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ZSML.TO vs. XEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZSML.TO vs. XEQT.TO

Last updated Jul 16, 2026
Documentation

ZSML.TO (BMO S&P US Small Cap Index ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - ZSML.TO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600® Index, while XEQT.TO is a Global Equities fund actively managed by iShares. ZSML.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, ZSML.TO returned 9.88%/yr vs 13.59%/yr for XEQT.TO. At a 0.46 correlation, their price movements are largely independent. ZSML.TO charges 0.22%/yr vs 0.20%/yr for XEQT.TO.

Performance

ZSML.TO vs. XEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Small Cap Index ETF (ZSML.TO) and iShares Core Equity ETF Portfolio (XEQT.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, ZSML.TO achieves a 24.51% return, which is significantly higher than XEQT.TO's 14.16% return.

ZSML.TO

1D
0.18%
1M
2.17%
6M
16.36%
YTD
24.51%
1Y
35.60%
3Y*
16.64%
5Y*
9.88%
10Y*
—

XEQT.TO

1D
0.24%
1M
0.34%
6M
10.11%
YTD
14.16%
1Y
28.37%
3Y*
21.71%
5Y*
13.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSML.TO vs. XEQT.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZSML.TO
BMO S&P US Small Cap Index ETF		24.51%0.61%17.47%12.67%-11.12%28.32%5.78%
XEQT.TO
iShares Core Equity ETF Portfolio		14.16%20.57%24.38%17.27%-10.99%18.98%6.48%

Correlation

The correlation between ZSML.TO and XEQT.TO is 0.65, 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

0.65

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

0.61

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

0.53

Correlation (All Time)
Calculated using the full available price history since Feb 20, 2020

0.46

The correlation between ZSML.TO and XEQT.TO shifts across timeframes, from 0.46 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

ZSML.TO vs. XEQT.TO - Sectors Allocation Comparison

Sectors
ZSML.TO
XEQT.TO

Technology

17.1%
18.3%

Financial Services

16.6%
23.3%

Industrials

15.2%
13.2%

Consumer Cyclical

13.1%
7.2%

Healthcare

11.0%
5.8%

Real Estate

7.6%
2.2%

Energy

5.4%
8.3%

Basic Materials

5.0%
9.5%

Communication Services

3.6%
5.1%

Consumer Defensive

3.6%
4.4%

Utilities

1.9%
3.0%

Technology

ZSML.TO
17.1%
XEQT.TO
18.3%

Financial Services

ZSML.TO
16.6%
XEQT.TO
23.3%

Industrials

ZSML.TO
15.2%
XEQT.TO
13.2%

Consumer Cyclical

ZSML.TO
13.1%
XEQT.TO
7.2%

Healthcare

ZSML.TO
11.0%
XEQT.TO
5.8%

Real Estate

ZSML.TO
7.6%
XEQT.TO
2.2%

Energy

ZSML.TO
5.4%
XEQT.TO
8.3%

Basic Materials

ZSML.TO
5.0%
XEQT.TO
9.5%

Communication Services

ZSML.TO
3.6%
XEQT.TO
5.1%

Consumer Defensive

ZSML.TO
3.6%
XEQT.TO
4.4%

Utilities

ZSML.TO
1.9%
XEQT.TO
3.0%

Compare stocks, funds, or ETFs

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

BMO S&P US Small Cap Index ETF

iShares Core Equity ETF Portfolio

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Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. VOOXEQT.TO vs. XEI.TO

Return for Risk

ZSML.TO vs. XEQT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZSML.TO
ZSML.TO Risk / Return Rank: 8585
Overall Rank
ZSML.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZSML.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZSML.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZSML.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
ZSML.TO Martin Ratio Rank: 8888
Martin Ratio Rank
XEQT.TO
XEQT.TO Risk / Return Rank: 8787
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8888
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.

ZSML.TO vs. XEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Small Cap Index ETF (ZSML.TO) and iShares Core Equity ETF Portfolio (XEQT.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.

ZSML.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
2.06
2.33

-0.26

Sortino ratioReturn per unit of downside risk
3.07
3.19

-0.12

Omega ratioGain probability vs. loss probability

1.38

1.43

-0.05

Calmar ratioReturn relative to maximum drawdown

4.41

3.45

+0.95

Martin ratioReturn relative to average drawdown

15.21

14.74

+0.47

ZSML.TO vs. XEQT.TO - Sharpe Ratio Comparison

The current ZSML.TO Sharpe Ratio is 2.06, which is comparable to the XEQT.TO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of ZSML.TO and XEQT.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

ZSML.TO vs. XEQT.TO - Drawdown Comparison

The maximum ZSML.TO drawdown since its inception was -35.32%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for ZSML.TO and XEQT.TO.

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Drawdown Indicators

ZSML.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.32%

-29.74%

-5.58%

Max Drawdown (1Y)

Largest decline over 1 year

-8.12%

-8.25%

+0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-26.87%

-15.08%

-11.79%

Max Drawdown (5Y)

Largest decline over 5 years

-26.87%

-19.55%

-7.32%

Current Drawdown

Current decline from peak

-2.64%

-0.97%

-1.67%

Average Drawdown

Average peak-to-trough decline

-8.70%

-4.05%

-4.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.35%

1.93%

+0.42%

Volatility

ZSML.TO vs. XEQT.TO - Volatility Comparison

BMO S&P US Small Cap Index ETF (ZSML.TO) has a higher volatility of 4.29% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 2.51%. This indicates that ZSML.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSML.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.29%

2.51%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

12.35%

10.14%

+2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

17.42%

12.27%

+5.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.68%

13.25%

+6.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.21%

15.52%

+6.69%

ZSML.TO vs. XEQT.TO - Expense Ratio Comparison

ZSML.TO has a 0.22% expense ratio, which is higher than XEQT.TO's 0.20% 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

ZSML.TO vs. XEQT.TO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 0.97%, less than XEQT.TO's 1.59% yield.

PositionTTM2025202420232022202120202019
XEQT.TO
iShares Core Equity ETF Portfolio		1.59%1.66%2.03%2.09%2.14%1.66%1.69%1.21%
ZSML.TO
BMO S&P US Small Cap Index ETF		0.97%1.21%1.22%1.47%1.72%1.02%1.29%0.00%

Frequently Asked Questions

ZSML.TO and XEQT.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.22% for ZSML.TO.

ZSML.TO is categorized as Small Cap Blend Equities, while XEQT.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.22% for ZSML.TO and 0.20% for XEQT.TO.

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