ZFC.TO vs. XEG.TO

Last updated Aug 4, 2026

ZFC.TO (BMO SIA Focused Canadian Equity Fund) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - ZFC.TO is a Canada Equities fund actively managed by BMO, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. ZFC.TO is actively managed, while XEG.TO is passively managed. Over the past 5 years, ZFC.TO returned 10.74%/yr vs 32.72%/yr for XEG.TO. Their 0.22 correlation means their historical movements had little consistent relationship. ZFC.TO charges 0.84%/yr vs 0.60%/yr for XEG.TO.

Performance

ZFC.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO SIA Focused Canadian Equity Fund (ZFC.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZFC.TO achieves a 17.68% return, which is significantly lower than XEG.TO's 46.30% return.

ZFC.TO

• 1D: 1.04%
• 1M: -1.02%
• 6M: 14.33%
• YTD: 17.68%
• 1Y: 29.30%
• 3Y*: 15.16%
• 5Y*: 10.74%
• 10Y*: —
• ALL TIME*: 10.54%

XEG.TO

• 1D: 0.69%
• 1M: 15.08%
• 6M: 33.01%
• YTD: 46.30%
• 1Y: 65.86%
• 3Y*: 24.75%
• 5Y*: 32.72%
• 10Y*: 12.29%
• ALL TIME*: 4.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XEG.TO iShares S&P/TSX Capped Energy Index ETF	CA$58.70M	CA$53.16M	CA$56.38M
ZFC.TO BMO SIA Focused Canadian Equity Fund	CA$17.49K	CA$19.26K	CA$37.47K

ZFC.TO vs. XEG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZFC.TO BMO SIA Focused Canadian Equity Fund	17.68%	13.10%	15.48%	6.00%	-3.79%	15.56%	0.92%	23.89%	-5.11%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	46.30%	16.72%	14.04%	3.55%	53.25%	83.71%	-34.44%	9.04%	-5.57%

Correlation

The correlation between ZFC.TO and XEG.TO is 0.00, 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.	0.00
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018	0.22

Over the past year, the correlation between ZFC.TO and XEG.TO has dropped to 0.00 - well below their long-term average of 0.22, suggesting their price drivers have been diverging.

ZFC.TO vs. XEG.TO - Sectors Allocation Comparison

Sectors	ZFC.TO	XEG.TO
Financial Services	31.4%	-
Industrials	30.5%	-
Energy	21.4%	100.0%
Utilities	11.5%	-
Technology	8.6%	-
Consumer Cyclical	8.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

ZFC.TO vs. XEG.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZFC.TO

ZFC.TO Risk / Return Rank: 62
ZFC.TO Sharpe Ratio Rank: 48
ZFC.TO Sortino Ratio Rank: 44
ZFC.TO Omega Ratio Rank: 58
ZFC.TO Calmar Ratio Rank: 85
ZFC.TO Martin Ratio Rank: 76

XEG.TO

XEG.TO Risk / Return Rank: 89
XEG.TO Sharpe Ratio Rank: 93
XEG.TO Sortino Ratio Rank: 88
XEG.TO Omega Ratio Rank: 89
XEG.TO Calmar Ratio Rank: 89
XEG.TO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZFC.TO vs. XEG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused Canadian Equity Fund (ZFC.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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.

	ZFC.TO	XEG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.58	-1.29
Sortino ratio: Return per unit of downside risk	1.75	3.09	-1.34
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	3.49	3.82	-0.33
Martin ratio: Return relative to average drawdown	10.59	11.60	-1.02

ZFC.TO vs. XEG.TO - Sharpe Ratio Comparison

The current ZFC.TO Sharpe Ratio is 1.29, which is lower than the XEG.TO Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of ZFC.TO and XEG.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.

Drawdowns

ZFC.TO vs. XEG.TO - Drawdown Comparison

The maximum ZFC.TO drawdown since its inception was -27.50%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for ZFC.TO and XEG.TO.

Drawdown Indicators

	ZFC.TO	XEG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.50%	-87.51%	+60.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-16.47%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	-25.67%	+10.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.98%	-28.42%	+13.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-79.66%	—
Current Drawdown Current decline from peak	-3.90%	-2.70%	-1.20%
Average Drawdown Average peak-to-trough decline	-5.52%	-34.46%	+28.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	5.44%	-2.77%

Volatility

ZFC.TO vs. XEG.TO - Volatility Comparison

The current volatility for BMO SIA Focused Canadian Equity Fund (ZFC.TO) is 4.24%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.21%. This indicates that ZFC.TO experiences smaller price fluctuations and is considered to be less risky than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFC.TO	XEG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	8.21%	-3.97%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	20.17%	-8.22%
Volatility (1Y) Calculated over the trailing 1-year period	21.98%	24.45%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	28.62%	-13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	33.42%	-17.29%

ZFC.TO vs. XEG.TO - Expense Ratio Comparison

ZFC.TO has a 0.84% expense ratio, which is higher than XEG.TO's 0.60% expense ratio.

Dividends

ZFC.TO vs. XEG.TO - Dividend Comparison

ZFC.TO's dividend yield for the trailing twelve months is around 0.13%, less than XEG.TO's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.52%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%
ZFC.TO BMO SIA Focused Canadian Equity Fund	0.13%	0.15%	0.04%	0.54%	2.54%	0.94%	1.81%	0.51%	0.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZFC.TO and XEG.TO in my portfolio?

ZFC.TO and XEG.TO have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZFC.TO or XEG.TO?

On fees, XEG.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZFC.TO or XEG.TO?

XEG.TO is cheaper with a 0.60% expense ratio, compared with 0.84% for ZFC.TO.

What is the main difference between ZFC.TO and XEG.TO?

ZFC.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.84% for ZFC.TO and 0.60% for XEG.TO.