ZIU.TO vs. VCN.TO

Last updated Jun 4, 2026

ZIU.TO (BMO S&P/TSX 60 Index ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both Canada Equities funds - ZIU.TO tracks the S&P/TSX 60 Index while VCN.TO tracks the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past year, ZIU.TO returned 31.32% vs 33.06% for VCN.TO. A 0.77 correlation means they provide meaningful diversification when combined. ZIU.TO charges 0.15%/yr vs 0.06%/yr for VCN.TO.

Performance

ZIU.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX 60 Index ETF (ZIU.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZIU.TO having a 10.17% return and VCN.TO slightly higher at 10.48%.

ZIU.TO

• 1D: -0.14%
• 1M: 3.59%
• YTD: 10.17%
• 6M: 11.84%
• 1Y: 31.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCN.TO

• 1D: -1.03%
• 1M: 3.61%
• YTD: 10.48%
• 6M: 12.01%
• 1Y: 33.06%
• 3Y*: 23.42%
• 5Y*: 14.85%
• 10Y*: 12.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZIU.TO vs. VCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZIU.TO BMO S&P/TSX 60 Index ETF	10.17%	28.37%	21.12%	10.25%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.48%	30.20%	22.14%	10.09%

Correlation

The correlation between ZIU.TO and VCN.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.77

The correlation between ZIU.TO and VCN.TO shifts across timeframes, from 0.77 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZIU.TO vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZIU.TO

ZIU.TO Risk / Return Rank: 83
ZIU.TO Sharpe Ratio Rank: 84
ZIU.TO Sortino Ratio Rank: 84
ZIU.TO Omega Ratio Rank: 84
ZIU.TO Calmar Ratio Rank: 78
ZIU.TO Martin Ratio Rank: 87

VCN.TO

VCN.TO Risk / Return Rank: 77
VCN.TO Sharpe Ratio Rank: 80
VCN.TO Sortino Ratio Rank: 74
VCN.TO Omega Ratio Rank: 78
VCN.TO Calmar Ratio Rank: 71
VCN.TO Martin Ratio Rank: 82

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.

ZIU.TO vs. VCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX 60 Index ETF (ZIU.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.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.

	ZIU.TO	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.64	+0.16
Sortino ratio: Return per unit of downside risk	3.80	3.43	+0.37
Omega ratio: Gain probability vs. loss probability	1.52	1.48	+0.04
Calmar ratio: Return relative to maximum drawdown	3.99	3.65	+0.35
Martin ratio: Return relative to average drawdown	19.04	17.03	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZIU.TO vs. VCN.TO - Sharpe Ratio Comparison

The current ZIU.TO Sharpe Ratio is 2.80, which is comparable to the VCN.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of ZIU.TO and VCN.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.

Sharpe Ratios by Period

	ZIU.TO	VCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.64	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.77	+1.40

Drawdowns

ZIU.TO vs. VCN.TO - Drawdown Comparison

The maximum ZIU.TO drawdown since its inception was -12.35%, smaller than the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for ZIU.TO and VCN.TO.

Drawdown Indicators

	ZIU.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.35%	-37.32%	+24.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-9.11%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-0.14%	-1.03%	+0.89%
Average Drawdown Average peak-to-trough decline	-1.30%	-3.90%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	1.95%	-0.30%

Volatility

ZIU.TO vs. VCN.TO - Volatility Comparison

The current volatility for BMO S&P/TSX 60 Index ETF (ZIU.TO) is 2.25%, while Vanguard FTSE Canada All Cap Index ETF (VCN.TO) has a volatility of 3.41%. This indicates that ZIU.TO experiences smaller price fluctuations and is considered to be less risky than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZIU.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.41%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	10.27%	-1.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	12.57%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.42%	13.03%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.42%	14.98%	-2.56%

ZIU.TO vs. VCN.TO - Expense Ratio Comparison

ZIU.TO has a 0.15% expense ratio, which is higher than VCN.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZIU.TO vs. VCN.TO - Dividend Comparison

ZIU.TO's dividend yield for the trailing twelve months is around 2.10%, more than VCN.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.69%	2.99%	3.15%	2.48%	2.70%	2.85%	2.80%	2.29%	2.34%	2.65%
ZIU.TO BMO S&P/TSX 60 Index ETF	2.10%	2.28%	2.70%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZIU.TO and VCN.TO in my portfolio?

ZIU.TO and VCN.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZIU.TO or VCN.TO?

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIU.TO or VCN.TO?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.15% for ZIU.TO.

What is the main difference between ZIU.TO and VCN.TO?

ZIU.TO tracks S&P/TSX 60 Index, while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.15% for ZIU.TO and 0.06% for VCN.TO.