ZCN.TO vs. ZWEN.TO

Last updated Jun 5, 2026

ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) and ZWEN.TO (BMO Covered Call Energy ETF) are both exchange-traded funds - ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index, while ZWEN.TO is a Energy Equities fund actively managed by BMO. ZCN.TO is passively managed, while ZWEN.TO is actively managed. Over the past 3 years, ZCN.TO returned 24.35%/yr vs 19.89%/yr for ZWEN.TO. At a 0.32 correlation, their price movements are largely independent. ZCN.TO charges 0.06%/yr vs 0.88%/yr for ZWEN.TO.

Performance

ZCN.TO vs. ZWEN.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 BMO Covered Call Energy ETF (ZWEN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCN.TO achieves a 12.08% return, which is significantly lower than ZWEN.TO's 30.91% 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%

ZWEN.TO

• 1D: 0.43%
• 1M: 1.05%
• YTD: 30.91%
• 6M: 25.74%
• 1Y: 44.50%
• 3Y*: 19.89%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	12.08%	31.51%	21.64%	4.39%
ZWEN.TO BMO Covered Call Energy ETF	30.91%	6.74%	10.43%	2.68%

Correlation

The correlation between ZCN.TO and ZWEN.TO is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 27, 2023	0.32

Over the past year, the correlation between ZCN.TO and ZWEN.TO has dropped to 0.01 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

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

Sectors	ZCN.TO	ZWEN.TO
Financial Services	32.8%	-
Basic Materials	18.4%	-
Energy	17.5%	100.0%
Industrials	10.3%	-
Technology	7.6%	-
Consumer Cyclical	3.8%	-
Utilities	3.2%	-
Consumer Defensive	2.9%	-
Communication Services	1.8%	-
Real Estate	1.6%	-
Healthcare	0.1%	-

Return for Risk

ZCN.TO vs. ZWEN.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

ZWEN.TO

ZWEN.TO Risk / Return Rank: 81
ZWEN.TO Sharpe Ratio Rank: 84
ZWEN.TO Sortino Ratio Rank: 78
ZWEN.TO Omega Ratio Rank: 77
ZWEN.TO Calmar Ratio Rank: 86
ZWEN.TO Martin Ratio Rank: 80

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. ZWEN.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 BMO Covered Call Energy ETF (ZWEN.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	ZWEN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.70	+0.22
Sortino ratio: Return per unit of downside risk	3.75	3.43	+0.33
Omega ratio: Gain probability vs. loss probability	1.53	1.45	+0.08
Calmar ratio: Return relative to maximum drawdown	3.99	4.71	-0.72
Martin ratio: Return relative to average drawdown	18.58	15.32	+3.26
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. ZWEN.TO - Sharpe Ratio Comparison

The current ZCN.TO Sharpe Ratio is 2.92, which is comparable to the ZWEN.TO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ZCN.TO and ZWEN.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	ZWEN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.70	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	—	—
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	0.82	-0.13

Drawdowns

ZCN.TO vs. ZWEN.TO - Drawdown Comparison

The maximum ZCN.TO drawdown since its inception was -37.18%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and ZWEN.TO.

Drawdown Indicators

	ZCN.TO	ZWEN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.18%	-18.75%	-18.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-9.50%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-18.75%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.18%	—	—
Current Drawdown Current decline from peak	0.00%	-1.67%	+1.67%
Average Drawdown Average peak-to-trough decline	-4.76%	-4.38%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.91%	-0.92%

Volatility

ZCN.TO vs. ZWEN.TO - Volatility Comparison

The current volatility for BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) is 3.63%, while BMO Covered Call Energy ETF (ZWEN.TO) has a volatility of 7.09%. This indicates that ZCN.TO experiences smaller price fluctuations and is considered to be less risky than ZWEN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCN.TO	ZWEN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	7.09%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	13.68%	-3.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	16.66%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	18.10%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	18.10%	-3.11%

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

ZCN.TO has a 0.06% expense ratio, which is lower than ZWEN.TO's 0.88% expense ratio.

Dividends

ZCN.TO vs. ZWEN.TO - Dividend Comparison

ZCN.TO's dividend yield for the trailing twelve months is around 2.00%, less than ZWEN.TO's 7.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZWEN.TO BMO Covered Call Energy ETF	7.53%	9.53%	9.09%	8.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ZCN.TO and ZWEN.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.88% for ZWEN.TO.

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

ZCN.TO is categorized as Canada Equities, while ZWEN.TO is Energy Equities. Their fees differ too: 0.06% for ZCN.TO and 0.88% for ZWEN.TO.