ZMI.TO vs. XCV.TO
ZMI.TO (BMO Monthly Income ETF) and XCV.TO (iShares Canadian Value Index ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. ZMI.TO is actively managed, while XCV.TO is passively managed. Over the past 10 years, ZMI.TO returned 6.85%/yr vs 13.88%/yr for XCV.TO. A 0.58 correlation means they provide meaningful diversification when combined. ZMI.TO charges 0.18%/yr vs 0.55%/yr for XCV.TO.
Performance
ZMI.TO vs. XCV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMI.TO achieves a 9.27% return, which is significantly lower than XCV.TO's 22.37% return. Over the past 10 years, ZMI.TO has underperformed XCV.TO with an annualized return of 6.85%, while XCV.TO has yielded a comparatively higher 13.88% annualized return.
ZMI.TO
- 1D
- 0.35%
- 1M
- 2.97%
- YTD
- 9.27%
- 6M
- 6.28%
- 1Y
- 15.52%
- 3Y*
- 12.55%
- 5Y*
- 7.84%
- 10Y*
- 6.85%
XCV.TO
- 1D
- 0.64%
- 1M
- 6.47%
- YTD
- 22.37%
- 6M
- 20.31%
- 1Y
- 47.47%
- 3Y*
- 28.48%
- 5Y*
- 18.73%
- 10Y*
- 13.88%
ZMI.TO vs. XCV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZMI.TO BMO Monthly Income ETF | 9.27% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 13.52% | -2.39% | 4.98% |
XCV.TO iShares Canadian Value Index ETF | 22.37% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
Correlation
The correlation between ZMI.TO and XCV.TO is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.58 |
The correlation between ZMI.TO and XCV.TO has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
ZMI.TO vs. XCV.TO — Risk / Return Rank
ZMI.TO
XCV.TO
ZMI.TO vs. XCV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and iShares Canadian Value Index ETF (XCV.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.
| ZMI.TO | XCV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -4.14 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 2.08 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 12.42 | -9.14 |
| Martin ratioReturn relative to average drawdown | 10.68 | 46.72 | -36.03 |
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Drawdowns
ZMI.TO vs. XCV.TO - Drawdown Comparison
The maximum ZMI.TO drawdown since its inception was -26.64%, smaller than the maximum XCV.TO drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and XCV.TO.
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Drawdown Indicators
| ZMI.TO | XCV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.64% | -52.45% | +25.81% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -3.84% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -8.80% | -9.71% | +0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -18.06% | +5.38% |
Max Drawdown (10Y)Largest decline over 10 years | -26.64% | -41.18% | +14.54% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -6.61% | +4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.02% | +0.44% |
Volatility
ZMI.TO vs. XCV.TO - Volatility Comparison
The current volatility for BMO Monthly Income ETF (ZMI.TO) is 2.63%, while iShares Canadian Value Index ETF (XCV.TO) has a volatility of 3.23%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than XCV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMI.TO | XCV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 3.23% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 7.72% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 9.08% | -1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 12.84% | -5.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 15.53% | -6.66% |
ZMI.TO vs. XCV.TO - Expense Ratio Comparison
ZMI.TO has a 0.18% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.
Dividends
ZMI.TO vs. XCV.TO - Dividend Comparison
ZMI.TO's dividend yield for the trailing twelve months is around 3.99%, more than XCV.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.27% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
ZMI.TO BMO Monthly Income ETF | 3.99% | 4.67% | 4.82% | 5.09% | 4.63% | 3.82% | 4.34% | 4.37% | 4.72% | 4.18% | 4.01% | 4.01% |
Frequently Asked Questions
ZMI.TO and XCV.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.55% for XCV.TO.
ZMI.TO is categorized as Diversified Portfolio, while XCV.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZMI.TO and 0.55% for XCV.TO.
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