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ZVU.TO vs. XEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZVU.TO vs. XEQT.TO

Last updated Jun 26, 2026

ZVU.TO (BMO MSCI USA Value ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - ZVU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Capped Index, while XEQT.TO is a Global Equities fund actively managed by iShares. ZVU.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, ZVU.TO returned 19.44%/yr vs 13.59%/yr for XEQT.TO. At a 0.43 correlation, their price movements are largely independent. ZVU.TO charges 0.33%/yr vs 0.20%/yr for XEQT.TO.

Performance

ZVU.TO vs. XEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA Value ETF (ZVU.TO) and iShares Core Equity ETF Portfolio (XEQT.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, ZVU.TO achieves a 52.04% return, which is significantly higher than XEQT.TO's 13.00% return.

ZVU.TO

1D
2.59%
1M
5.90%
YTD
52.04%
6M
44.48%
1Y
87.17%
3Y*
35.56%
5Y*
19.44%
10Y*
—

XEQT.TO

1D
0.21%
1M
1.36%
YTD
13.00%
6M
12.37%
1Y
29.52%
3Y*
23.10%
5Y*
13.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZVU.TO vs. XEQT.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZVU.TO
BMO MSCI USA Value ETF		52.04%26.27%15.99%11.16%-9.46%28.55%-3.01%6.29%
XEQT.TO
iShares Core Equity ETF Portfolio		13.00%20.57%24.38%17.27%-10.99%18.98%11.85%8.56%

Correlation

The correlation between ZVU.TO and XEQT.TO is 0.58, 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

0.58

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

0.44

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

0.47

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2019

0.43

The correlation between ZVU.TO and XEQT.TO shifts across timeframes, from 0.43 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

ZVU.TO vs. XEQT.TO - Sectors Allocation Comparison

Sectors
ZVU.TO
XEQT.TO

Technology

49.6%
19.2%

Financial Services

9.3%
25.5%

Healthcare

8.1%
3.8%

Communication Services

7.5%
5.0%

Consumer Cyclical

7.4%
6.2%

Industrials

6.5%
9.9%

Consumer Defensive

3.8%
3.6%

Energy

3.0%
11.9%

Utilities

1.8%
2.8%

Real Estate

1.6%
1.9%

Basic Materials

1.4%
10.4%

Technology

ZVU.TO
49.6%
XEQT.TO
19.2%

Financial Services

ZVU.TO
9.3%
XEQT.TO
25.5%

Healthcare

ZVU.TO
8.1%
XEQT.TO
3.8%

Communication Services

ZVU.TO
7.5%
XEQT.TO
5.0%

Consumer Cyclical

ZVU.TO
7.4%
XEQT.TO
6.2%

Industrials

ZVU.TO
6.5%
XEQT.TO
9.9%

Consumer Defensive

ZVU.TO
3.8%
XEQT.TO
3.6%

Energy

ZVU.TO
3.0%
XEQT.TO
11.9%

Utilities

ZVU.TO
1.8%
XEQT.TO
2.8%

Real Estate

ZVU.TO
1.6%
XEQT.TO
1.9%

Basic Materials

ZVU.TO
1.4%
XEQT.TO
10.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO MSCI USA Value ETF

iShares Core Equity ETF Portfolio

Often compared with ZVU.TO:
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Often compared with XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

ZVU.TO vs. XEQT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZVU.TO
ZVU.TO Risk / Return Rank: 9797
Overall Rank
ZVU.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZVU.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZVU.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZVU.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZVU.TO Martin Ratio Rank: 9898
Martin Ratio Rank
XEQT.TO
XEQT.TO Risk / Return Rank: 8585
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8686
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8585
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.

ZVU.TO vs. XEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Value ETF (ZVU.TO) and iShares Core Equity ETF Portfolio (XEQT.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.

ZVU.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
3.94
2.43

+1.51

Sortino ratioReturn per unit of downside risk
4.74
3.32

+1.41

Omega ratioGain probability vs. loss probability

1.72

1.45

+0.27

Calmar ratioReturn relative to maximum drawdown

14.41

3.59

+10.82

Martin ratioReturn relative to average drawdown

44.20

15.41

+28.80

ZVU.TO vs. XEQT.TO - Sharpe Ratio Comparison

The current ZVU.TO Sharpe Ratio is 3.94, which is higher than the XEQT.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ZVU.TO and XEQT.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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Drawdowns

ZVU.TO vs. XEQT.TO - Drawdown Comparison

The maximum ZVU.TO drawdown since its inception was -34.24%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for ZVU.TO and XEQT.TO.

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Drawdown Indicators

ZVU.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.24%

-29.74%

-4.50%

Max Drawdown (1Y)

Largest decline over 1 year

-6.08%

-8.25%

+2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-16.25%

-15.08%

-1.17%

Max Drawdown (5Y)

Largest decline over 5 years

-20.28%

-19.55%

-0.73%

Current Drawdown

Current decline from peak

0.00%

-1.12%

+1.12%

Average Drawdown

Average peak-to-trough decline

-5.98%

-4.07%

-1.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.92%

+0.06%

Volatility

ZVU.TO vs. XEQT.TO - Volatility Comparison

BMO MSCI USA Value ETF (ZVU.TO) has a higher volatility of 6.68% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 4.55%. This indicates that ZVU.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZVU.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.68%

4.55%

+2.13%

Volatility (6M)

Calculated over the trailing 6-month period

16.25%

10.11%

+6.14%

Volatility (1Y)

Calculated over the trailing 1-year period

22.27%

12.19%

+10.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.20%

13.24%

+3.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.56%

15.56%

+3.00%

ZVU.TO vs. XEQT.TO - Expense Ratio Comparison

ZVU.TO has a 0.33% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.

Dividends

ZVU.TO vs. XEQT.TO - Dividend Comparison

ZVU.TO's dividend yield for the trailing twelve months is around 1.04%, less than XEQT.TO's 1.61% yield.

PositionTTM202520242023202220212020201920182017
XEQT.TO
iShares Core Equity ETF Portfolio		1.61%1.66%2.03%2.09%2.14%1.66%1.69%1.21%0.00%0.00%
ZVU.TO
BMO MSCI USA Value ETF		1.04%1.62%2.24%2.69%2.58%1.99%2.51%2.07%2.09%0.60%

Frequently Asked Questions

ZVU.TO and XEQT.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.33% for ZVU.TO.

ZVU.TO is categorized as Large Cap Value Equities, while XEQT.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZVU.TO and 0.20% for XEQT.TO.

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