ZEO.TO vs. ZCLN.TO
ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and ZCLN.TO (BMO 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 ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 5 years, ZEO.TO returned 26.62%/yr vs -1.12%/yr for ZCLN.TO. Their 0.15 correlation means their historical movements had little consistent relationship. ZEO.TO charges 0.60%/yr vs 0.39%/yr for ZCLN.TO.
Performance
ZEO.TO vs. ZCLN.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 ZCLN.TO's 15.70% 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%
ZCLN.TO
- 1D
- 5.09%
- 1M
- -9.12%
- 6M
- 2.19%
- YTD
- 15.70%
- 1Y
- 36.64%
- 3Y*
- 4.35%
- 5Y*
- -1.12%
- 10Y*
- —
- ALL TIME*
- -7.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | CA$167.51K | CA$220.65K | CA$322.42K |
| CA$3.54M | CA$2.96M | CA$2.91M |
ZEO.TO vs. ZCLN.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% | 53.47% |
ZCLN.TO BMO Clean Energy Index ETF | 15.70% | 35.83% | -20.23% | -20.37% | 1.41% | -34.25% |
Correlation
The correlation between ZEO.TO and ZCLN.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. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021 | 0.15 |
The correlation between ZEO.TO and ZCLN.TO shifts across timeframes, from -0.01 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZEO.TO vs. ZCLN.TO — Risk / Return Rank
ZEO.TO
ZCLN.TO
ZEO.TO vs. ZCLN.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 BMO Clean Energy Index ETF (ZCLN.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 | ZCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.20 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 1.33 | +3.53 |
| Martin ratioReturn relative to average drawdown | 13.04 | 4.50 | +8.55 |
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Drawdowns
ZEO.TO vs. ZCLN.TO - Drawdown Comparison
The maximum ZEO.TO drawdown since its inception was -80.10%, which is greater than ZCLN.TO's maximum drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and ZCLN.TO.
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Drawdown Indicators
| ZEO.TO | ZCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.10% | -61.18% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -9.88% | -27.65% | +17.77% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -33.73% | +16.11% |
Max Drawdown (5Y)Largest decline over 5 years | -22.59% | -50.26% | +27.67% |
Max Drawdown (10Y)Largest decline over 10 years | -73.35% | — | — |
Current DrawdownCurrent decline from peak | -3.57% | -33.44% | +29.87% |
Average DrawdownAverage peak-to-trough decline | -24.99% | -40.37% | +15.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 8.17% | -4.50% |
Volatility
ZEO.TO vs. ZCLN.TO - Volatility Comparison
The current volatility for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) is 6.82%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 11.50%. This indicates that ZEO.TO experiences smaller price fluctuations and is considered to be less risky than ZCLN.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 | ZCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 11.50% | -4.68% |
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% | 31.52% | -13.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 26.86% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.15% | 27.68% | -0.53% |
ZEO.TO vs. ZCLN.TO - Expense Ratio Comparison
ZEO.TO has a 0.60% expense ratio, which is higher than ZCLN.TO's 0.39% expense ratio.
Dividends
ZEO.TO vs. ZCLN.TO - Dividend Comparison
ZEO.TO's dividend yield for the trailing twelve months is around 2.74%, more than ZCLN.TO's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 1.50% | 1.73% | 2.13% | 1.37% | 0.93% | 0.83% | 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 ZCLN.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.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for ZEO.TO.
ZEO.TO is categorized as Energy Equities, while ZCLN.TO is Alternative Energy Equities. ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index, while ZCLN.TO tracks S&P Global Clean Energy Index. Their fees differ too: 0.60% for ZEO.TO and 0.39% for ZCLN.TO.
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