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

ZSML.TO vs. XSMC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P US Small Cap Index ETF (ZSML.TO) and iShares S&P U.S. Small-Cap Index ETF (XSMC.TO).

ZSML.TO and XSMC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSML.TO is a passively managed fund by BMO that tracks the performance of the S&P SmallCap 600® Index. It was launched on Jan 28, 2020. XSMC.TO is a passively managed fund by iShares that tracks the performance of the S&P SmallCap 600 Index. It was launched on Sep 4, 2019. Both ZSML.TO and XSMC.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZSML.TO vs. XSMC.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 S&P U.S. Small-Cap Index ETF (XSMC.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020
ZSML.TO
BMO S&P US Small Cap Index ETF		4.62%0.20%17.47%12.67%-11.12%28.32%6.20%
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF		4.91%0.80%17.06%13.24%-10.56%25.12%6.95%

Returns By Period

In the year-to-date period, ZSML.TO achieves a 4.62% return, which is significantly lower than XSMC.TO's 4.91% return.

ZSML.TO

1D
1.69%
1M
-2.28%
YTD
4.62%
6M
4.77%
1Y
15.31%
3Y*
10.88%
5Y*
5.80%
10Y*
—

XSMC.TO

1D
2.67%
1M
-2.15%
YTD
4.91%
6M
5.03%
1Y
16.09%
3Y*
11.13%
5Y*
5.95%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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BMO S&P US Small Cap Index ETF

iShares S&P U.S. Small-Cap Index ETF

Often compared with ZSML.TO:
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Often compared with XSMC.TO:
XSMC.TO vs. XMC.TOXSMC.TO vs. XSU.TOXSMC.TO vs. XVLU.TOXSMC.TO vs. XSMH.TOXSMC.TO vs. XUS.TOXSMC.TO vs. XDIV.TOXSMC.TO vs. TTWO

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

Both ZSML.TO and XSMC.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

ZSML.TO
BMO S&P US Small Cap Index ETF
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF

Return for Risk

ZSML.TO vs. XSMC.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: 4141
Overall Rank
ZSML.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
ZSML.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZSML.TO Omega Ratio Rank: 3737
Omega Ratio Rank
ZSML.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
ZSML.TO Martin Ratio Rank: 4646
Martin Ratio Rank
XSMC.TO
XSMC.TO Risk / Return Rank: 4040
Overall Rank
XSMC.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XSMC.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XSMC.TO Omega Ratio Rank: 3737
Omega Ratio Rank
XSMC.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XSMC.TO Martin Ratio Rank: 4343
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. XSMC.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 S&P U.S. Small-Cap Index ETF (XSMC.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.

ZSML.TOXSMC.TODifference

Sharpe ratio

Return per unit of total volatility

0.67

0.68

-0.02

Sortino ratio

Return per unit of downside risk

1.10

1.10

+0.01

Omega ratio

Gain probability vs. loss probability

1.15

1.14

0.00

Calmar ratio

Return relative to maximum drawdown

1.21

1.13

+0.08

Martin ratio

Return relative to average drawdown

4.39

4.01

+0.38

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

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

The current ZSML.TO Sharpe Ratio is 0.67, which is comparable to the XSMC.TO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of ZSML.TO and XSMC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZSML.TOXSMC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.67

0.68

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.30

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.39

+0.01

Correlation

The correlation between ZSML.TO and XSMC.TO is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZSML.TO vs. XSMC.TO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 1.14%, more than XSMC.TO's 1.11% yield.

TTM2025202420232022202120202019
ZSML.TO
BMO S&P US Small Cap Index ETF		1.14%1.21%1.22%1.47%1.72%1.02%1.29%0.00%
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF		1.11%1.16%1.74%1.00%1.09%1.19%0.78%0.60%

Drawdowns

ZSML.TO vs. XSMC.TO - Drawdown Comparison

The maximum ZSML.TO drawdown since its inception was -35.32%, smaller than the maximum XSMC.TO drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for ZSML.TO and XSMC.TO.

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Drawdown Indicators

ZSML.TOXSMC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.32%

-37.30%

+1.98%

Max Drawdown (1Y)

Largest decline over 1 year

-14.11%

-15.14%

+1.03%

Max Drawdown (5Y)

Largest decline over 5 years

-26.87%

-27.05%

+0.18%

Current Drawdown

Current decline from peak

-4.03%

-4.07%

+0.04%

Average Drawdown

Average peak-to-trough decline

-9.08%

-8.29%

-0.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

4.27%

-0.32%

Volatility

ZSML.TO vs. XSMC.TO - Volatility Comparison

The current volatility for BMO S&P US Small Cap Index ETF (ZSML.TO) is 6.04%, while iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) has a volatility of 6.44%. This indicates that ZSML.TO experiences smaller price fluctuations and is considered to be less risky than XSMC.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.TOXSMC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

6.44%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

12.56%

13.63%

-1.07%

Volatility (1Y)

Calculated over the trailing 1-year period

23.10%

23.61%

-0.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.50%

19.68%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

23.51%

-1.10%