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ZEB.TO vs. XEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEB.TO vs. XEQT.TO

Last updated Jun 4, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while XEQT.TO is a Global Equities fund actively managed by iShares. ZEB.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, ZEB.TO returned 18.18%/yr vs 13.72%/yr for XEQT.TO. A 0.65 correlation means they provide meaningful diversification when combined. ZEB.TO charges 0.25%/yr vs 0.20%/yr for XEQT.TO.

Performance

ZEB.TO vs. XEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Banks Index ETF (ZEB.TO) and iShares Core Equity ETF Portfolio (XEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZEB.TO achieves a 19.22% return, which is significantly higher than XEQT.TO's 12.29% return.

ZEB.TO

1D
-0.43%
1M
5.51%
YTD
19.22%
6M
24.72%
1Y
60.22%
3Y*
32.73%
5Y*
18.18%
10Y*
15.82%

XEQT.TO

1D
-0.56%
1M
5.98%
YTD
12.29%
6M
11.20%
1Y
29.24%
3Y*
21.78%
5Y*
13.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEB.TO vs. XEQT.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZEB.TO
BMO Equal Weight Banks Index ETF		19.22%43.43%24.58%10.87%-10.38%39.38%3.52%9.32%
XEQT.TO
iShares Core Equity ETF Portfolio		12.29%19.47%24.36%17.25%-11.01%18.94%11.82%9.89%

Correlation

The correlation between ZEB.TO and XEQT.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

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

0.66

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

0.67

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.65

The correlation between ZEB.TO and XEQT.TO has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

ZEB.TO vs. XEQT.TO - Sectors Allocation Comparison

Sectors
ZEB.TO
XEQT.TO

Financial Services

100.0%
20.3%

Basic Materials

-

7.3%

Communication Services

-

6.4%

Consumer Cyclical

-

7.8%

Consumer Defensive

-

4.4%

Energy

-

7.2%

Healthcare

-

6.6%

Industrials

-

12.1%

Real Estate

-

2.2%

Technology

-

22.9%

Utilities

-

2.8%

Financial Services

ZEB.TO
100.0%
XEQT.TO
20.3%

Basic Materials

ZEB.TO

-

XEQT.TO
7.3%

Communication Services

ZEB.TO

-

XEQT.TO
6.4%

Consumer Cyclical

ZEB.TO

-

XEQT.TO
7.8%

Consumer Defensive

ZEB.TO

-

XEQT.TO
4.4%

Energy

ZEB.TO

-

XEQT.TO
7.2%

Healthcare

ZEB.TO

-

XEQT.TO
6.6%

Industrials

ZEB.TO

-

XEQT.TO
12.1%

Real Estate

ZEB.TO

-

XEQT.TO
2.2%

Technology

ZEB.TO

-

XEQT.TO
22.9%

Utilities

ZEB.TO

-

XEQT.TO
2.8%

Compare stocks, funds, or ETFs

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

BMO Equal Weight Banks Index ETF

iShares Core Equity ETF Portfolio

Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO
Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

ZEB.TO vs. XEQT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZEB.TO
ZEB.TO Risk / Return Rank: 9696
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9595
Martin Ratio Rank
XEQT.TO
XEQT.TO Risk / Return Rank: 7575
Overall Rank
XEQT.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 7878
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.

ZEB.TO vs. XEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.TO) and iShares Core Equity ETF Portfolio (XEQT.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.

ZEB.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
4.79
2.53

+2.27

Sortino ratioReturn per unit of downside risk
6.54
3.49

+3.04

Omega ratioGain probability vs. loss probability

1.90

1.47

+0.43

Calmar ratioReturn relative to maximum drawdown

7.17

3.56

+3.61

Martin ratioReturn relative to average drawdown

30.84

15.50

+15.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZEB.TO vs. XEQT.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 4.79, which is higher than the XEQT.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ZEB.TO and XEQT.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

ZEB.TOXEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.79

2.53

+2.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.35

1.05

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

0.95

-0.07

Drawdowns

ZEB.TO vs. XEQT.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and XEQT.TO.

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Drawdown Indicators

ZEB.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.69%

-29.74%

-9.95%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-8.25%

-0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-14.80%

-15.08%

+0.28%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

-19.56%

-6.41%

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

—

—

Current Drawdown

Current decline from peak

-2.00%

-0.56%

-1.44%

Average Drawdown

Average peak-to-trough decline

-5.65%

-4.11%

-1.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

1.89%

+0.07%

Volatility

ZEB.TO vs. XEQT.TO - Volatility Comparison

BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.89% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 3.70%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEB.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.89%

3.70%

+1.19%

Volatility (6M)

Calculated over the trailing 6-month period

11.14%

9.38%

+1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

12.62%

11.63%

+0.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.52%

13.12%

+0.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.91%

15.56%

+1.35%

ZEB.TO vs. XEQT.TO - Expense Ratio Comparison

ZEB.TO has a 0.25% expense ratio, which is higher than XEQT.TO's 0.20% 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

ZEB.TO vs. XEQT.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.54%, more than XEQT.TO's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.01%2.07%2.12%1.64%1.66%1.19%0.00%0.00%0.00%0.00%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.54%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%

Frequently Asked Questions

ZEB.TO and XEQT.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.25% for ZEB.TO.

ZEB.TO is categorized as Financials Equities, while XEQT.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.25% for ZEB.TO and 0.20% for XEQT.TO.

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