (HCLN.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.
| ZCLN.TO | HCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.44 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 5.14 | +1.31 |
| Martin ratioReturn relative to average drawdown | 19.07 | 14.02 | +5.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZCLN.TO | HCLN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 2.55 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | -0.07 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | -0.30 | +0.18 |
Drawdowns
ZCLN.TO vs. HCLN.TO - Drawdown Comparison
The maximum ZCLN.TO drawdown since its inception was -61.07%, smaller than the maximum HCLN.TO drawdown of -69.23%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and HCLN.TO.
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Drawdown Indicators
| ZCLN.TO | HCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.07% | -69.23% | +8.16% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -12.85% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -38.80% | -45.98% | +7.18% |
Max Drawdown (5Y)Largest decline over 5 years | -50.26% | -62.53% | +12.27% |
Current DrawdownCurrent decline from peak | -16.13% | -39.13% | +23.00% |
Average DrawdownAverage peak-to-trough decline | -40.49% | -45.85% | +5.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 4.70% | -0.33% |
Volatility
ZCLN.TO vs. HCLN.TO - Volatility Comparison
BMO Clean Energy Index ETF (ZCLN.TO) has a higher volatility of 9.92% compared to Harvest Clean Energy ETF (HCLN.TO) at 8.73%. This indicates that ZCLN.TO's price experiences larger fluctuations and is considered to be riskier than HCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCLN.TO | HCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.92% | 8.73% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 20.45% | 18.26% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 25.92% | +1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.89% | 25.03% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 26.09% | +0.97% |
ZCLN.TO vs. HCLN.TO - Expense Ratio Comparison
ZCLN.TO has a 0.39% expense ratio, which is lower than HCLN.TO's 0.40% expense ratio.
Dividends
ZCLN.TO vs. HCLN.TO - Dividend Comparison
ZCLN.TO's dividend yield for the trailing twelve months is around 1.19%, while HCLN.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HCLN.TO Harvest Clean Energy ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.60% |
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% |
Frequently Asked Questions
ZCLN.TO and HCLN.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.40% for HCLN.TO.
They also come from different issuers: BMO and Harvest. Their fees differ too: 0.39% for ZCLN.TO and 0.40% for HCLN.TO.
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