ZCLN.TO vs. XEG.TO
ZCLN.TO (BMO Clean Energy Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 5 years, ZCLN.TO returned 4.92%/yr vs 29.48%/yr for XEG.TO. At a 0.15 correlation, their price movements are largely independent. ZCLN.TO charges 0.39%/yr vs 0.61%/yr for XEG.TO.
Performance
ZCLN.TO vs. XEG.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZCLN.TO having a 43.19% return and XEG.TO slightly higher at 44.34%.
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
XEG.TO
- 1D
- 1.17%
- 1M
- -0.04%
- YTD
- 44.34%
- 6M
- 39.73%
- 1Y
- 70.40%
- 3Y*
- 28.08%
- 5Y*
- 29.48%
- 10Y*
- 11.85%
ZCLN.TO vs. XEG.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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 44.34% | 16.72% | 14.08% | 3.52% | 53.25% | 81.55% |
Correlation
The correlation between ZCLN.TO and XEG.TO is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.15 |
The correlation between ZCLN.TO and XEG.TO shifts across timeframes, from 0.03 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCLN.TO vs. XEG.TO — Risk / Return Rank
ZCLN.TO
XEG.TO
ZCLN.TO vs. XEG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Clean Energy Index ETF (ZCLN.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.49 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 6.36 | +0.09 |
| Martin ratioReturn relative to average drawdown | 19.07 | 19.02 | +0.05 |
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 | XEG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 3.11 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 1.04 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.28 | -0.40 |
Drawdowns
ZCLN.TO vs. XEG.TO - Drawdown Comparison
The maximum ZCLN.TO drawdown since its inception was -61.07%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and XEG.TO.
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Drawdown Indicators
| ZCLN.TO | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.07% | -87.74% | +26.67% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -11.12% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -38.80% | -25.67% | -13.13% |
Max Drawdown (5Y)Largest decline over 5 years | -50.26% | -28.42% | -21.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -79.66% | — |
Current DrawdownCurrent decline from peak | -16.13% | -4.00% | -12.13% |
Average DrawdownAverage peak-to-trough decline | -40.49% | -29.19% | -11.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.71% | +0.66% |
Volatility
ZCLN.TO vs. XEG.TO - Volatility Comparison
BMO Clean Energy Index ETF (ZCLN.TO) has a higher volatility of 9.92% compared to iShares S&P/TSX Capped Energy Index ETF (XEG.TO) at 9.31%. This indicates that ZCLN.TO's price experiences larger fluctuations and is considered to be riskier than XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.92% | 9.31% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 20.45% | 18.99% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 22.76% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.89% | 28.62% | -2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 33.41% | -6.35% |
ZCLN.TO vs. XEG.TO - Expense Ratio Comparison
ZCLN.TO has a 0.39% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.
Dividends
ZCLN.TO vs. XEG.TO - Dividend Comparison
ZCLN.TO's dividend yield for the trailing twelve months is around 1.19%, less than XEG.TO's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.65% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZCLN.TO and XEG.TO have a correlation of 0.03, 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 0.61% for XEG.TO.
ZCLN.TO is categorized as Alternative Energy Equities, while XEG.TO is Energy Equities. ZCLN.TO tracks S&P Global Clean Energy Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZCLN.TO and 0.61% for XEG.TO.
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