ZEO.TO vs. NXF.TO

Last updated Jun 4, 2026

ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and NXF.TO (CI Energy Giants Covered Call ETF Common Units (CAD Hedged)) are both Energy Equities funds. ZEO.TO is passively managed, while NXF.TO is actively managed. Over the past 10 years, ZEO.TO returned 10.67%/yr vs 8.23%/yr for NXF.TO. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

ZEO.TO vs. NXF.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 CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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 37.72% return, which is significantly higher than NXF.TO's 32.43% return. Over the past 10 years, ZEO.TO has outperformed NXF.TO with an annualized return of 10.67%, while NXF.TO has yielded a comparatively lower 8.23% annualized return.

ZEO.TO

• 1D: 0.65%
• 1M: 2.51%
• YTD: 37.72%
• 6M: 32.21%
• 1Y: 50.73%
• 3Y*: 27.08%
• 5Y*: 25.42%
• 10Y*: 10.67%

NXF.TO

• 1D: 1.17%
• 1M: -2.11%
• YTD: 32.43%
• 6M: 29.37%
• 1Y: 45.90%
• 3Y*: 15.64%
• 5Y*: 17.39%
• 10Y*: 8.23%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	37.72%	12.35%	21.51%	5.98%	39.67%	63.65%	-28.56%	16.50%	-25.62%	-12.74%
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged)	32.43%	9.19%	-4.66%	6.48%	43.93%	40.64%	-35.30%	6.23%	-9.27%	3.08%

Correlation

The correlation between ZEO.TO and NXF.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 13, 2015	0.72

The correlation between ZEO.TO and NXF.TO shifts across timeframes, from 0.72 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	ZEO.TO	NXF.TO
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZEO.TO

ZEO.TO Risk / Return Rank: 86
ZEO.TO Sharpe Ratio Rank: 89
ZEO.TO Sortino Ratio Rank: 85
ZEO.TO Omega Ratio Rank: 84
ZEO.TO Calmar Ratio Rank: 89
ZEO.TO Martin Ratio Rank: 84

NXF.TO

NXF.TO Risk / Return Rank: 73
NXF.TO Sharpe Ratio Rank: 73
NXF.TO Sortino Ratio Rank: 66
NXF.TO Omega Ratio Rank: 64
NXF.TO Calmar Ratio Rank: 87
NXF.TO Martin Ratio Rank: 74

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.

ZEO.TO vs. NXF.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 CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.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.

	ZEO.TO	NXF.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.36	+0.66
Sortino ratio: Return per unit of downside risk	3.86	3.03	+0.83
Omega ratio: Gain probability vs. loss probability	1.52	1.38	+0.14
Calmar ratio: Return relative to maximum drawdown	5.34	4.90	+0.44
Martin ratio: Return relative to average drawdown	17.25	13.97	+3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZEO.TO Sharpe Ratio is 3.02, which is comparable to the NXF.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ZEO.TO and NXF.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

	ZEO.TO	NXF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.36	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.75	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.32	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.22	-0.22

Drawdowns

ZEO.TO vs. NXF.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -77.71%, which is greater than NXF.TO's maximum drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and NXF.TO.

Drawdown Indicators

	ZEO.TO	NXF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-77.71%	-65.25%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-9.41%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-24.26%	+6.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.59%	-24.26%	+1.67%
Max Drawdown (10Y) Largest decline over 10 years	-72.03%	-65.25%	-6.78%
Current Drawdown Current decline from peak	-2.93%	-5.01%	+2.08%
Average Drawdown Average peak-to-trough decline	-21.98%	-16.04%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.30%	-0.35%

Volatility

ZEO.TO vs. NXF.TO - Volatility Comparison

The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 6.99%, while CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) has a volatility of 7.55%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than NXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEO.TO	NXF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	7.55%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	15.65%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	19.57%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	23.39%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.27%	26.16%	+1.11%

Dividends

ZEO.TO vs. NXF.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.59%, less than NXF.TO's 8.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NXF.TO CI Energy Giants Covered Call ETF Common Units (CAD Hedged)	8.04%	7.70%	8.50%	8.60%	11.22%	9.48%	11.23%	7.83%	9.38%	6.50%	8.24%	8.05%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.59%	3.42%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	3.57%	2.46%	2.50%	4.09%

Frequently Asked Questions

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

ZEO.TO and NXF.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

They also come from different issuers: BMO and CI.