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

ZUQ.TO vs. XMTM.TO

Last updated Jun 4, 2026

ZUQ.TO (BMO MSCI USA High Quality Index ETF) and XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) are both exchange-traded funds - ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index, while XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, ZUQ.TO returned 15.26%/yr vs 17.92%/yr for XMTM.TO. At a 0.42 correlation, their price movements are largely independent. ZUQ.TO charges 0.33%/yr vs 0.31%/yr for XMTM.TO.

Performance

ZUQ.TO vs. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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 XMTM.TO's 33.39% 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%

XMTM.TO

1D
4.00%
1M
19.00%
YTD
33.39%
6M
29.32%
1Y
40.58%
3Y*
35.55%
5Y*
17.92%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZUQ.TO
BMO MSCI USA High Quality Index ETF		9.39%5.78%34.02%33.24%-18.33%26.40%19.92%8.30%
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		33.39%14.02%43.59%6.48%-14.53%15.01%25.77%3.42%

Correlation

The correlation between ZUQ.TO and XMTM.TO is 0.64, 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

0.64

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

0.58

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

0.46

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2019

0.42

Over the past year, ZUQ.TO and XMTM.TO have become more correlated (0.64) than their long-term average of 0.42, meaning their price movements have been converging.

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

Sectors
ZUQ.TO
XMTM.TO

Technology

33.8%
44.7%

Healthcare

14.8%
7.0%

Communication Services

14.5%
7.0%

Consumer Defensive

11.1%
3.3%

Industrials

11.0%
15.3%

Financial Services

10.1%
10.5%

Consumer Cyclical

2.8%
3.7%

Basic Materials

1.7%
1.7%

Energy

0.2%
3.6%

Utilities

0.1%
1.6%

Real Estate

-

1.8%

Technology

ZUQ.TO
33.8%
XMTM.TO
44.7%

Healthcare

ZUQ.TO
14.8%
XMTM.TO
7.0%

Communication Services

ZUQ.TO
14.5%
XMTM.TO
7.0%

Consumer Defensive

ZUQ.TO
11.1%
XMTM.TO
3.3%

Industrials

ZUQ.TO
11.0%
XMTM.TO
15.3%

Financial Services

ZUQ.TO
10.1%
XMTM.TO
10.5%

Consumer Cyclical

ZUQ.TO
2.8%
XMTM.TO
3.7%

Basic Materials

ZUQ.TO
1.7%
XMTM.TO
1.7%

Energy

ZUQ.TO
0.2%
XMTM.TO
3.6%

Utilities

ZUQ.TO
0.1%
XMTM.TO
1.6%

Real Estate

ZUQ.TO

-

XMTM.TO
1.8%

Compare stocks, funds, or ETFs

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BMO MSCI USA High Quality Index ETF

iShares MSCI USA Momentum Factor 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 XMTM.TO:
XMTM.TO vs. SPMOXMTM.TO vs. VMO.TOXMTM.TO vs. VFV.TOXMTM.TO vs. XCHP.TOXMTM.TO vs. FEQT.NEOXMTM.TO vs. QQC.TOXMTM.TO vs. VOO

Return for Risk

ZUQ.TO vs. XMTM.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
XMTM.TO
XMTM.TO Risk / Return Rank: 6565
Overall Rank
XMTM.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMTM.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
XMTM.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XMTM.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMTM.TO Martin Ratio Rank: 5858
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. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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.TOXMTM.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
2.20

-0.63

Sortino ratioReturn per unit of downside risk
2.15
3.07

-0.93

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.10

Calmar ratioReturn relative to maximum drawdown

1.81

3.57

-1.75

Martin ratioReturn relative to average drawdown

5.87

10.21

-4.34

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. XMTM.TO - Sharpe Ratio Comparison

The current ZUQ.TO Sharpe Ratio is 1.56, which is comparable to the XMTM.TO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ZUQ.TO and XMTM.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.TOXMTM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

2.20

-0.63

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.96

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.88

+0.05

Drawdowns

ZUQ.TO vs. XMTM.TO - Drawdown Comparison

The maximum ZUQ.TO drawdown since its inception was -26.94%, smaller than the maximum XMTM.TO drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and XMTM.TO.

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Drawdown Indicators

ZUQ.TOXMTM.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-29.01%

+2.07%

Max Drawdown (1Y)

Largest decline over 1 year

-10.57%

-11.42%

+0.85%

Max Drawdown (3Y)

Largest decline over 3 years

-17.93%

-20.64%

+2.71%

Max Drawdown (5Y)

Largest decline over 5 years

-26.94%

-29.01%

+2.07%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

—

—

Current Drawdown

Current decline from peak

-0.10%

0.00%

-0.10%

Average Drawdown

Average peak-to-trough decline

-4.60%

-7.96%

+3.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

3.99%

-0.73%

Volatility

ZUQ.TO vs. XMTM.TO - Volatility Comparison

The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 2.31%, while iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a volatility of 7.86%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than XMTM.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.TOXMTM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.31%

7.86%

-5.55%

Volatility (6M)

Calculated over the trailing 6-month period

9.60%

16.02%

-6.42%

Volatility (1Y)

Calculated over the trailing 1-year period

12.29%

18.57%

-6.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.35%

18.79%

-2.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.52%

20.07%

-2.55%

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

ZUQ.TO has a 0.33% expense ratio, which is higher than XMTM.TO's 0.31% expense ratio.

Dividends

ZUQ.TO vs. XMTM.TO - Dividend Comparison

ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, less than XMTM.TO's 0.46% yield.

PositionTTM20252024202320222021202020192018201720162015
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		0.46%0.70%0.62%0.84%1.66%0.33%0.64%1.24%0.00%0.00%0.00%0.00%
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 XMTM.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMTM.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMTM.TO is cheaper with a 0.31% expense ratio, compared with 0.33% for ZUQ.TO.

ZUQ.TO is categorized as Large Cap Blend Equities, while XMTM.TO is Momentum. ZUQ.TO tracks MSCI USA Quality Index, while XMTM.TO tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZUQ.TO and 0.31% for XMTM.TO.

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