ZEO.TO vs. HCLN.TO

Last updated Aug 5, 2026

ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and HCLN.TO (Harvest Clean Energy ETF) are both exchange-traded funds - ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index, while HCLN.TO is a Alternative Energy Equities fund actively managed by Harvest. ZEO.TO is passively managed, while HCLN.TO is actively managed. Over the past 5 years, ZEO.TO returned 26.62%/yr vs -7.09%/yr for HCLN.TO. Their 0.14 correlation means their historical movements had little consistent relationship. ZEO.TO charges 0.60%/yr vs 0.40%/yr for HCLN.TO.

Performance

ZEO.TO vs. HCLN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and Harvest Clean Energy ETF (HCLN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEO.TO achieves a 37.42% return, which is significantly higher than HCLN.TO's 2.38% return.

ZEO.TO

• 1D: -2.24%
• 1M: 6.58%
• 6M: 26.27%
• YTD: 37.42%
• 1Y: 47.76%
• 3Y*: 24.46%
• 5Y*: 26.62%
• 10Y*: 9.88%
• ALL TIME*: 4.53%

HCLN.TO

• 1D: 4.67%
• 1M: -6.10%
• 6M: -7.12%
• YTD: 2.38%
• 1Y: 21.01%
• 3Y*: -2.17%
• 5Y*: -7.09%
• 10Y*: —
• ALL TIME*: -11.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HCLN.TO Harvest Clean Energy ETF	CA$29.00K	CA$56.43K	CA$108.74K
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	CA$3.54M	CA$2.96M	CA$2.91M

ZEO.TO vs. HCLN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	37.42%	12.36%	21.51%	5.98%	39.67%	50.78%
HCLN.TO Harvest Clean Energy ETF	2.38%	29.60%	-20.55%	-22.13%	-14.76%	-25.41%

Correlation

The correlation between ZEO.TO and HCLN.TO is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (All Time) Calculated using the full available price history since Jan 14, 2021	0.14

The correlation between ZEO.TO and HCLN.TO shifts across timeframes, from 0.01 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

ZEO.TO vs. HCLN.TO - Sectors Allocation Comparison

Sectors	ZEO.TO	HCLN.TO
Energy	100.0%	-
Basic Materials	-	2.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	24.2%
Real Estate	-	-
Technology	-	26.4%
Utilities	-	46.7%

Return for Risk

ZEO.TO vs. HCLN.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZEO.TO

ZEO.TO Risk / Return Rank: 90
ZEO.TO Sharpe Ratio Rank: 93
ZEO.TO Sortino Ratio Rank: 89
ZEO.TO Omega Ratio Rank: 89
ZEO.TO Calmar Ratio Rank: 93
ZEO.TO Martin Ratio Rank: 84

HCLN.TO

HCLN.TO Risk / Return Rank: 27
HCLN.TO Sharpe Ratio Rank: 27
HCLN.TO Sortino Ratio Rank: 29
HCLN.TO Omega Ratio Rank: 27
HCLN.TO Calmar Ratio Rank: 23
HCLN.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZEO.TO vs. HCLN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and Harvest Clean Energy ETF (HCLN.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.

	ZEO.TO	HCLN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.62	0.73	+1.89
Sortino ratio: Return per unit of downside risk	3.38	1.19	+2.19
Omega ratio: Gain probability vs. loss probability	1.44	1.14	+0.30
Calmar ratio: Return relative to maximum drawdown	4.86	0.78	+4.08
Martin ratio: Return relative to average drawdown	13.04	2.54	+10.50

ZEO.TO vs. HCLN.TO - Sharpe Ratio Comparison

The current ZEO.TO Sharpe Ratio is 2.62, which is higher than the HCLN.TO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of ZEO.TO and HCLN.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.

Drawdowns

ZEO.TO vs. HCLN.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -80.10%, which is greater than HCLN.TO's maximum drawdown of -68.93%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and HCLN.TO.

Drawdown Indicators

	ZEO.TO	HCLN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-80.10%	-68.93%	-11.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-27.05%	+17.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-41.73%	+24.11%
Max Drawdown (5Y) Largest decline over 5 years	-22.59%	-62.16%	+39.57%
Max Drawdown (10Y) Largest decline over 10 years	-73.35%	—	—
Current Drawdown Current decline from peak	-3.57%	-50.33%	+46.76%
Average Drawdown Average peak-to-trough decline	-24.99%	-45.60%	+20.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	8.28%	-4.61%

Volatility

ZEO.TO vs. HCLN.TO - Volatility Comparison

The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 6.82%, while Harvest Clean Energy ETF (HCLN.TO) has a volatility of 10.45%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than HCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEO.TO	HCLN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	10.45%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	15.16%	21.56%	-6.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	28.91%	-10.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	25.76%	-4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.15%	26.52%	+0.63%

ZEO.TO vs. HCLN.TO - Expense Ratio Comparison

ZEO.TO has a 0.60% expense ratio, which is higher than HCLN.TO's 0.40% expense ratio.

Dividends

ZEO.TO vs. HCLN.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.74%, while HCLN.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCLN.TO Harvest Clean Energy ETF	0.00%	0.00%	0.00%	0.00%	0.97%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.74%	3.43%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	0.71%	0.49%	0.47%	0.82%

Frequently Asked Questions

Can I hold both ZEO.TO and HCLN.TO in my portfolio?

ZEO.TO and HCLN.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, ZEO.TO or HCLN.TO?

On fees, HCLN.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEO.TO or HCLN.TO?

HCLN.TO is cheaper with a 0.40% expense ratio, compared with 0.60% for ZEO.TO.

What is the main difference between ZEO.TO and HCLN.TO?

ZEO.TO is categorized as Energy Equities, while HCLN.TO is Alternative Energy Equities. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.60% for ZEO.TO and 0.40% for HCLN.TO.