ZUT.TO vs. XFN.TO

Last updated Jun 24, 2026

ZUT.TO (BMO Equal Weight Utilities Index ETF) and XFN.TO (iShares S&P/TSX Capped Financials Index ETF) are both exchange-traded funds - ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index, while XFN.TO is a Financials Equities fund tracking the S&P/TSX Capped Financials Index. Both are passively managed. Over the past 10 years, ZUT.TO returned 10.44%/yr vs 15.64%/yr for XFN.TO. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.61% expense ratio.

Performance

ZUT.TO vs. XFN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Utilities Index ETF (ZUT.TO) and iShares S&P/TSX Capped Financials Index ETF (XFN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZUT.TO having a 21.48% return and XFN.TO slightly lower at 21.44%. Over the past 10 years, ZUT.TO has underperformed XFN.TO with an annualized return of 10.44%, while XFN.TO has yielded a comparatively higher 15.64% annualized return.

ZUT.TO

• 1D: 0.37%
• 1M: 1.81%
• YTD: 21.48%
• 6M: 19.55%
• 1Y: 27.45%
• 3Y*: 15.60%
• 5Y*: 7.27%
• 10Y*: 10.44%

XFN.TO

• 1D: 0.26%
• 1M: 7.37%
• YTD: 21.44%
• 6M: 21.35%
• 1Y: 51.32%
• 3Y*: 34.06%
• 5Y*: 18.77%
• 10Y*: 15.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUT.TO BMO Equal Weight Utilities Index ETF	21.48%	15.33%	14.22%	-5.29%	-8.62%	5.52%	28.24%	35.70%	-7.94%	8.54%
XFN.TO iShares S&P/TSX Capped Financials Index ETF	21.44%	34.40%	29.32%	13.09%	-9.92%	35.57%	0.99%	20.66%	-9.76%	12.54%

Correlation

The correlation between ZUT.TO and XFN.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 25, 2010	0.38

Over the past year, the correlation between ZUT.TO and XFN.TO has dropped to 0.13 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

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

Sectors	ZUT.TO	XFN.TO
Utilities	91.6%	-
Energy	8.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZUT.TO

ZUT.TO Risk / Return Rank: 74
ZUT.TO Sharpe Ratio Rank: 86
ZUT.TO Sortino Ratio Rank: 84
ZUT.TO Omega Ratio Rank: 87
ZUT.TO Calmar Ratio Rank: 65
ZUT.TO Martin Ratio Rank: 48

XFN.TO

XFN.TO Risk / Return Rank: 96
XFN.TO Sharpe Ratio Rank: 97
XFN.TO Sortino Ratio Rank: 97
XFN.TO Omega Ratio Rank: 96
XFN.TO Calmar Ratio Rank: 94
XFN.TO Martin Ratio Rank: 94

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Utilities Index ETF (ZUT.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.

	ZUT.TO	XFN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.67	4.23	-1.56
Sortino ratio: Return per unit of downside risk	3.53	5.82	-2.30
Omega ratio: Gain probability vs. loss probability	1.51	1.75	-0.24
Calmar ratio: Return relative to maximum drawdown	3.08	6.61	-3.53
Martin ratio: Return relative to average drawdown	7.78	26.72	-18.94

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

The current ZUT.TO Sharpe Ratio is 2.67, which is lower than the XFN.TO Sharpe Ratio of 4.23. The chart below compares the historical Sharpe Ratios of ZUT.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.

Drawdowns

ZUT.TO vs. XFN.TO - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.07%, smaller than the maximum XFN.TO drawdown of -55.53%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and XFN.TO.

Drawdown Indicators

	ZUT.TO	XFN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.07%	-55.53%	+18.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-7.80%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-12.37%	-6.90%
Max Drawdown (5Y) Largest decline over 5 years	-32.36%	-21.90%	-10.46%
Max Drawdown (10Y) Largest decline over 10 years	-37.07%	-39.93%	+2.86%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.27%	-6.94%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	1.93%	+1.61%

Volatility

ZUT.TO vs. XFN.TO - Volatility Comparison

The current volatility for BMO Equal Weight Utilities Index ETF (ZUT.TO) is 2.27%, while iShares S&P/TSX Capped Financials Index ETF (XFN.TO) has a volatility of 3.36%. This indicates that ZUT.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.

Volatility by Period

	ZUT.TO	XFN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.36%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	10.12%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	12.20%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	13.50%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	16.51%	-0.03%

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

Both ZUT.TO and XFN.TO have an expense ratio of 0.61%.

Dividends

ZUT.TO vs. XFN.TO - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.77%, more than XFN.TO's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XFN.TO iShares S&P/TSX Capped Financials Index ETF	2.01%	2.39%	3.16%	3.60%	3.48%	2.67%	3.35%	3.00%	3.43%	2.73%	2.83%	3.17%
ZUT.TO BMO Equal Weight Utilities Index ETF	2.77%	3.50%	4.05%	4.43%	4.02%	3.31%	3.38%	4.08%	4.68%	3.78%	4.06%	4.72%

Frequently Asked Questions

Can I hold both ZUT.TO and XFN.TO in my portfolio?

ZUT.TO and XFN.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUT.TO or XFN.TO?

Both ETFs have the same 0.61% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUT.TO or XFN.TO?

ZUT.TO and XFN.TO have the same expense ratio: 0.61% per year.

What is the main difference between ZUT.TO and XFN.TO?

ZUT.TO is categorized as Utilities Equities, while XFN.TO is Financials Equities. ZUT.TO tracks Solactive Equal Weight Canada Utilities Index, while XFN.TO tracks S&P/TSX Capped Financials Index. They also come from different issuers: BMO and iShares.