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ZIN.TO vs. XFN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZIN.TO vs. XFN.TO

Last updated Jun 4, 2026

ZIN.TO (BMO Equal Weight Industrials Index ETF) and XFN.TO (iShares S&P/TSX Capped Financials Index ETF) are both exchange-traded funds - ZIN.TO is a Industrials Equities fund tracking the Solactive Equal Weight Canada Industrials Index, while XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD. Both are passively managed. Over the past 10 years, ZIN.TO returned 13.42%/yr vs 14.38%/yr for XFN.TO. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

ZIN.TO vs. XFN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Industrials Index ETF (ZIN.TO) and iShares S&P/TSX Capped Financials Index ETF (XFN.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, ZIN.TO achieves a 22.77% return, which is significantly higher than XFN.TO's 12.51% return. Over the past 10 years, ZIN.TO has underperformed XFN.TO with an annualized return of 13.42%, while XFN.TO has yielded a comparatively higher 14.38% annualized return.

ZIN.TO

1D
-0.12%
1M
4.65%
YTD
22.77%
6M
26.17%
1Y
43.28%
3Y*
20.97%
5Y*
13.57%
10Y*
13.42%

XFN.TO

1D
-0.55%
1M
5.10%
YTD
12.51%
6M
17.66%
1Y
41.54%
3Y*
29.67%
5Y*
16.93%
10Y*
14.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZIN.TO vs. XFN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZIN.TO
BMO Equal Weight Industrials Index ETF		22.77%16.68%16.33%19.36%-8.06%17.86%6.62%22.67%-6.61%17.73%
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		12.51%34.40%29.32%13.09%-9.92%35.57%0.99%20.66%-9.76%12.54%

Correlation

The correlation between ZIN.TO and XFN.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

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

0.46

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

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2012

0.49

The correlation between ZIN.TO and XFN.TO has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

ZIN.TO vs. XFN.TO - Sectors Allocation Comparison

Sectors
ZIN.TO
XFN.TO

Industrials

73.8%

-

Energy

10.5%

-

Consumer Cyclical

7.9%

-

Utilities

2.8%

-

Basic Materials

2.6%

-

Real Estate

2.4%

-

Financial Services

2.2%
100.0%

Communication Services

-

-

Consumer Defensive

-

-

Healthcare

-

-

Technology

-

-

Industrials

ZIN.TO
73.8%
XFN.TO

-

Energy

ZIN.TO
10.5%
XFN.TO

-

Consumer Cyclical

ZIN.TO
7.9%
XFN.TO

-

Utilities

ZIN.TO
2.8%
XFN.TO

-

Basic Materials

ZIN.TO
2.6%
XFN.TO

-

Real Estate

ZIN.TO
2.4%
XFN.TO

-

Financial Services

ZIN.TO
2.2%
XFN.TO
100.0%

Communication Services

ZIN.TO

-

XFN.TO

-

Consumer Defensive

ZIN.TO

-

XFN.TO

-

Healthcare

ZIN.TO

-

XFN.TO

-

Technology

ZIN.TO

-

XFN.TO

-

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BMO Equal Weight Industrials Index ETF

iShares S&P/TSX Capped Financials Index ETF

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ZIN.TO vs. ZEB.TOZIN.TO vs. ZMMK.TOZIN.TO vs. ZCN.TOZIN.TO vs. ZSP.TOZIN.TO vs. ZRE.TOZIN.TO vs. ZMI.TOZIN.TO vs. FIE.TO
Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. FIE.TOXFN.TO vs. XIU.TOXFN.TO vs. CEW.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO

Return for Risk

ZIN.TO vs. XFN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZIN.TO
ZIN.TO Risk / Return Rank: 8888
Overall Rank
ZIN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ZIN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
ZIN.TO Omega Ratio Rank: 8686
Omega Ratio Rank
ZIN.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ZIN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
XFN.TO
XFN.TO Risk / Return Rank: 9191
Overall Rank
XFN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9191
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9090
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.

ZIN.TO vs. XFN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Industrials Index ETF (ZIN.TO) and iShares S&P/TSX Capped Financials Index ETF (XFN.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.

ZIN.TOXFN.TODifference
Sharpe ratioReturn per unit of total volatility
2.97
3.46

-0.49

Sortino ratioReturn per unit of downside risk
3.87
4.85

-0.99

Omega ratioGain probability vs. loss probability

1.52

1.61

-0.09

Calmar ratioReturn relative to maximum drawdown

5.37

5.35

+0.01

Martin ratioReturn relative to average drawdown

19.31

21.60

-2.29

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

ZIN.TO vs. XFN.TO - Sharpe Ratio Comparison

The current ZIN.TO Sharpe Ratio is 2.97, which is comparable to the XFN.TO Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of ZIN.TO and XFN.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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Sharpe Ratios by Period

ZIN.TOXFN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.97

3.46

-0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

1.26

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.87

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.64

+0.12

Drawdowns

ZIN.TO vs. XFN.TO - Drawdown Comparison

The maximum ZIN.TO drawdown since its inception was -44.01%, smaller than the maximum XFN.TO drawdown of -56.55%. Use the drawdown chart below to compare losses from any high point for ZIN.TO and XFN.TO.

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Drawdown Indicators

ZIN.TOXFN.TODifference

Max Drawdown

Largest peak-to-trough decline

-44.01%

-56.55%

+12.54%

Max Drawdown (1Y)

Largest decline over 1 year

-8.10%

-7.80%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-22.39%

-12.37%

-10.02%

Max Drawdown (5Y)

Largest decline over 5 years

-23.11%

-21.90%

-1.21%

Max Drawdown (10Y)

Largest decline over 10 years

-44.01%

-39.93%

-4.08%

Current Drawdown

Current decline from peak

-0.12%

-1.39%

+1.27%

Average Drawdown

Average peak-to-trough decline

-6.14%

-6.60%

+0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.93%

+0.32%

Volatility

ZIN.TO vs. XFN.TO - Volatility Comparison

The current volatility for BMO Equal Weight Industrials Index ETF (ZIN.TO) is 3.38%, while iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a volatility of 4.19%. This indicates that ZIN.TO experiences smaller price fluctuations and is considered to be less risky than XFN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZIN.TOXFN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.38%

4.19%

-0.81%

Volatility (6M)

Calculated over the trailing 6-month period

11.39%

10.10%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.67%

12.07%

+2.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.70%

13.47%

+3.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

16.53%

+1.51%

ZIN.TO vs. XFN.TO - Expense Ratio Comparison

Both ZIN.TO and XFN.TO have an expense ratio of 0.61%.

Dividends

ZIN.TO vs. XFN.TO - Dividend Comparison

ZIN.TO's dividend yield for the trailing twelve months is around 0.95%, less than XFN.TO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.17%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%
ZIN.TO
BMO Equal Weight Industrials Index ETF		0.95%1.22%1.41%1.67%2.01%1.84%2.10%2.31%1.81%1.35%1.91%2.24%

Frequently Asked Questions

ZIN.TO and XFN.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZIN.TO and XFN.TO have the same expense ratio: 0.61% per year.

ZIN.TO is categorized as Industrials Equities, while XFN.TO is Financials Equities. ZIN.TO tracks Solactive Equal Weight Canada Industrials Index, while XFN.TO tracks Morningstar Gbl Fin Svc GR CAD. They also come from different issuers: BMO and iShares.

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