ZUT.TO vs. ZEO.TO

Last updated Jun 4, 2026

ZUT.TO (BMO Equal Weight Utilities Index ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both exchange-traded funds - ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index, while ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index. Both are passively managed. Over the past 10 years, ZUT.TO returned 10.18%/yr vs 10.67%/yr for ZEO.TO. At a 0.32 correlation, their price movements are largely independent. ZUT.TO charges 0.61%/yr vs 0.60%/yr for ZEO.TO.

Performance

ZUT.TO vs. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZUT.TO achieves a 20.31% return, which is significantly lower than ZEO.TO's 37.72% return. Both investments have delivered pretty close results over the past 10 years, with ZUT.TO having a 10.18% annualized return and ZEO.TO not far ahead at 10.67%.

ZUT.TO

• 1D: 0.17%
• 1M: 4.34%
• YTD: 20.31%
• 6M: 17.09%
• 1Y: 25.60%
• 3Y*: 12.49%
• 5Y*: 7.40%
• 10Y*: 10.18%

ZEO.TO

• 1D: 0.65%
• 1M: 2.51%
• YTD: 37.72%
• 6M: 32.21%
• 1Y: 50.73%
• 3Y*: 27.08%
• 5Y*: 25.42%
• 10Y*: 10.67%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUT.TO BMO Equal Weight Utilities Index ETF	20.31%	15.25%	14.13%	-5.37%	-8.69%	5.45%	28.15%	35.59%	-8.02%	8.46%
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	37.72%	12.35%	21.51%	5.98%	39.67%	63.65%	-28.56%	16.50%	-25.62%	-12.74%

Correlation

The correlation between ZUT.TO and ZEO.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010	0.32

Over the past year, the correlation between ZUT.TO and ZEO.TO has dropped to 0.09 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

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

Sectors	ZUT.TO	ZEO.TO
Utilities	92.2%	-
Energy	7.8%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

ZUT.TO vs. ZEO.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: 65
ZUT.TO Sharpe Ratio Rank: 75
ZUT.TO Sortino Ratio Rank: 71
ZUT.TO Omega Ratio Rank: 78
ZUT.TO Calmar Ratio Rank: 57
ZUT.TO Martin Ratio Rank: 43

ZEO.TO

ZEO.TO Risk / Return Rank: 86
ZEO.TO Sharpe Ratio Rank: 89
ZEO.TO Sortino Ratio Rank: 85
ZEO.TO Omega Ratio Rank: 84
ZEO.TO Calmar Ratio Rank: 89
ZEO.TO Martin Ratio Rank: 84

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. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

	ZUT.TO	ZEO.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.47	3.02	-0.55
Sortino ratio: Return per unit of downside risk	3.28	3.86	-0.58
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.05
Calmar ratio: Return relative to maximum drawdown	2.87	5.34	-2.47
Martin ratio: Return relative to average drawdown	7.24	17.25	-10.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZUT.TO Sharpe Ratio is 2.47, which is comparable to the ZEO.TO Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of ZUT.TO and ZEO.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.

Sharpe Ratios by Period

	ZUT.TO	ZEO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	3.02	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.21	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.39	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.00	+0.58

Drawdowns

ZUT.TO vs. ZEO.TO - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.08%, smaller than the maximum ZEO.TO drawdown of -77.71%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and ZEO.TO.

Drawdown Indicators

	ZUT.TO	ZEO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-77.71%	+40.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-9.54%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-17.62%	-3.82%
Max Drawdown (5Y) Largest decline over 5 years	-32.42%	-22.59%	-9.83%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-72.03%	+34.95%
Current Drawdown Current decline from peak	-0.24%	-2.93%	+2.69%
Average Drawdown Average peak-to-trough decline	-6.33%	-21.98%	+15.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	2.95%	+0.60%

Volatility

ZUT.TO vs. ZEO.TO - Volatility Comparison

The current volatility for BMO Equal Weight Utilities Index ETF (ZUT.TO) is 2.42%, while BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a volatility of 6.99%. This indicates that ZUT.TO experiences smaller price fluctuations and is considered to be less risky than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUT.TO	ZEO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	6.99%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	14.57%	-6.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	16.92%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	21.17%	-7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	27.27%	-10.77%

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

ZUT.TO has a 0.61% expense ratio, which is higher than ZEO.TO's 0.60% expense ratio.

Dividends

ZUT.TO vs. ZEO.TO - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.77%, more than ZEO.TO's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZEO.TO BMO Equal Weight Oil & Gas Index ETF	2.59%	3.42%	3.86%	4.82%	4.69%	3.27%	5.54%	3.55%	3.57%	2.46%	2.50%	4.09%
ZUT.TO BMO Equal Weight Utilities Index ETF	2.77%	3.44%	3.98%	4.35%	3.95%	3.25%	3.31%	4.00%	4.59%	3.71%	3.98%	4.63%

Frequently Asked Questions

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

ZUT.TO and ZEO.TO have a correlation of 0.09, 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 ZEO.TO?

On fees, ZEO.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZEO.TO is cheaper with a 0.60% expense ratio, compared with 0.61% for ZUT.TO.

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

ZUT.TO is categorized as Utilities Equities, while ZEO.TO is Energy Equities. ZUT.TO tracks Solactive Equal Weight Canada Utilities Index, while ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index. Their fees differ too: 0.61% for ZUT.TO and 0.60% for ZEO.TO.