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

ZUQ.TO vs. XHD.TO

Last updated Jun 4, 2026

ZUQ.TO (BMO MSCI USA High Quality Index ETF) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds - ZUQ.TO tracks the MSCI USA Quality Index while XHD.TO tracks the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, ZUQ.TO returned 16.38%/yr vs 6.22%/yr for XHD.TO. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.33% expense ratio.

Performance

ZUQ.TO vs. XHD.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 U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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 9.39% return, which is significantly lower than XHD.TO's 11.94% return. Over the past 10 years, ZUQ.TO has outperformed XHD.TO with an annualized return of 16.38%, while XHD.TO has yielded a comparatively lower 6.22% annualized return.

ZUQ.TO

1D
0.28%
1M
5.91%
YTD
9.39%
6M
3.18%
1Y
19.10%
3Y*
20.39%
5Y*
15.26%
10Y*
16.38%

XHD.TO

1D
0.83%
1M
0.69%
YTD
11.94%
6M
5.51%
1Y
11.69%
3Y*
9.73%
5Y*
6.55%
10Y*
6.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZUQ.TO
BMO MSCI USA High Quality Index ETF		9.39%5.78%34.02%33.24%-18.33%26.40%19.92%31.74%4.70%16.90%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		11.94%3.92%9.50%-0.07%4.22%17.88%-9.51%17.96%-5.62%11.73%

Correlation

The correlation between ZUQ.TO and XHD.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.21

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

0.33

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

0.42

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2014

0.37

The correlation between ZUQ.TO and XHD.TO shifts across timeframes, from 0.21 (3 years) to 0.42 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
ZUQ.TO
XHD.TO

Technology

33.8%
8.2%

Healthcare

14.8%
16.5%

Communication Services

14.5%
0.1%

Consumer Defensive

11.1%
24.1%

Industrials

11.0%
1.4%

Financial Services

10.1%
11.1%

Consumer Cyclical

2.8%
6.1%

Basic Materials

1.7%
1.2%

Energy

0.2%
22.3%

Utilities

0.1%
9.2%

Real Estate

-

-

Technology

ZUQ.TO
33.8%
XHD.TO
8.2%

Healthcare

ZUQ.TO
14.8%
XHD.TO
16.5%

Communication Services

ZUQ.TO
14.5%
XHD.TO
0.1%

Consumer Defensive

ZUQ.TO
11.1%
XHD.TO
24.1%

Industrials

ZUQ.TO
11.0%
XHD.TO
1.4%

Financial Services

ZUQ.TO
10.1%
XHD.TO
11.1%

Consumer Cyclical

ZUQ.TO
2.8%
XHD.TO
6.1%

Basic Materials

ZUQ.TO
1.7%
XHD.TO
1.2%

Energy

ZUQ.TO
0.2%
XHD.TO
22.3%

Utilities

ZUQ.TO
0.1%
XHD.TO
9.2%

Real Estate

ZUQ.TO

-

XHD.TO

-

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BMO MSCI USA High Quality Index ETF

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

Often compared with ZUQ.TO:
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Often compared with XHD.TO:
XHD.TO vs. SCHDXHD.TO vs. XDIV.TOXHD.TO vs. VDY.TOXHD.TO vs. XEQT.TOXHD.TO vs. XDGH.TOXHD.TO vs. XDU.TOXHD.TO vs. HDIVX

Return for Risk

ZUQ.TO vs. XHD.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: 4141
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 3737
Martin Ratio Rank
XHD.TO
XHD.TO Risk / Return Rank: 3030
Overall Rank
XHD.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 3333
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. XHD.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 U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.

ZUQ.TOXHD.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
1.04

+0.52

Sortino ratioReturn per unit of downside risk
2.15
1.45

+0.70

Omega ratioGain probability vs. loss probability

1.30

1.20

+0.10

Calmar ratioReturn relative to maximum drawdown

1.81

1.80

+0.01

Martin ratioReturn relative to average drawdown

5.87

5.11

+0.76

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

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

The current ZUQ.TO Sharpe Ratio is 1.56, which is higher than the XHD.TO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of ZUQ.TO and XHD.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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Sharpe Ratios by Period

ZUQ.TOXHD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.04

+0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.51

+0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.40

+0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.53

+0.41

Drawdowns

ZUQ.TO vs. XHD.TO - Drawdown Comparison

The maximum ZUQ.TO drawdown since its inception was -26.94%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and XHD.TO.

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Drawdown Indicators

ZUQ.TOXHD.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-38.71%

+11.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.57%

-6.51%

-4.06%

Max Drawdown (3Y)

Largest decline over 3 years

-17.93%

-12.75%

-5.18%

Max Drawdown (5Y)

Largest decline over 5 years

-26.94%

-16.38%

-10.56%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-38.71%

+11.77%

Current Drawdown

Current decline from peak

-0.10%

-2.45%

+2.35%

Average Drawdown

Average peak-to-trough decline

-4.60%

-3.93%

-0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

2.29%

+0.97%

Volatility

ZUQ.TO vs. XHD.TO - Volatility Comparison

The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 2.31%, while iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) has a volatility of 3.78%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than XHD.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.TOXHD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.31%

3.78%

-1.47%

Volatility (6M)

Calculated over the trailing 6-month period

9.60%

9.40%

+0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

12.29%

11.28%

+1.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.35%

13.03%

+3.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.52%

15.53%

+1.99%

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

Both ZUQ.TO and XHD.TO have an expense ratio of 0.33%.

Dividends

ZUQ.TO vs. XHD.TO - Dividend Comparison

ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, less than XHD.TO's 2.38% yield.

PositionTTM20252024202320222021202020192018201720162015
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.38%2.61%2.99%3.09%2.69%2.81%3.44%2.46%2.81%2.36%2.48%3.00%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.43%0.46%0.57%0.86%0.99%0.80%0.96%0.96%1.07%1.16%1.00%0.88%

Frequently Asked Questions

ZUQ.TO and XHD.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.33% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZUQ.TO and XHD.TO have the same expense ratio: 0.33% per year.

ZUQ.TO tracks MSCI USA Quality Index, while XHD.TO tracks Morningstar US Market TR CAD. They also come from different issuers: BMO and iShares.

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