ZCN.TO vs. HXCN.TO

Last updated Jun 5, 2026

ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) and HXCN.TO (Global X S&P/TSX Capped Composite Index Corporate Class ETF) are both Canada Equities funds tracking the S&P/TSX Capped Composite Index, from BMO and Global X respectively. Both are passively managed. Over the past 5 years, ZCN.TO returned 15.19%/yr vs 15.13%/yr for HXCN.TO. Their correlation of 0.93 suggests significant overlap in exposure. ZCN.TO charges 0.06%/yr vs 0.05%/yr for HXCN.TO.

Performance

ZCN.TO vs. HXCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZCN.TO having a 12.08% return and HXCN.TO slightly lower at 12.02%.

ZCN.TO

• 1D: 1.24%
• 1M: 5.09%
• YTD: 12.08%
• 6M: 13.16%
• 1Y: 36.95%
• 3Y*: 24.35%
• 5Y*: 15.19%
• 10Y*: 12.72%

HXCN.TO

• 1D: 1.20%
• 1M: 5.13%
• YTD: 12.02%
• 6M: 13.04%
• 1Y: 36.79%
• 3Y*: 24.23%
• 5Y*: 15.13%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCN.TO vs. HXCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	12.08%	31.51%	21.64%	11.63%	-5.84%	25.05%	1.29%
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class ETF	12.02%	31.20%	21.60%	11.98%	-6.07%	25.23%	1.15%

Correlation

The correlation between ZCN.TO and HXCN.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 7, 2020	0.93

The correlation between ZCN.TO and HXCN.TO has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

ZCN.TO vs. HXCN.TO - Sectors Allocation Comparison

Sectors	ZCN.TO	HXCN.TO
Financial Services	32.8%	32.1%
Basic Materials	18.4%	15.6%
Energy	17.5%	15.7%
Industrials	10.3%	11.1%
Technology	7.6%	11.2%
Consumer Cyclical	3.8%	3.8%
Utilities	3.2%	3.4%
Consumer Defensive	2.9%	3.2%
Communication Services	1.8%	2.1%
Real Estate	1.6%	1.8%
Healthcare	0.1%	0.1%

Return for Risk

ZCN.TO vs. HXCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCN.TO

ZCN.TO Risk / Return Rank: 85
ZCN.TO Sharpe Ratio Rank: 88
ZCN.TO Sortino Ratio Rank: 85
ZCN.TO Omega Ratio Rank: 87
ZCN.TO Calmar Ratio Rank: 79
ZCN.TO Martin Ratio Rank: 87

HXCN.TO

HXCN.TO Risk / Return Rank: 86
HXCN.TO Sharpe Ratio Rank: 88
HXCN.TO Sortino Ratio Rank: 85
HXCN.TO Omega Ratio Rank: 86
HXCN.TO Calmar Ratio Rank: 81
HXCN.TO Martin Ratio Rank: 87

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.

ZCN.TO vs. HXCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.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.

	ZCN.TO	HXCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.93	0.00
Sortino ratio: Return per unit of downside risk	3.75	3.75	+0.01
Omega ratio: Gain probability vs. loss probability	1.53	1.52	+0.01
Calmar ratio: Return relative to maximum drawdown	3.99	4.20	-0.21
Martin ratio: Return relative to average drawdown	18.58	18.46	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCN.TO vs. HXCN.TO - Sharpe Ratio Comparison

The current ZCN.TO Sharpe Ratio is 2.92, which is comparable to the HXCN.TO Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of ZCN.TO and HXCN.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.

Sharpe Ratios by Period

	ZCN.TO	HXCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.93	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	1.11	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.83	-0.15

Drawdowns

ZCN.TO vs. HXCN.TO - Drawdown Comparison

The maximum ZCN.TO drawdown since its inception was -37.18%, roughly equal to the maximum HXCN.TO drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and HXCN.TO.

Drawdown Indicators

	ZCN.TO	HXCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.18%	-37.09%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.81%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-12.49%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-16.27%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.18%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.76%	-4.10%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.00%	-0.01%

Volatility

ZCN.TO vs. HXCN.TO - Volatility Comparison

BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.TO) have volatilities of 3.63% and 3.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCN.TO	HXCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.60%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	10.09%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	12.65%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	13.73%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	17.81%	-2.82%

ZCN.TO vs. HXCN.TO - Expense Ratio Comparison

ZCN.TO has a 0.06% expense ratio, which is higher than HXCN.TO's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZCN.TO vs. HXCN.TO - Dividend Comparison

ZCN.TO's dividend yield for the trailing twelve months is around 2.00%, while HXCN.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.00%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Frequently Asked Questions

Can I hold both ZCN.TO and HXCN.TO in my portfolio?

With a correlation of 0.97, ZCN.TO and HXCN.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZCN.TO or HXCN.TO?

On fees, HXCN.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCN.TO or HXCN.TO?

HXCN.TO is cheaper with a 0.05% expense ratio, compared with 0.06% for ZCN.TO.

What is the main difference between ZCN.TO and HXCN.TO?

Both ETFs track S&P/TSX Capped Composite Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.06% for ZCN.TO and 0.05% for HXCN.TO.