ZCM.TO vs. XCV.TO
ZCM.TO (BMO Mid Corporate Bond Index ETF) and XCV.TO (iShares Canadian Value Index ETF) are both exchange-traded funds - ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index, while XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, ZCM.TO returned 3.01%/yr vs 13.20%/yr for XCV.TO. At a correlation of -0.06, they often move in opposite directions. ZCM.TO charges 0.33%/yr vs 0.55%/yr for XCV.TO.
Performance
ZCM.TO vs. XCV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCM.TO achieves a 1.96% return, which is significantly lower than XCV.TO's 19.17% return. Over the past 10 years, ZCM.TO has underperformed XCV.TO with an annualized return of 3.01%, while XCV.TO has yielded a comparatively higher 13.20% annualized return.
ZCM.TO
- 1D
- -0.06%
- 1M
- 1.85%
- YTD
- 1.96%
- 6M
- 1.40%
- 1Y
- 5.13%
- 3Y*
- 6.78%
- 5Y*
- 2.32%
- 10Y*
- 3.01%
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
ZCM.TO vs. XCV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.96% | 4.84% | 8.07% | 7.96% | -10.18% | -2.09% | 10.34% | 8.59% | 0.58% | 2.28% |
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
Correlation
The correlation between ZCM.TO and XCV.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | -0.06 |
The correlation between ZCM.TO and XCV.TO shifts across timeframes, from -0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZCM.TO vs. XCV.TO — Risk / Return Rank
ZCM.TO
XCV.TO
ZCM.TO vs. XCV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid Corporate Bond Index ETF (ZCM.TO) and iShares Canadian Value Index ETF (XCV.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.
| ZCM.TO | XCV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.82 | ||
| Sortino ratioReturn per unit of downside risk | -5.05 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 2.03 | -0.82 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 11.53 | -9.86 |
| Martin ratioReturn relative to average drawdown | 4.77 | 43.47 | -38.70 |
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
| ZCM.TO | XCV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 4.97 | -3.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 1.39 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.85 | -0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.54 | +0.02 |
Drawdowns
ZCM.TO vs. XCV.TO - Drawdown Comparison
The maximum ZCM.TO drawdown since its inception was -26.06%, smaller than the maximum XCV.TO drawdown of -52.49%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and XCV.TO.
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Drawdown Indicators
| ZCM.TO | XCV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.06% | -52.49% | +26.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.86% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -9.71% | +5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -18.08% | +2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -26.06% | -41.18% | +15.12% |
Current DrawdownCurrent decline from peak | -0.37% | -0.89% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -6.67% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.02% | +0.06% |
Volatility
ZCM.TO vs. XCV.TO - Volatility Comparison
The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 1.81%, while iShares Canadian Value Index ETF (XCV.TO) has a volatility of 3.27%. This indicates that ZCM.TO experiences smaller price fluctuations and is considered to be less risky than XCV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCM.TO | XCV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 3.27% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 7.65% | -4.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.51% | 8.96% | -4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 12.87% | -6.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 15.54% | -6.78% |
ZCM.TO vs. XCV.TO - Expense Ratio Comparison
ZCM.TO has a 0.33% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.
Dividends
ZCM.TO vs. XCV.TO - Dividend Comparison
ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, more than XCV.TO's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.84% | 3.93% | 3.80% | 3.29% | 3.12% | 3.33% | 3.22% | 3.04% | 3.18% | 3.42% |
Frequently Asked Questions
ZCM.TO and XCV.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCM.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCM.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for XCV.TO.
ZCM.TO is categorized as Corporate Bonds, while XCV.TO is Canada Equities. ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index, while XCV.TO tracks Morningstar Canada GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZCM.TO and 0.55% for XCV.TO.
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