ZUQ.TO vs. XUU.TO
ZUQ.TO (BMO MSCI USA High Quality Index ETF) and XUU.TO (iShares Core S&P U.S. Total Market Index ETF) are both Large Cap Blend Equities funds - ZUQ.TO tracks the MSCI USA Quality Index while XUU.TO tracks the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, ZUQ.TO returned 16.38%/yr vs 15.46%/yr for XUU.TO. Their correlation of 0.87 suggests significant overlap in exposure. ZUQ.TO charges 0.33%/yr vs 0.07%/yr for XUU.TO.
Performance
ZUQ.TO vs. XUU.TO - Performance Comparison
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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 XUU.TO's 12.48% return. Over the past 10 years, ZUQ.TO has outperformed XUU.TO with an annualized return of 16.38%, while XUU.TO has yielded a comparatively lower 15.46% 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%
XUU.TO
- 1D
- -0.29%
- 1M
- 7.40%
- YTD
- 12.48%
- 6M
- 10.56%
- 1Y
- 29.05%
- 3Y*
- 23.13%
- 5Y*
- 15.81%
- 10Y*
- 15.46%
ZUQ.TO vs. XUU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XUU.TO iShares Core S&P U.S. Total Market Index ETF | 12.48% | 11.25% | 34.07% | 23.11% | -13.53% | 25.93% | 16.25% | 23.77% | 2.42% | 12.79% |
Correlation
The correlation between ZUQ.TO and XUU.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2015 | 0.87 |
The correlation between ZUQ.TO and XUU.TO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
ZUQ.TO vs. XUU.TO - Sectors Allocation Comparison
Sectors
ZUQ.TO
XUU.TO
Technology
Healthcare
Communication Services
Consumer Defensive
Industrials
Financial Services
Consumer Cyclical
Basic Materials
Energy
Utilities
Real Estate
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Technology
ZUQ.TO
XUU.TO
Healthcare
ZUQ.TO
XUU.TO
Communication Services
ZUQ.TO
XUU.TO
Consumer Defensive
ZUQ.TO
XUU.TO
Industrials
ZUQ.TO
XUU.TO
Financial Services
ZUQ.TO
XUU.TO
Consumer Cyclical
ZUQ.TO
XUU.TO
Basic Materials
ZUQ.TO
XUU.TO
Energy
ZUQ.TO
XUU.TO
Utilities
ZUQ.TO
XUU.TO
Real Estate
ZUQ.TO
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XUU.TO
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Return for Risk
ZUQ.TO vs. XUU.TO — Risk / Return Rank
ZUQ.TO
XUU.TO
ZUQ.TO vs. XUU.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 Core S&P U.S. Total Market Index ETF (XUU.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.TO | XUU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.45 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 3.32 | -1.50 |
| Martin ratioReturn relative to average drawdown | 5.87 | 12.64 | -6.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZUQ.TO | XUU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 2.42 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.94 | 1.03 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.94 | 0.94 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.86 | +0.07 |
Drawdowns
ZUQ.TO vs. XUU.TO - Drawdown Comparison
The maximum ZUQ.TO drawdown since its inception was -26.94%, roughly equal to the maximum XUU.TO drawdown of -28.22%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and XUU.TO.
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Drawdown Indicators
| ZUQ.TO | XUU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.94% | -28.22% | +1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.57% | -8.80% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -17.93% | -19.70% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -26.94% | -23.41% | -3.53% |
Max Drawdown (10Y)Largest decline over 10 years | -26.94% | -28.22% | +1.28% |
Current DrawdownCurrent decline from peak | -0.10% | -0.29% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -4.09% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 2.30% | +0.96% |
Volatility
ZUQ.TO vs. XUU.TO - Volatility Comparison
The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 2.31%, while iShares Core S&P U.S. Total Market Index ETF (XUU.TO) has a volatility of 3.29%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than XUU.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.TO | XUU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 3.29% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 9.60% | 9.08% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 12.06% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.35% | 15.45% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 16.59% | +0.93% |
ZUQ.TO vs. XUU.TO - Expense Ratio Comparison
ZUQ.TO has a 0.33% expense ratio, which is higher than XUU.TO's 0.07% expense ratio.
Dividends
ZUQ.TO vs. XUU.TO - Dividend Comparison
ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, less than XUU.TO's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XUU.TO iShares Core S&P U.S. Total Market Index ETF | 1.01% | 1.16% | 1.02% | 1.22% | 1.38% | 1.01% | 1.33% | 1.68% | 1.73% | 1.49% | 1.65% | 1.52% |
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 XUU.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUU.TO is cheaper with a 0.07% expense ratio, compared with 0.33% for ZUQ.TO.
ZUQ.TO tracks MSCI USA Quality Index, while XUU.TO tracks Morningstar US Market TR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZUQ.TO and 0.07% for XUU.TO.
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