PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZGRO.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZGRO.TO vs. XEI.TO

Last updated Jun 4, 2026

ZGRO.TO (BMO Growth ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZGRO.TO is a Large Cap Growth Equities fund actively managed by BMO, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. ZGRO.TO is actively managed, while XEI.TO is passively managed. Over the past 5 years, ZGRO.TO returned 11.51%/yr vs 15.55%/yr for XEI.TO. A 0.61 correlation means they provide meaningful diversification when combined. ZGRO.TO charges 0.18%/yr vs 0.22%/yr for XEI.TO.

Performance

ZGRO.TO vs. XEI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Growth ETF (ZGRO.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZGRO.TO achieves a 10.53% return, which is significantly lower than XEI.TO's 22.21% return.

ZGRO.TO

1D
-0.41%
1M
5.37%
YTD
10.53%
6M
10.31%
1Y
25.76%
3Y*
18.49%
5Y*
11.51%
10Y*
—

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZGRO.TO
BMO Growth ETF		10.53%16.39%20.71%14.64%-10.58%14.99%10.81%10.83%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%13.30%

Correlation

The correlation between ZGRO.TO and XEI.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.61

Over the past year, the correlation between ZGRO.TO and XEI.TO has dropped to 0.27 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

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

Sectors
ZGRO.TO
XEI.TO

Technology

22.2%
0.7%

Financial Services

19.8%
31.4%

Industrials

11.2%
0.7%

Consumer Cyclical

8.3%
6.2%

Energy

8.0%
32.1%

Basic Materials

7.2%
4.6%

Healthcare

6.9%
0.2%

Communication Services

6.7%
7.6%

Consumer Defensive

4.9%
0.5%

Utilities

3.0%
11.2%

Real Estate

2.0%
4.8%

Technology

ZGRO.TO
22.2%
XEI.TO
0.7%

Financial Services

ZGRO.TO
19.8%
XEI.TO
31.4%

Industrials

ZGRO.TO
11.2%
XEI.TO
0.7%

Consumer Cyclical

ZGRO.TO
8.3%
XEI.TO
6.2%

Energy

ZGRO.TO
8.0%
XEI.TO
32.1%

Basic Materials

ZGRO.TO
7.2%
XEI.TO
4.6%

Healthcare

ZGRO.TO
6.9%
XEI.TO
0.2%

Communication Services

ZGRO.TO
6.7%
XEI.TO
7.6%

Consumer Defensive

ZGRO.TO
4.9%
XEI.TO
0.5%

Utilities

ZGRO.TO
3.0%
XEI.TO
11.2%

Real Estate

ZGRO.TO
2.0%
XEI.TO
4.8%

Compare stocks, funds, or ETFs

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

BMO Growth ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with ZGRO.TO:
ZGRO.TO vs. VGRO.TOZGRO.TO vs. XGRO.TOZGRO.TO vs. TGRO.TOZGRO.TO vs. XEQT.TOZGRO.TO vs. VFV.TOZGRO.TO vs. ZBAL.TOZGRO.TO vs. XDIV.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZGRO.TO
ZGRO.TO Risk / Return Rank: 7373
Overall Rank
ZGRO.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZGRO.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
ZGRO.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZGRO.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
ZGRO.TO Martin Ratio Rank: 7878
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) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZGRO.TO vs. XEI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Growth ETF (ZGRO.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.

ZGRO.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
2.39
6.08

-3.68

Sortino ratioReturn per unit of downside risk
3.32
9.07

-5.74

Omega ratioGain probability vs. loss probability

1.44

2.27

-0.83

Calmar ratioReturn relative to maximum drawdown

3.76

19.53

-15.76

Martin ratioReturn relative to average drawdown

15.21

66.28

-51.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZGRO.TO Sharpe Ratio is 2.39, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of ZGRO.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.

Loading charts...

Sharpe Ratios by Period

ZGRO.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.39

6.08

-3.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

1.39

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.91

0.67

+0.25

Drawdowns

ZGRO.TO vs. XEI.TO - Drawdown Comparison

The maximum ZGRO.TO drawdown since its inception was -24.64%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZGRO.TO and XEI.TO.

Loading charts...

Drawdown Indicators

ZGRO.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.64%

-45.51%

+20.87%

Max Drawdown (1Y)

Largest decline over 1 year

-6.87%

-2.24%

-4.63%

Max Drawdown (3Y)

Largest decline over 3 years

-12.45%

-9.92%

-2.53%

Max Drawdown (5Y)

Largest decline over 5 years

-17.19%

-17.32%

+0.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.51%

—

Current Drawdown

Current decline from peak

-0.41%

-0.76%

+0.35%

Average Drawdown

Average peak-to-trough decline

-3.38%

-5.05%

+1.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.70%

0.66%

+1.04%

Volatility

ZGRO.TO vs. XEI.TO - Volatility Comparison

BMO Growth ETF (ZGRO.TO) has a higher volatility of 4.11% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that ZGRO.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.

Loading charts...

Volatility by Period

ZGRO.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.11%

2.87%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

9.00%

6.01%

+2.99%

Volatility (1Y)

Calculated over the trailing 1-year period

10.81%

7.21%

+3.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.76%

11.24%

-0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.99%

16.01%

-3.02%

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

ZGRO.TO has a 0.18% expense ratio, which is lower than XEI.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZGRO.TO vs. XEI.TO - Dividend Comparison

ZGRO.TO's dividend yield for the trailing twelve months is around 1.48%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
ZGRO.TO
BMO Growth ETF		1.48%1.70%1.92%2.27%2.54%2.22%2.49%2.32%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZGRO.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, ZGRO.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZGRO.TO is cheaper with a 0.18% expense ratio, compared with 0.22% for XEI.TO.

ZGRO.TO is categorized as Large Cap Growth Equities, while XEI.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZGRO.TO and 0.22% for XEI.TO.

Portfolio Optimizer

Find the right allocation for ZGRO.TO and XEI.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer