PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZEO.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEO.TO vs. XEI.TO

Last updated Jun 4, 2026

ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, ZEO.TO returned 10.67%/yr vs 12.32%/yr for XEI.TO. A 0.77 correlation means they provide meaningful diversification when combined. ZEO.TO charges 0.60%/yr vs 0.22%/yr for XEI.TO.

Performance

ZEO.TO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZEO.TO achieves a 37.72% return, which is significantly higher than XEI.TO's 22.21% return. Over the past 10 years, ZEO.TO has underperformed XEI.TO with an annualized return of 10.67%, while XEI.TO has yielded a comparatively higher 12.32% 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%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between ZEO.TO and XEI.TO is 0.67, 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

0.67

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

0.66

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

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.77

The correlation between ZEO.TO and XEI.TO shifts across timeframes, from 0.66 (3 years) to 0.77 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZEO.TO
XEI.TO

Energy

100.0%
32.1%

Basic Materials

-

4.6%

Communication Services

-

7.6%

Consumer Cyclical

-

6.2%

Consumer Defensive

-

0.5%

Financial Services

-

31.4%

Healthcare

-

0.2%

Industrials

-

0.7%

Real Estate

-

4.8%

Technology

-

0.7%

Utilities

-

11.2%

Energy

ZEO.TO
100.0%
XEI.TO
32.1%

Basic Materials

ZEO.TO

-

XEI.TO
4.6%

Communication Services

ZEO.TO

-

XEI.TO
7.6%

Consumer Cyclical

ZEO.TO

-

XEI.TO
6.2%

Consumer Defensive

ZEO.TO

-

XEI.TO
0.5%

Financial Services

ZEO.TO

-

XEI.TO
31.4%

Healthcare

ZEO.TO

-

XEI.TO
0.2%

Industrials

ZEO.TO

-

XEI.TO
0.7%

Real Estate

ZEO.TO

-

XEI.TO
4.8%

Technology

ZEO.TO

-

XEI.TO
0.7%

Utilities

ZEO.TO

-

XEI.TO
11.2%

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 Oil & Gas Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. ENCC.TOZEO.TO vs. XLEZEO.TO vs. ZWEN.TOZEO.TO vs. VFV.TOZEO.TO vs. HXT.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

ZEO.TO vs. XEI.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: 8686
Overall Rank
ZEO.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8484
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

ZEO.TO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
3.02
6.08

-3.06

Sortino ratioReturn per unit of downside risk
3.86
9.07

-5.21

Omega ratioGain probability vs. loss probability

1.52

2.27

-0.75

Calmar ratioReturn relative to maximum drawdown

5.34

19.53

-14.18

Martin ratioReturn relative to average drawdown

17.25

66.28

-49.04

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. XEI.TO - Sharpe Ratio Comparison

The current ZEO.TO Sharpe Ratio is 3.02, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of ZEO.TO and XEI.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.

Loading charts...

Sharpe Ratios by Period

ZEO.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.02

6.08

-3.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.21

1.39

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.77

-0.38

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.67

-0.67

Drawdowns

ZEO.TO vs. XEI.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -77.71%, which is greater than XEI.TO's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and XEI.TO.

Loading charts...

Drawdown Indicators

ZEO.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-77.71%

-45.51%

-32.20%

Max Drawdown (1Y)

Largest decline over 1 year

-9.54%

-2.24%

-7.30%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-9.92%

-7.70%

Max Drawdown (5Y)

Largest decline over 5 years

-22.59%

-17.32%

-5.27%

Max Drawdown (10Y)

Largest decline over 10 years

-72.03%

-45.51%

-26.52%

Current Drawdown

Current decline from peak

-2.93%

-0.76%

-2.17%

Average Drawdown

Average peak-to-trough decline

-21.98%

-5.05%

-16.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.95%

0.66%

+2.29%

Volatility

ZEO.TO vs. XEI.TO - Volatility Comparison

BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a higher volatility of 6.99% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that ZEO.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZEO.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.99%

2.87%

+4.12%

Volatility (6M)

Calculated over the trailing 6-month period

14.57%

6.01%

+8.56%

Volatility (1Y)

Calculated over the trailing 1-year period

16.92%

7.21%

+9.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

11.24%

+9.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.27%

16.01%

+11.26%

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

ZEO.TO has a 0.60% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

ZEO.TO vs. XEI.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.59%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
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

ZEO.TO and XEI.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.60% for ZEO.TO.

ZEO.TO is categorized as Energy Equities, while XEI.TO is Canada Equities. ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.60% for ZEO.TO and 0.22% for XEI.TO.

Portfolio Optimizer

Find the right allocation for ZEO.TO and XEI.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer