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ZUQ.TO vs. XFN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUQ.TO vs. XFN.TO

Last updated Jun 13, 2026

ZUQ.TO (BMO MSCI USA High Quality Index ETF) and XFN.TO (iShares S&P/TSX Capped Financials Index ETF) are both exchange-traded funds - ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index, while XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD. Both are passively managed. Over the past 10 years, ZUQ.TO returned 16.76%/yr vs 15.21%/yr for XFN.TO. At a 0.47 correlation, their price movements are largely independent. ZUQ.TO charges 0.33%/yr vs 0.61%/yr for XFN.TO.

Performance

ZUQ.TO vs. XFN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA High Quality Index ETF (ZUQ.TO) and iShares S&P/TSX Capped Financials Index ETF (XFN.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, ZUQ.TO achieves a 10.46% return, which is significantly lower than XFN.TO's 17.97% return. Over the past 10 years, ZUQ.TO has outperformed XFN.TO with an annualized return of 16.76%, while XFN.TO has yielded a comparatively lower 15.21% annualized return.

ZUQ.TO

1D
0.51%
1M
3.59%
YTD
10.46%
6M
5.75%
1Y
19.61%
3Y*
20.68%
5Y*
15.10%
10Y*
16.76%

XFN.TO

1D
0.81%
1M
9.07%
YTD
17.97%
6M
19.57%
1Y
48.08%
3Y*
31.45%
5Y*
18.22%
10Y*
15.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUQ.TO vs. XFN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUQ.TO
BMO MSCI USA High Quality Index ETF		10.46%5.80%34.06%33.29%-18.30%26.45%19.97%31.80%4.75%17.02%
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		17.97%34.40%29.32%13.09%-9.92%35.57%0.99%20.66%-9.76%12.54%

Correlation

The correlation between ZUQ.TO and XFN.TO is 0.60, 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

0.60

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

0.52

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

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.47

The correlation between ZUQ.TO and XFN.TO shifts across timeframes, from 0.47 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

ZUQ.TO vs. XFN.TO - Sectors Allocation Comparison

Sectors
ZUQ.TO
XFN.TO

Technology

33.5%

-

Healthcare

14.8%

-

Communication Services

14.5%

-

Consumer Defensive

11.2%

-

Industrials

10.8%

-

Financial Services

10.6%
100.0%

Consumer Cyclical

2.7%

-

Basic Materials

1.6%

-

Energy

0.2%

-

Utilities

0.1%

-

Real Estate

-

-

Technology

ZUQ.TO
33.5%
XFN.TO

-

Healthcare

ZUQ.TO
14.8%
XFN.TO

-

Communication Services

ZUQ.TO
14.5%
XFN.TO

-

Consumer Defensive

ZUQ.TO
11.2%
XFN.TO

-

Industrials

ZUQ.TO
10.8%
XFN.TO

-

Financial Services

ZUQ.TO
10.6%
XFN.TO
100.0%

Consumer Cyclical

ZUQ.TO
2.7%
XFN.TO

-

Basic Materials

ZUQ.TO
1.6%
XFN.TO

-

Energy

ZUQ.TO
0.2%
XFN.TO

-

Utilities

ZUQ.TO
0.1%
XFN.TO

-

Real Estate

ZUQ.TO

-

XFN.TO

-

Compare stocks, funds, or ETFs

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BMO MSCI USA High Quality Index ETF

iShares S&P/TSX Capped Financials Index ETF

Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. BNKS.L
Often compared with XFN.TO:
XFN.TO vs. VDY.TOXFN.TO vs. FIE.TOXFN.TO vs. CEW.TOXFN.TO vs. XIU.TOXFN.TO vs. VFV.TOXFN.TO vs. RY.TOXFN.TO vs. XUS-U.TO

Return for Risk

ZUQ.TO vs. XFN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUQ.TO
ZUQ.TO Risk / Return Rank: 4848
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 4343
Martin Ratio Rank
XFN.TO
XFN.TO Risk / Return Rank: 9595
Overall Rank
XFN.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XFN.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XFN.TO Omega Ratio Rank: 9696
Omega Ratio Rank
XFN.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
XFN.TO Martin Ratio Rank: 9595
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.

ZUQ.TO vs. XFN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA High Quality Index ETF (ZUQ.TO) and iShares S&P/TSX Capped Financials Index ETF (XFN.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.

ZUQ.TOXFN.TODifference
Sharpe ratioReturn per unit of total volatility
1.57
3.95

-2.38

Sortino ratioReturn per unit of downside risk
2.16
5.49

-3.33

Omega ratioGain probability vs. loss probability

1.30

1.70

-0.40

Calmar ratioReturn relative to maximum drawdown

1.86

6.20

-4.33

Martin ratioReturn relative to average drawdown

6.05

25.03

-18.98

ZUQ.TO vs. XFN.TO - Sharpe Ratio Comparison

The current ZUQ.TO Sharpe Ratio is 1.57, which is lower than the XFN.TO Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of ZUQ.TO and XFN.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

ZUQ.TO vs. XFN.TO - Drawdown Comparison

The maximum ZUQ.TO drawdown since its inception was -26.93%, smaller than the maximum XFN.TO drawdown of -55.53%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and XFN.TO.

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Drawdown Indicators

ZUQ.TOXFN.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.93%

-55.53%

+28.60%

Max Drawdown (1Y)

Largest decline over 1 year

-10.57%

-7.80%

-2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-17.93%

-12.37%

-5.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-21.90%

-5.03%

Max Drawdown (10Y)

Largest decline over 10 years

-26.93%

-39.93%

+13.00%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.57%

-6.95%

+2.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

1.93%

+1.33%

Volatility

ZUQ.TO vs. XFN.TO - Volatility Comparison

The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 3.40%, while iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a volatility of 4.08%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than XFN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUQ.TOXFN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.40%

4.08%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

9.92%

10.20%

-0.28%

Volatility (1Y)

Calculated over the trailing 1-year period

12.52%

12.24%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.37%

13.50%

+2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.53%

16.54%

+0.99%

ZUQ.TO vs. XFN.TO - Expense Ratio Comparison

ZUQ.TO has a 0.33% expense ratio, which is lower than XFN.TO's 0.61% expense ratio.

Dividends

ZUQ.TO vs. XFN.TO - Dividend Comparison

ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, less than XFN.TO's 2.07% yield.

PositionTTM20252024202320222021202020192018201720162015
XFN.TO
iShares S&P/TSX Capped Financials Index ETF		2.07%2.39%3.16%3.60%3.48%2.67%3.35%3.00%3.43%2.73%2.83%3.17%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.48%0.60%0.90%1.03%0.83%1.00%1.00%1.12%1.25%1.26%0.92%

Frequently Asked Questions

ZUQ.TO and XFN.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUQ.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUQ.TO is cheaper with a 0.33% expense ratio, compared with 0.61% for XFN.TO.

ZUQ.TO is categorized as Large Cap Blend Equities, while XFN.TO is Financials Equities. ZUQ.TO tracks MSCI USA Quality Index, while XFN.TO tracks Morningstar Gbl Fin Svc GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZUQ.TO and 0.61% for XFN.TO.

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