ZEQL.TO vs. XTOT.TO

Last updated Apr 14, 2026

ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) and XTOT.TO (iShares Core S&P Total U.S. Stock Market Index ETF) are both Large Cap Blend Equities funds — ZEQL.TO tracks the MSCI USA Equal Weighted Index while XTOT.TO tracks the S&P Total Market Index. Both are passively managed. A 0.66 correlation means they provide meaningful diversification when combined. ZEQL.TO charges 0.05%/yr vs 0.07%/yr for XTOT.TO.

Performance

ZEQL.TO vs. XTOT.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 Core S&P Total U.S. Stock Market Index ETF (XTOT.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*: —

XTOT.TO

• 1D: 1.02%
• 1M: 5.63%
• YTD: 2.67%
• 6M: 3.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	-0.18%
XTOT.TO iShares Core S&P Total U.S. Stock Market Index ETF	1.59%

Correlation

The correlation between ZEQL.TO and XTOT.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 10, 2026	0.66

Return for Risk

ZEQL.TO vs. XTOT.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 Core S&P Total U.S. Stock Market Index ETF (XTOT.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	XTOT.TO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	1.69	-1.77

Drawdowns

ZEQL.TO vs. XTOT.TO - Drawdown Comparison

The maximum ZEQL.TO drawdown since its inception was -6.12%, smaller than the maximum XTOT.TO drawdown of -9.64%. Use the drawdown chart below to compare losses from any high point for ZEQL.TO and XTOT.TO.

Drawdown Indicators

	ZEQL.TO	XTOT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.12%	-9.64%	+3.52%
Current Drawdown Current decline from peak	-1.63%	-1.59%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.57%	-2.04%	-0.53%

Volatility

Volatility by Period

	ZEQL.TO	XTOT.TO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	13.17%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	13.17%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	13.17%	+0.29%

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

ZEQL.TO has a 0.05% expense ratio, which is lower than XTOT.TO's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZEQL.TO vs. XTOT.TO - Dividend Comparison

ZEQL.TO's dividend yield for the trailing twelve months is around 0.40%, less than XTOT.TO's 0.67% yield.

	TTM	2025
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.40%	0.00%
XTOT.TO iShares Core S&P Total U.S. Stock Market Index ETF	0.67%	0.54%