ZEO.TO vs. XCLN.TO
ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and XCLN.TO (iShares Global Clean Energy Index ETF) are both exchange-traded funds - ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index, while XCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 3 years, ZEO.TO returned 24.46%/yr vs 4.53%/yr for XCLN.TO. Their 0.10 correlation means their historical movements had little consistent relationship. ZEO.TO charges 0.60%/yr vs 0.35%/yr for XCLN.TO.
Performance
ZEO.TO vs. XCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEO.TO achieves a 37.42% return, which is significantly higher than XCLN.TO's 16.27% 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%
XCLN.TO
- 1D
- 4.72%
- 1M
- -7.99%
- 6M
- 3.70%
- YTD
- 16.27%
- 1Y
- 37.05%
- 3Y*
- 4.53%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$54.59K | CA$78.19K | CA$109.63K | |
| CA$3.54M | CA$2.96M | CA$2.91M |
ZEO.TO vs. XCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZEO.TO BMO Equal Weight Oil & Gas Index ETF | 37.42% | 12.36% | 21.51% | 5.98% | -1.29% |
XCLN.TO iShares Global Clean Energy Index ETF | 16.27% | 35.62% | -19.86% | -21.98% | 8.76% |
Correlation
The correlation between ZEO.TO and XCLN.TO is -0.03, 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. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 4, 2022 | 0.10 |
The correlation between ZEO.TO and XCLN.TO shifts across timeframes, from -0.03 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZEO.TO vs. XCLN.TO — Risk / Return Rank
ZEO.TO
XCLN.TO
ZEO.TO vs. XCLN.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 iShares Global Clean Energy Index ETF (XCLN.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 | XCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 1.41 | +3.45 |
| Martin ratioReturn relative to average drawdown | 13.04 | 4.79 | +8.26 |
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Drawdowns
ZEO.TO vs. XCLN.TO - Drawdown Comparison
The maximum ZEO.TO drawdown since its inception was -80.10%, which is greater than XCLN.TO's maximum drawdown of -49.29%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and XCLN.TO.
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Drawdown Indicators
| ZEO.TO | XCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.10% | -49.29% | -30.81% |
Max Drawdown (1Y)Largest decline over 1 year | -9.88% | -26.42% | +16.54% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -33.68% | +16.06% |
Max Drawdown (5Y)Largest decline over 5 years | -22.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.35% | — | — |
Current DrawdownCurrent decline from peak | -3.57% | -19.53% | +15.96% |
Average DrawdownAverage peak-to-trough decline | -24.99% | -25.25% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 7.76% | -4.09% |
Volatility
ZEO.TO vs. XCLN.TO - Volatility Comparison
The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 6.82%, while iShares Global Clean Energy Index ETF (XCLN.TO) has a volatility of 11.05%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than XCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZEO.TO | XCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 11.05% | -4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 15.16% | 25.34% | -10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 31.61% | -13.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 26.45% | -5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.15% | 26.45% | +0.70% |
ZEO.TO vs. XCLN.TO - Expense Ratio Comparison
ZEO.TO has a 0.60% expense ratio, which is higher than XCLN.TO's 0.35% expense ratio.
Dividends
ZEO.TO vs. XCLN.TO - Dividend Comparison
ZEO.TO's dividend yield for the trailing twelve months is around 2.74%, more than XCLN.TO's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCLN.TO iShares Global Clean Energy Index ETF | 0.88% | 1.51% | 1.24% | 1.15% | 0.39% | 0.00% | 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
ZEO.TO and XCLN.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCLN.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCLN.TO is cheaper with a 0.35% expense ratio, compared with 0.60% for ZEO.TO.
ZEO.TO is categorized as Energy Equities, while XCLN.TO is Alternative Energy Equities. ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index, while XCLN.TO tracks S&P Global Clean Energy Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.60% for ZEO.TO and 0.35% for XCLN.TO.
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