ZEB.TO vs. XUT.TO
ZEB.TO (BMO Equal Weight Banks Index ETF) and XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while XUT.TO is a Utilities Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, ZEB.TO returned 16.60%/yr vs 8.96%/yr for XUT.TO. At a 0.35 correlation, their price movements are largely independent. ZEB.TO charges 0.25%/yr vs 0.61%/yr for XUT.TO.
Performance
ZEB.TO vs. XUT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEB.TO achieves a 25.33% return, which is significantly higher than XUT.TO's 16.33% return. Over the past 10 years, ZEB.TO has outperformed XUT.TO with an annualized return of 16.60%, while XUT.TO has yielded a comparatively lower 8.96% annualized return.
ZEB.TO
- 1D
- 1.12%
- 1M
- 9.87%
- YTD
- 25.33%
- 6M
- 26.07%
- 1Y
- 67.94%
- 3Y*
- 34.82%
- 5Y*
- 19.53%
- 10Y*
- 16.60%
XUT.TO
- 1D
- 0.05%
- 1M
- 3.35%
- YTD
- 16.33%
- 6M
- 13.38%
- 1Y
- 21.56%
- 3Y*
- 12.14%
- 5Y*
- 6.77%
- 10Y*
- 8.96%
ZEB.TO vs. XUT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 25.33% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
XUT.TO iShares S&P/TSX Capped Utilities Index ETF | 16.33% | 14.74% | 13.09% | -0.45% | -11.02% | 8.92% | 14.74% | 36.63% | -8.30% | 10.16% |
Correlation
The correlation between ZEB.TO and XUT.TO is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2011 | 0.35 |
Over the past year, the correlation between ZEB.TO and XUT.TO has dropped to 0.07 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
ZEB.TO vs. XUT.TO - Sectors Allocation Comparison
Sectors
ZEB.TO
XUT.TO
Financial Services
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
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-
Energy
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Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
Financial Services
ZEB.TO
XUT.TO
-
Basic Materials
ZEB.TO
-
XUT.TO
-
Communication Services
ZEB.TO
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XUT.TO
-
Consumer Cyclical
ZEB.TO
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XUT.TO
-
Consumer Defensive
ZEB.TO
-
XUT.TO
-
Energy
ZEB.TO
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XUT.TO
Healthcare
ZEB.TO
-
XUT.TO
-
Industrials
ZEB.TO
-
XUT.TO
-
Real Estate
ZEB.TO
-
XUT.TO
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Technology
ZEB.TO
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XUT.TO
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Utilities
ZEB.TO
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XUT.TO
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Return for Risk
ZEB.TO vs. XUT.TO — Risk / Return Rank
ZEB.TO
XUT.TO
ZEB.TO vs. XUT.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 S&P/TSX Capped Utilities Index ETF (XUT.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZEB.TO | XUT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.85 | ||
| Sortino ratioReturn per unit of downside risk | +3.98 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.49 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 8.09 | 2.83 | +5.26 |
| Martin ratioReturn relative to average drawdown | 34.80 | 8.04 | +26.76 |
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Drawdowns
ZEB.TO vs. XUT.TO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than XUT.TO's maximum drawdown of -37.65%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and XUT.TO.
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Drawdown Indicators
| ZEB.TO | XUT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -37.65% | -2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -7.64% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | -17.68% | +2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | -28.54% | +2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -37.65% | -2.04% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -5.81% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 2.69% | -0.73% |
Volatility
ZEB.TO vs. XUT.TO - Volatility Comparison
BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.52% compared to iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) at 2.56%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than XUT.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.TO | XUT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 2.56% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.13% | 7.57% | +3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 8.76% | +4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.55% | 12.77% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 16.17% | +0.73% |
ZEB.TO vs. XUT.TO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is lower than XUT.TO's 0.61% expense ratio.
Dividends
ZEB.TO vs. XUT.TO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.41%, less than XUT.TO's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XUT.TO iShares S&P/TSX Capped Utilities Index ETF | 3.25% | 3.91% | 4.00% | 3.90% | 3.80% | 3.04% | 4.51% | 3.57% | 4.52% | 3.57% | 3.74% | 4.05% |
ZEB.TO BMO Equal Weight Banks Index ETF | 2.41% | 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 XUT.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.61% for XUT.TO.
ZEB.TO is categorized as Financials Equities, while XUT.TO is Utilities Equities. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while XUT.TO tracks Morningstar Gbl GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.25% for ZEB.TO and 0.61% for XUT.TO.
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