ZEQL.TO vs. XMS.TO

Last updated Apr 14, 2026

ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) and XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds — ZEQL.TO tracks the MSCI USA Equal Weighted Index while XMS.TO tracks the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index. Both are passively managed. At 0.45, their price movements are largely independent. ZEQL.TO charges 0.05%/yr vs 0.33%/yr for XMS.TO.

Performance

ZEQL.TO vs. XMS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZEQL.TO

• 1D: 0.73%
• 1M: 3.04%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XMS.TO

• 1D: -0.11%
• 1M: -2.04%
• YTD: -2.27%
• 6M: -3.71%
• 1Y: -0.92%
• 3Y*: 6.90%
• 5Y*: 4.67%
• 10Y*: 7.61%

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

ZEQL.TO vs. XMS.TO - Yearly Performance Comparison

	2026 (YTD)
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	-0.18%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	-3.12%

Correlation

The correlation between ZEQL.TO and XMS.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 10, 2026	0.45

Return for Risk

ZEQL.TO vs. XMS.TO — Risk / Return Rank

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

XMS.TO

XMS.TO Risk / Return Rank: 7
XMS.TO Sharpe Ratio Rank: 6
XMS.TO Sortino Ratio Rank: 5
XMS.TO Omega Ratio Rank: 5
XMS.TO Calmar Ratio Rank: 9
XMS.TO Martin Ratio Rank: 10

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.

ZEQL.TO vs. XMS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZEQL.TO	XMS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.10	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.52	-0.60

Drawdowns

ZEQL.TO vs. XMS.TO - Drawdown Comparison

The maximum ZEQL.TO drawdown since its inception was -6.12%, smaller than the maximum XMS.TO drawdown of -36.48%. Use the drawdown chart below to compare losses from any high point for ZEQL.TO and XMS.TO.

Drawdown Indicators

	ZEQL.TO	XMS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.12%	-36.48%	+30.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.48%	—
Current Drawdown Current decline from peak	-1.63%	-5.07%	+3.44%
Average Drawdown Average peak-to-trough decline	-2.57%	-4.28%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	ZEQL.TO	XMS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	9.64%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	12.14%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	14.75%	-1.29%

ZEQL.TO vs. XMS.TO - Expense Ratio Comparison

ZEQL.TO has a 0.05% expense ratio, which is lower than XMS.TO's 0.33% expense ratio.

Dividends

ZEQL.TO vs. XMS.TO - Dividend Comparison

ZEQL.TO's dividend yield for the trailing twelve months is around 0.40%, less than XMS.TO's 1.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	1.22%	1.08%	1.21%	1.38%	1.20%	0.99%	1.66%	1.40%	1.54%	1.53%	1.43%