ZUP.TO vs. ZCN.TO
ZUP.TO (BMO US Preferred Share Index ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZUP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Over the past 5 years, ZUP.TO returned 1.32%/yr vs 14.78%/yr for ZCN.TO. At a 0.13 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. ZCN.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly lower than ZCN.TO's 11.09% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 10Y*
- —
ZCN.TO
- 1D
- 0.15%
- 1M
- 0.71%
- YTD
- 11.09%
- 6M
- 10.54%
- 1Y
- 32.80%
- 3Y*
- 23.36%
- 5Y*
- 14.78%
- 10Y*
- 12.76%
ZUP.TO vs. ZCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -14.25% | 4.80% | 7.69% | 11.34% | 1.93% | 0.37% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 11.09% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 5.69% | 22.85% | -8.85% | 7.01% |
Correlation
The correlation between ZUP.TO and ZCN.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.13 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZUP.TO vs. ZCN.TO — Risk / Return Rank
ZUP.TO
ZCN.TO
ZUP.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.
| ZUP.TO | ZCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.45 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 3.54 | -2.18 |
| Martin ratioReturn relative to average drawdown | 2.75 | 16.14 | -13.39 |
Loading charts...
Drawdowns
ZUP.TO vs. ZCN.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZUP.TO and ZCN.TO.
Loading charts...
Drawdown Indicators
| ZUP.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -37.18% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -9.30% | +4.54% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -12.25% | -0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | -16.25% | -9.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.18% | — |
Current DrawdownCurrent decline from peak | -4.13% | -1.41% | -2.72% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -4.72% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 2.04% | +0.31% |
Volatility
ZUP.TO vs. ZCN.TO - Volatility Comparison
The current volatility for BMO US Preferred Share Index ETF (ZUP.TO) is 3.84%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.18%. This indicates that ZUP.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZUP.TO | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 4.18% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 10.73% | -4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 13.11% | -4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 13.19% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 14.98% | -0.57% |
Dividends
ZUP.TO vs. ZCN.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, more than ZCN.TO's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.06% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.75% | 2.86% | 3.36% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% | 0.00% | 0.00% |
Frequently Asked Questions
ZUP.TO and ZCN.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZUP.TO is categorized as Preferred Stock/Convertible Bonds, while ZCN.TO is Canada Equities.
Find the right allocation for ZUP.TO and ZCN.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer