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ZCN.TO vs. VCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZCN.TO vs. VCN.TO

Last updated Jun 5, 2026

ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both Canada Equities funds - ZCN.TO tracks the S&P/TSX Capped Composite Index while VCN.TO tracks the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past 10 years, ZCN.TO returned 12.72%/yr vs 12.51%/yr for VCN.TO. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.06% expense ratio.

Performance

ZCN.TO vs. VCN.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 Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ZCN.TO having a 12.08% return and VCN.TO slightly lower at 11.80%. Both investments have delivered pretty close results over the past 10 years, with ZCN.TO having a 12.72% annualized return and VCN.TO not far behind at 12.51%.

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%

VCN.TO

1D
1.20%
1M
5.07%
YTD
11.80%
6M
12.19%
1Y
35.18%
3Y*
24.11%
5Y*
15.12%
10Y*
12.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		11.80%30.20%22.14%12.26%-5.78%25.63%4.81%22.06%-9.11%8.44%

Correlation

The correlation between ZCN.TO and VCN.TO is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2013

0.91

The correlation between ZCN.TO and VCN.TO has been stable across timeframes, ranging from 0.91 to 1.00 - a consistent structural relationship.

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

Sectors
ZCN.TO
VCN.TO

Financial Services

32.8%
33.7%

Basic Materials

18.4%
17.6%

Energy

17.5%
18.5%

Industrials

10.3%
10.5%

Technology

7.6%
7.5%

Consumer Cyclical

3.8%
3.7%

Utilities

3.2%
2.7%

Consumer Defensive

2.9%
2.8%

Communication Services

1.8%
1.4%

Real Estate

1.6%
1.5%

Healthcare

0.1%
0.1%

Financial Services

ZCN.TO
32.8%
VCN.TO
33.7%

Basic Materials

ZCN.TO
18.4%
VCN.TO
17.6%

Energy

ZCN.TO
17.5%
VCN.TO
18.5%

Industrials

ZCN.TO
10.3%
VCN.TO
10.5%

Technology

ZCN.TO
7.6%
VCN.TO
7.5%

Consumer Cyclical

ZCN.TO
3.8%
VCN.TO
3.7%

Utilities

ZCN.TO
3.2%
VCN.TO
2.7%

Consumer Defensive

ZCN.TO
2.9%
VCN.TO
2.8%

Communication Services

ZCN.TO
1.8%
VCN.TO
1.4%

Real Estate

ZCN.TO
1.6%
VCN.TO
1.5%

Healthcare

ZCN.TO
0.1%
VCN.TO
0.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO S&P/TSX Capped Composite Index ETF

Vanguard FTSE Canada All Cap Index ETF

Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO
Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO

Return for Risk

ZCN.TO vs. VCN.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: 8585
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8787
Martin Ratio Rank
VCN.TO
VCN.TO Risk / Return Rank: 8383
Overall Rank
VCN.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8484
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8686
Martin Ratio Rank
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. VCN.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 Vanguard FTSE Canada All Cap Index ETF (VCN.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.TOVCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.92
2.80

+0.12

Sortino ratioReturn per unit of downside risk
3.75
3.62

+0.13

Omega ratioGain probability vs. loss probability

1.53

1.51

+0.02

Calmar ratioReturn relative to maximum drawdown

3.99

3.88

+0.11

Martin ratioReturn relative to average drawdown

18.58

18.13

+0.45

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. VCN.TO - Sharpe Ratio Comparison

The current ZCN.TO Sharpe Ratio is 2.92, which is comparable to the VCN.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of ZCN.TO and VCN.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.

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Sharpe Ratios by Period

ZCN.TOVCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.80

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.17

1.17

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

0.84

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.78

-0.10

Drawdowns

ZCN.TO vs. VCN.TO - Drawdown Comparison

The maximum ZCN.TO drawdown since its inception was -37.18%, roughly equal to the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and VCN.TO.

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Drawdown Indicators

ZCN.TOVCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.18%

-37.32%

+0.14%

Max Drawdown (1Y)

Largest decline over 1 year

-9.30%

-9.11%

-0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-12.25%

-12.24%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-16.25%

-16.12%

-0.13%

Max Drawdown (10Y)

Largest decline over 10 years

-37.18%

-37.32%

+0.14%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.76%

-3.90%

-0.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

1.95%

+0.04%

Volatility

ZCN.TO vs. VCN.TO - Volatility Comparison

BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO) have volatilities of 3.63% and 3.54%, 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.

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Volatility by Period

ZCN.TOVCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.63%

3.54%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

10.37%

10.32%

+0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

12.71%

12.62%

+0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.10%

13.04%

+0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.99%

14.98%

+0.01%

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

Both ZCN.TO and VCN.TO have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ZCN.TO vs. VCN.TO - Dividend Comparison

ZCN.TO's dividend yield for the trailing twelve months is around 2.00%, more than VCN.TO's 1.98% yield.

PositionTTM20252024202320222021202020192018201720162015
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		1.98%2.27%2.69%2.99%3.15%2.48%2.70%2.85%2.80%2.29%2.34%2.65%
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

With a correlation of 1.00, ZCN.TO and VCN.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.

Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO and VCN.TO have the same expense ratio: 0.06% per year.

ZCN.TO tracks S&P/TSX Capped Composite Index, while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: BMO and Vanguard.

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