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ZFC.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFC.TO vs. XEI.TO

Last updated Aug 4, 2026
Documentation

ZFC.TO (BMO SIA Focused Canadian Equity Fund) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both Canada Equities funds. ZFC.TO is actively managed, while XEI.TO is passively managed. Over the past 5 years, ZFC.TO returned 10.74%/yr vs 15.82%/yr for XEI.TO. Their 0.32 correlation means their historical movements had little consistent relationship. ZFC.TO charges 0.84%/yr vs 0.22%/yr for XEI.TO.

Performance

ZFC.TO vs. XEI.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 Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZFC.TO achieves a 17.68% return, which is significantly lower than XEI.TO's 28.07% 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%

XEI.TO

1D
-0.52%
1M
3.87%
6M
22.93%
YTD
28.07%
1Y
40.21%
3Y*
22.34%
5Y*
15.82%
10Y*
12.09%
ALL TIME*
9.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XEI.TO

iShares S&P/TSX Composite High Dividend Index ETF
CA$6.71MCA$7.00MCA$7.79M

ZFC.TO

BMO SIA Focused Canadian Equity Fund
CA$17.49KCA$19.26KCA$37.47K

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

2026 (YTD)20252024202320222021202020192018
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%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		28.07%20.86%15.26%6.59%0.32%35.76%-7.60%25.30%-3.14%

Correlation

The correlation between ZFC.TO and XEI.TO is 0.18, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.18

Correlation (3Y)
Balances recent behavior with more history.

0.27

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.32

Correlation (All Time)
Calculated using the full available price history since Dec 11, 2018

0.32

The correlation between ZFC.TO and XEI.TO shifts across timeframes, from 0.18 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZFC.TO
XEI.TO

Financial Services

31.4%
32.4%

Industrials

30.5%
1.8%

Energy

21.4%
29.4%

Utilities

11.5%
12.1%

Technology

8.6%
0.7%

Consumer Cyclical

8.1%
6.2%

Basic Materials

-

4.0%

Communication Services

-

7.4%

Consumer Defensive

-

0.5%

Healthcare

-

0.2%

Real Estate

-

5.2%

Financial Services

ZFC.TO
31.4%
XEI.TO
32.4%

Industrials

ZFC.TO
30.5%
XEI.TO
1.8%

Energy

ZFC.TO
21.4%
XEI.TO
29.4%

Utilities

ZFC.TO
11.5%
XEI.TO
12.1%

Technology

ZFC.TO
8.6%
XEI.TO
0.7%

Consumer Cyclical

ZFC.TO
8.1%
XEI.TO
6.2%

Basic Materials

ZFC.TO

-

XEI.TO
4.0%

Communication Services

ZFC.TO

-

XEI.TO
7.4%

Consumer Defensive

ZFC.TO

-

XEI.TO
0.5%

Healthcare

ZFC.TO

-

XEI.TO
0.2%

Real Estate

ZFC.TO

-

XEI.TO
5.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO SIA Focused Canadian Equity Fund

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with ZFC.TO:
ZFC.TO vs. VGKZFC.TO vs. VDY.TOZFC.TO vs. WXM.TOZFC.TO vs. TDZFC.TO vs. ZFN.TOZFC.TO vs. FCMO.NEOZFC.TO vs. VMO.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
ZFC.TO
ZFC.TO Risk / Return Rank: 6262
Overall Rank
ZFC.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZFC.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZFC.TO Omega Ratio Rank: 5858
Omega Ratio Rank
ZFC.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZFC.TO Martin Ratio Rank: 7676
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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. XEI.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 Composite High Dividend Index ETF (XEI.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.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
1.29
4.85

-3.56

Sortino ratioReturn per unit of downside risk
1.75
6.69

-4.95

Omega ratioGain probability vs. loss probability

1.28

1.94

-0.67

Calmar ratioReturn relative to maximum drawdown

3.49

9.37

-5.89

Martin ratioReturn relative to average drawdown

10.59

41.27

-30.68

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

The current ZFC.TO Sharpe Ratio is 1.29, which is lower than the XEI.TO Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of ZFC.TO and XEI.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.

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Drawdowns

ZFC.TO vs. XEI.TO - Drawdown Comparison

The maximum ZFC.TO drawdown since its inception was -27.50%, smaller than the maximum XEI.TO drawdown of -45.52%. Use the drawdown chart below to compare losses from any high point for ZFC.TO and XEI.TO.

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Drawdown Indicators

ZFC.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.50%

-45.52%

+18.02%

Max Drawdown (1Y)

Largest decline over 1 year

-8.12%

-4.22%

-3.90%

Max Drawdown (3Y)

Largest decline over 3 years

-14.98%

-9.96%

-5.02%

Max Drawdown (5Y)

Largest decline over 5 years

-14.98%

-17.35%

+2.37%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.52%

—

Current Drawdown

Current decline from peak

-3.90%

-0.52%

-3.38%

Average Drawdown

Average peak-to-trough decline

-5.52%

-5.06%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.67%

0.96%

+1.71%

Volatility

ZFC.TO vs. XEI.TO - Volatility Comparison

BMO SIA Focused Canadian Equity Fund (ZFC.TO) has a higher volatility of 4.24% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.44%. This indicates that ZFC.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFC.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.24%

2.44%

+1.80%

Volatility (6M)

Calculated over the trailing 6-month period

11.95%

6.06%

+5.89%

Volatility (1Y)

Calculated over the trailing 1-year period

21.98%

8.16%

+13.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.07%

11.27%

+3.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.13%

16.00%

+0.13%

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

ZFC.TO has a 0.84% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

ZFC.TO vs. XEI.TO - Dividend Comparison

ZFC.TO's dividend yield for the trailing twelve months is around 0.13%, less than XEI.TO's 3.39% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.39%4.47%5.45%4.97%4.68%3.58%5.03%4.62%5.42%4.29%4.41%5.64%
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

ZFC.TO and XEI.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.84% for ZFC.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.84% for ZFC.TO and 0.22% for XEI.TO.

Portfolio Optimizer

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