ZEQL.TO vs. XUSC.TO

Last updated Jul 18, 2026

ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both Large Cap Blend Equities funds - ZEQL.TO tracks the MSCI USA Equal Weighted Index while XUSC.TO tracks the S&P 500 3% Capped Index. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. ZEQL.TO charges 0.05%/yr vs 0.12%/yr for XUSC.TO.

Performance

ZEQL.TO vs. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZEQL.TO

• 1D: -0.89%
• 1M: 1.22%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XUSC.TO

• 1D: -0.93%
• 1M: -0.58%
• 6M: 8.57%
• YTD: 12.33%
• 1Y: 22.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	9.30%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	10.50%

Correlation

The correlation between ZEQL.TO and XUSC.TO is 0.71, 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 25, 2026	0.71

Return for Risk

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

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

ZEQL.TO

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

XUSC.TO

XUSC.TO Risk / Return Rank: 77
XUSC.TO Sharpe Ratio Rank: 78
XUSC.TO Sortino Ratio Rank: 78
XUSC.TO Omega Ratio Rank: 76
XUSC.TO Calmar Ratio Rank: 78
XUSC.TO Martin Ratio Rank: 78

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. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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.

	ZEQL.TO	XUSC.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.89	—
Sortino ratio: Return per unit of downside risk	—	2.67	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.02	—
Martin ratio: Return relative to average drawdown	—	10.85	—

Drawdowns

ZEQL.TO vs. XUSC.TO - Drawdown Comparison

The maximum ZEQL.TO drawdown since its inception was -6.12%, smaller than the maximum XUSC.TO drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for ZEQL.TO and XUSC.TO.

Drawdown Indicators

	ZEQL.TO	XUSC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.12%	-18.31%	+12.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.60%	—
Current Drawdown Current decline from peak	-4.46%	-3.02%	-1.44%
Average Drawdown Average peak-to-trough decline	-1.69%	-2.59%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.11%	—

Volatility

Volatility by Period

	ZEQL.TO	XUSC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	12.13%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	15.64%	-2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.57%	15.64%	-2.07%

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

ZEQL.TO has a 0.05% expense ratio, which is lower than XUSC.TO's 0.12% 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. XUSC.TO - Dividend Comparison

ZEQL.TO's dividend yield for the trailing twelve months is around 0.69%, less than XUSC.TO's 0.95% yield.

Position	TTM	2025	2024
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.95%	0.94%	0.24%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.69%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZEQL.TO and XUSC.TO in my portfolio?

ZEQL.TO and XUSC.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZEQL.TO or XUSC.TO?

On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEQL.TO or XUSC.TO?

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.12% for XUSC.TO.

What is the main difference between ZEQL.TO and XUSC.TO?

ZEQL.TO tracks MSCI USA Equal Weighted Index, while XUSC.TO tracks S&P 500 3% Capped Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.05% for ZEQL.TO and 0.12% for XUSC.TO.