ZCN.TO vs. TPE.DE

Last updated Jun 5, 2026

ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) is Canada Equities fund tracking the S&P/TSX Capped Composite Index, while TPE.DE (PVA TePla AG) is a stock. Over the past 10 years, ZCN.TO returned 12.72%/yr vs 33.17%/yr for TPE.DE. At a 0.18 correlation, their price movements are largely independent.

Performance

ZCN.TO vs. TPE.DE - 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 PVA TePla AG (TPE.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZCN.TO is traded in CAD, while TPE.DE is traded in EUR. To make them comparable, the TPE.DE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZCN.TO achieves a 12.08% return, which is significantly lower than TPE.DE's 87.14% return. Over the past 10 years, ZCN.TO has underperformed TPE.DE with an annualized return of 12.72%, while TPE.DE has yielded a comparatively higher 33.17% annualized return.

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%

TPE.DE

• 1D: -2.40%
• 1M: 10.48%
• YTD: 87.14%
• 6M: 84.28%
• 1Y: 146.30%
• 3Y*: 34.85%
• 5Y*: 14.80%
• 10Y*: 33.17%

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

ZCN.TO vs. TPE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	12.08%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	22.85%	-8.84%	8.94%
TPE.DE PVA TePla AG	87.14%	89.80%	-35.18%	10.89%	-55.50%	96.69%	37.22%	17.64%	5.03%	462.25%

Correlation

The correlation between ZCN.TO and TPE.DE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jun 24, 2009	0.18

The correlation between ZCN.TO and TPE.DE shifts across timeframes, from 0.18 (all time) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZCN.TO vs. TPE.DE — 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

TPE.DE

TPE.DE Risk / Return Rank: 89
TPE.DE Sharpe Ratio Rank: 92
TPE.DE Sortino Ratio Rank: 89
TPE.DE Omega Ratio Rank: 87
TPE.DE Calmar Ratio Rank: 87
TPE.DE 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. TPE.DE - 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 PVA TePla AG (TPE.DE). 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	TPE.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.72	+0.20
Sortino ratio: Return per unit of downside risk	3.75	3.26	+0.50
Omega ratio: Gain probability vs. loss probability	1.53	1.40	+0.13
Calmar ratio: Return relative to maximum drawdown	3.99	4.06	-0.07
Martin ratio: Return relative to average drawdown	18.58	10.08	+8.50
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. TPE.DE - Sharpe Ratio Comparison

The current ZCN.TO Sharpe Ratio is 2.92, which is comparable to the TPE.DE Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ZCN.TO and TPE.DE, 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	TPE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.72	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	0.27	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.60	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.38	+0.30

Drawdowns

ZCN.TO vs. TPE.DE - Drawdown Comparison

The maximum ZCN.TO drawdown since its inception was -37.18%, smaller than the maximum TPE.DE drawdown of -77.05%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and TPE.DE.

Drawdown Indicators

	ZCN.TO	TPE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-37.18%	-77.05%	+39.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-35.84%	+26.54%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-53.79%	+41.54%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-77.05%	+60.80%
Max Drawdown (10Y) Largest decline over 10 years	-37.18%	-77.05%	+39.87%
Current Drawdown Current decline from peak	0.00%	-4.15%	+4.15%
Average Drawdown Average peak-to-trough decline	-4.76%	-35.35%	+30.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	14.45%	-12.46%

Volatility

ZCN.TO vs. TPE.DE - Volatility Comparison

The current volatility for BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) is 3.63%, while PVA TePla AG (TPE.DE) has a volatility of 18.68%. This indicates that ZCN.TO experiences smaller price fluctuations and is considered to be less risky than TPE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCN.TO	TPE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	18.68%	-15.05%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	42.23%	-31.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	53.56%	-40.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	53.65%	-40.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	54.82%	-39.83%

Dividends

ZCN.TO vs. TPE.DE - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPE.DE PVA TePla AG	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 TPE.DE in my portfolio?

ZCN.TO and TPE.DE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.