ZFN.TO vs. XEG.TO
ZFN.TO (BMO SIA Focused North American Equity Fund) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - ZFN.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. ZFN.TO is actively managed, while XEG.TO is passively managed. Over the past 5 years, ZFN.TO returned 12.50%/yr vs 32.72%/yr for XEG.TO. Their 0.23 correlation means their historical movements had little consistent relationship. ZFN.TO charges 0.80%/yr vs 0.60%/yr for XEG.TO.
Performance
ZFN.TO vs. XEG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFN.TO achieves a 1.20% return, which is significantly lower than XEG.TO's 46.30% return.
ZFN.TO
- 1D
- 0.61%
- 1M
- -3.74%
- 6M
- -1.91%
- YTD
- 1.20%
- 1Y
- 13.73%
- 3Y*
- 15.87%
- 5Y*
- 12.50%
- 10Y*
- —
- ALL TIME*
- 11.09%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$58.70M | CA$53.16M | CA$56.38M | |
| CA$170.59K | CA$152.77K | CA$257.53K |
ZFN.TO vs. XEG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFN.TO BMO SIA Focused North American Equity Fund | 1.20% | 12.52% | 36.74% | 9.08% | -3.72% | 16.80% | 7.05% | 10.34% | -1.06% |
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 ZFN.TO and XEG.TO is 0.02, 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. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018 | 0.24 |
Over the past year, the correlation between ZFN.TO and XEG.TO has dropped to 0.02 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.
ZFN.TO vs. XEG.TO - Sectors Allocation Comparison
Sectors
ZFN.TO
XEG.TO
Financial Services
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Technology
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Industrials
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Energy
Healthcare
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Utilities
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Communication Services
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Basic Materials
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Consumer Cyclical
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Consumer Defensive
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Real Estate
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-
Financial Services
ZFN.TO
XEG.TO
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Technology
ZFN.TO
XEG.TO
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Industrials
ZFN.TO
XEG.TO
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Energy
ZFN.TO
XEG.TO
Healthcare
ZFN.TO
XEG.TO
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Utilities
ZFN.TO
XEG.TO
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Communication Services
ZFN.TO
XEG.TO
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Basic Materials
ZFN.TO
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XEG.TO
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Consumer Cyclical
ZFN.TO
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XEG.TO
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Consumer Defensive
ZFN.TO
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XEG.TO
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Real Estate
ZFN.TO
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XEG.TO
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Return for Risk
ZFN.TO vs. XEG.TO — Risk / Return Rank
ZFN.TO
XEG.TO
ZFN.TO vs. XEG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused North American Equity Fund (ZFN.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.
| ZFN.TO | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.41 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 3.82 | -3.06 |
| Martin ratioReturn relative to average drawdown | 1.75 | 11.60 | -9.85 |
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Drawdowns
ZFN.TO vs. XEG.TO - Drawdown Comparison
The maximum ZFN.TO drawdown since its inception was -21.64%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for ZFN.TO and XEG.TO.
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Drawdown Indicators
| ZFN.TO | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.64% | -87.51% | +65.87% |
Max Drawdown (1Y)Largest decline over 1 year | -15.99% | -16.47% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -17.33% | -25.67% | +8.34% |
Max Drawdown (5Y)Largest decline over 5 years | -17.33% | -28.42% | +11.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -79.66% | — |
Current DrawdownCurrent decline from peak | -6.81% | -2.70% | -4.11% |
Average DrawdownAverage peak-to-trough decline | -5.01% | -34.46% | +29.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.92% | 5.44% | +1.48% |
Volatility
ZFN.TO vs. XEG.TO - Volatility Comparison
The current volatility for BMO SIA Focused North American Equity Fund (ZFN.TO) is 5.27%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.21%. This indicates that ZFN.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.
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Volatility by Period
| ZFN.TO | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 8.21% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 14.94% | 20.17% | -5.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.26% | 24.45% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 28.62% | -13.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.44% | 33.42% | -16.98% |
ZFN.TO vs. XEG.TO - Expense Ratio Comparison
ZFN.TO has a 0.80% expense ratio, which is higher than XEG.TO's 0.60% expense ratio.
Dividends
ZFN.TO vs. XEG.TO - Dividend Comparison
ZFN.TO's dividend yield for the trailing twelve months is around 0.49%, 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% |
ZFN.TO BMO SIA Focused North American Equity Fund | 0.49% | 0.50% | 0.90% | 0.97% | 2.37% | 0.69% | 0.59% | 0.37% | 0.03% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZFN.TO and XEG.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
XEG.TO is cheaper with a 0.60% expense ratio, compared with 0.80% for ZFN.TO.
ZFN.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: 0.80% for ZFN.TO and 0.60% for XEG.TO.
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