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

ZFN.TO vs. XEI.TO

Last updated Aug 4, 2026
Documentation

ZFN.TO (BMO SIA Focused North American Equity Fund) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both Canada Equities funds. ZFN.TO is actively managed, while XEI.TO is passively managed. Over the past 5 years, ZFN.TO returned 12.50%/yr vs 15.82%/yr for XEI.TO. Their 0.37 correlation means their historical movements had little consistent relationship. ZFN.TO charges 0.80%/yr vs 0.22%/yr for XEI.TO.

Performance

ZFN.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO SIA Focused North American Equity Fund (ZFN.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, ZFN.TO achieves a 1.20% return, which is significantly lower than XEI.TO's 28.07% 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%

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

ZFN.TO

BMO SIA Focused North American Equity Fund
CA$170.59KCA$152.77KCA$257.53K

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

2026 (YTD)20252024202320222021202020192018
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%
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 ZFN.TO and XEI.TO is 0.27, which is low. Their historical price movements had little consistent relationship.

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

0.27

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

0.28

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

0.37

The correlation between ZFN.TO and XEI.TO shifts across timeframes, from 0.27 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZFN.TO
XEI.TO

Financial Services

32.5%
32.4%

Technology

21.7%
0.7%

Industrials

19.5%
1.8%

Energy

18.2%
29.4%

Healthcare

13.8%
0.2%

Utilities

6.3%
12.1%

Communication Services

6.3%
7.4%

Basic Materials

-

4.0%

Consumer Cyclical

-

6.2%

Consumer Defensive

-

0.5%

Real Estate

-

5.2%

Financial Services

ZFN.TO
32.5%
XEI.TO
32.4%

Technology

ZFN.TO
21.7%
XEI.TO
0.7%

Industrials

ZFN.TO
19.5%
XEI.TO
1.8%

Energy

ZFN.TO
18.2%
XEI.TO
29.4%

Healthcare

ZFN.TO
13.8%
XEI.TO
0.2%

Utilities

ZFN.TO
6.3%
XEI.TO
12.1%

Communication Services

ZFN.TO
6.3%
XEI.TO
7.4%

Basic Materials

ZFN.TO

-

XEI.TO
4.0%

Consumer Cyclical

ZFN.TO

-

XEI.TO
6.2%

Consumer Defensive

ZFN.TO

-

XEI.TO
0.5%

Real Estate

ZFN.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 North American Equity Fund

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with ZFN.TO:
ZFN.TO vs. VFV.TOZFN.TO vs. L.TOZFN.TO vs. FTN.TOZFN.TO vs. FFN.TOZFN.TO vs. BANK.TOZFN.TO vs. HTAE.TOZFN.TO vs. ZEB.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

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

Compare historical risk-adjusted metric ranks over the past 12 months.
ZFN.TO
ZFN.TO Risk / Return Rank: 2424
Overall Rank
ZFN.TO Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ZFN.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
ZFN.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZFN.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
ZFN.TO Martin Ratio Rank: 2323
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.

ZFN.TO vs. XEI.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 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.

ZFN.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
0.55
4.85

-4.30

Sortino ratioReturn per unit of downside risk
0.92
6.69

-5.78

Omega ratioGain probability vs. loss probability

1.12

1.94

-0.82

Calmar ratioReturn relative to maximum drawdown

0.76

9.37

-8.61

Martin ratioReturn relative to average drawdown

1.75

41.27

-39.52

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

The current ZFN.TO Sharpe Ratio is 0.55, which is lower than the XEI.TO Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of ZFN.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

ZFN.TO vs. XEI.TO - Drawdown Comparison

The maximum ZFN.TO drawdown since its inception was -21.64%, smaller than the maximum XEI.TO drawdown of -45.52%. Use the drawdown chart below to compare losses from any high point for ZFN.TO and XEI.TO.

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Drawdown Indicators

ZFN.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-21.64%

-45.52%

+23.88%

Max Drawdown (1Y)

Largest decline over 1 year

-15.99%

-4.22%

-11.77%

Max Drawdown (3Y)

Largest decline over 3 years

-17.33%

-9.96%

-7.37%

Max Drawdown (5Y)

Largest decline over 5 years

-17.33%

-17.35%

+0.02%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.52%

—

Current Drawdown

Current decline from peak

-6.81%

-0.52%

-6.29%

Average Drawdown

Average peak-to-trough decline

-5.01%

-5.06%

+0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.92%

0.96%

+5.96%

Volatility

ZFN.TO vs. XEI.TO - Volatility Comparison

BMO SIA Focused North American Equity Fund (ZFN.TO) has a higher volatility of 5.27% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.44%. This indicates that ZFN.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

ZFN.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.27%

2.44%

+2.83%

Volatility (6M)

Calculated over the trailing 6-month period

14.94%

6.06%

+8.88%

Volatility (1Y)

Calculated over the trailing 1-year period

22.26%

8.16%

+14.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.50%

11.27%

+4.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.44%

16.00%

+0.44%

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

ZFN.TO has a 0.80% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

ZFN.TO vs. XEI.TO - Dividend Comparison

ZFN.TO's dividend yield for the trailing twelve months is around 0.49%, 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%
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 XEI.TO have a correlation of 0.27, 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 0.80% for ZFN.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.80% for ZFN.TO and 0.22% for XEI.TO.

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