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

ZFC.TO vs. ZXM.TO

Last updated Aug 4, 2026
Documentation

ZFC.TO (BMO SIA Focused Canadian Equity Fund) and ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) are both exchange-traded funds - ZFC.TO is a Canada Equities fund actively managed by BMO, while ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index. ZFC.TO is actively managed, while ZXM.TO is passively managed. Over the past 5 years, ZFC.TO returned 10.74%/yr vs 12.06%/yr for ZXM.TO. Their 0.29 correlation means their historical movements had little consistent relationship. ZFC.TO charges 0.84%/yr vs 0.67%/yr for ZXM.TO.

Performance

ZFC.TO vs. ZXM.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 CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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 higher than ZXM.TO's 12.37% 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%

ZXM.TO

1D
2.38%
1M
-3.18%
6M
6.21%
YTD
12.37%
1Y
27.46%
3Y*
23.62%
5Y*
12.06%
10Y*
12.98%
ALL TIME*
12.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ZFC.TO

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

ZXM.TO

CI Morningstar International Momentum Index ETF Common Units CAD Hedged
CA$43.76KCA$31.09KCA$57.00K

ZFC.TO vs. ZXM.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%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.37%35.74%21.42%14.21%-20.62%25.67%16.23%30.39%-3.19%

Correlation

The correlation between ZFC.TO and ZXM.TO is 0.25, which is low. Their historical price movements had little consistent relationship.

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

0.25

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

0.24

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

0.31

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

0.29

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

Sectors
ZFC.TO
ZXM.TO

Financial Services

31.4%
23.9%

Industrials

30.5%
29.0%

Energy

21.4%
4.0%

Utilities

11.5%
2.9%

Technology

8.6%
14.0%

Consumer Cyclical

8.1%
8.9%

Basic Materials

-

7.0%

Communication Services

-

1.9%

Consumer Defensive

-

4.6%

Healthcare

-

2.4%

Real Estate

-

1.5%

Financial Services

ZFC.TO
31.4%
ZXM.TO
23.9%

Industrials

ZFC.TO
30.5%
ZXM.TO
29.0%

Energy

ZFC.TO
21.4%
ZXM.TO
4.0%

Utilities

ZFC.TO
11.5%
ZXM.TO
2.9%

Technology

ZFC.TO
8.6%
ZXM.TO
14.0%

Consumer Cyclical

ZFC.TO
8.1%
ZXM.TO
8.9%

Basic Materials

ZFC.TO

-

ZXM.TO
7.0%

Communication Services

ZFC.TO

-

ZXM.TO
1.9%

Consumer Defensive

ZFC.TO

-

ZXM.TO
4.6%

Healthcare

ZFC.TO

-

ZXM.TO
2.4%

Real Estate

ZFC.TO

-

ZXM.TO
1.5%

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

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

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Return for Risk

ZFC.TO vs. ZXM.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
ZXM.TO
ZXM.TO Risk / Return Rank: 7272
Overall Rank
ZXM.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 7777
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7070
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. ZXM.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 CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.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.TOZXM.TODifference
Sharpe ratioReturn per unit of total volatility
1.29
1.69

-0.40

Sortino ratioReturn per unit of downside risk
1.75
2.42

-0.67

Omega ratioGain probability vs. loss probability

1.28

1.34

-0.06

Calmar ratioReturn relative to maximum drawdown

3.49

2.70

+0.79

Martin ratioReturn relative to average drawdown

10.59

9.14

+1.44

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

The current ZFC.TO Sharpe Ratio is 1.29, which is comparable to the ZXM.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ZFC.TO and ZXM.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. ZXM.TO - Drawdown Comparison

The maximum ZFC.TO drawdown since its inception was -27.50%, smaller than the maximum ZXM.TO drawdown of -35.22%. Use the drawdown chart below to compare losses from any high point for ZFC.TO and ZXM.TO.

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Drawdown Indicators

ZFC.TOZXM.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.50%

-35.22%

+7.72%

Max Drawdown (1Y)

Largest decline over 1 year

-8.12%

-10.35%

+2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-14.98%

-12.74%

-2.24%

Max Drawdown (5Y)

Largest decline over 5 years

-14.98%

-26.93%

+11.95%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.22%

—

Current Drawdown

Current decline from peak

-3.90%

-5.90%

+2.00%

Average Drawdown

Average peak-to-trough decline

-5.52%

-6.41%

+0.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.67%

3.05%

-0.38%

Volatility

ZFC.TO vs. ZXM.TO - Volatility Comparison

The current volatility for BMO SIA Focused Canadian Equity Fund (ZFC.TO) is 4.24%, while CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a volatility of 6.30%. This indicates that ZFC.TO experiences smaller price fluctuations and is considered to be less risky than ZXM.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.TOZXM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.24%

6.30%

-2.06%

Volatility (6M)

Calculated over the trailing 6-month period

11.95%

15.05%

-3.10%

Volatility (1Y)

Calculated over the trailing 1-year period

21.98%

16.60%

+5.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.07%

16.26%

-1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.13%

16.61%

-0.48%

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

ZFC.TO has a 0.84% expense ratio, which is higher than ZXM.TO's 0.67% expense ratio.

Dividends

ZFC.TO vs. ZXM.TO - Dividend Comparison

ZFC.TO's dividend yield for the trailing twelve months is around 0.13%, less than ZXM.TO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		1.94%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.48%0.88%1.19%1.11%

Frequently Asked Questions

ZFC.TO and ZXM.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZXM.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZXM.TO is cheaper with a 0.67% expense ratio, compared with 0.84% for ZFC.TO.

ZFC.TO is categorized as Canada Equities, while ZXM.TO is Momentum. They also come from different issuers: BMO and CI. Their fees differ too: 0.84% for ZFC.TO and 0.67% for ZXM.TO.

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