ZWEN.TO vs. XCLN.TO
ZWEN.TO (BMO Covered Call Energy ETF) and XCLN.TO (iShares Global Clean Energy Index ETF) are both exchange-traded funds - ZWEN.TO is a Energy Equities fund actively managed by BMO, while XCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. ZWEN.TO is actively managed, while XCLN.TO is passively managed. Over the past 3 years, ZWEN.TO returned 17.63%/yr vs 4.53%/yr for XCLN.TO. Their 0.03 correlation means their historical movements had little consistent relationship. ZWEN.TO charges 0.88%/yr vs 0.35%/yr for XCLN.TO.
Performance
ZWEN.TO vs. XCLN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWEN.TO achieves a 33.70% return, which is significantly higher than XCLN.TO's 16.27% return.
ZWEN.TO
- 1D
- -1.48%
- 1M
- 8.31%
- 6M
- 21.72%
- YTD
- 33.70%
- 1Y
- 41.72%
- 3Y*
- 17.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.16%
XCLN.TO
- 1D
- 4.72%
- 1M
- -7.99%
- 6M
- 3.70%
- YTD
- 16.27%
- 1Y
- 37.05%
- 3Y*
- 4.53%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$54.59K | CA$78.19K | CA$109.63K | |
ZWEN.TO BMO Covered Call Energy ETF | CA$516.69K | CA$519.31K | CA$644.06K |
ZWEN.TO vs. XCLN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZWEN.TO BMO Covered Call Energy ETF | 33.70% | 6.74% | 10.43% | 1.13% |
XCLN.TO iShares Global Clean Energy Index ETF | 16.27% | 35.62% | -19.86% | -24.55% |
Correlation
The correlation between ZWEN.TO and XCLN.TO is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | 0.03 |
The correlation between ZWEN.TO and XCLN.TO shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZWEN.TO vs. XCLN.TO — Risk / Return Rank
ZWEN.TO
XCLN.TO
ZWEN.TO vs. XCLN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Energy ETF (ZWEN.TO) and iShares Global Clean Energy Index ETF (XCLN.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.
| ZWEN.TO | XCLN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.21 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.46 | 1.41 | +3.05 |
| Martin ratioReturn relative to average drawdown | 12.50 | 4.79 | +7.72 |
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Drawdowns
ZWEN.TO vs. XCLN.TO - Drawdown Comparison
The maximum ZWEN.TO drawdown since its inception was -18.75%, smaller than the maximum XCLN.TO drawdown of -49.29%. Use the drawdown chart below to compare losses from any high point for ZWEN.TO and XCLN.TO.
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Drawdown Indicators
| ZWEN.TO | XCLN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -49.29% | +30.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -26.42% | +16.92% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -33.68% | +14.93% |
Current DrawdownCurrent decline from peak | -1.66% | -19.53% | +17.87% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -25.25% | +20.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 7.76% | -4.38% |
Volatility
ZWEN.TO vs. XCLN.TO - Volatility Comparison
The current volatility for BMO Covered Call Energy ETF (ZWEN.TO) is 5.16%, while iShares Global Clean Energy Index ETF (XCLN.TO) has a volatility of 11.05%. This indicates that ZWEN.TO experiences smaller price fluctuations and is considered to be less risky than XCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWEN.TO | XCLN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.16% | 11.05% | -5.89% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 25.34% | -11.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 31.61% | -14.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.28% | 26.45% | -8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 26.45% | -8.17% |
ZWEN.TO vs. XCLN.TO - Expense Ratio Comparison
ZWEN.TO has a 0.88% expense ratio, which is higher than XCLN.TO's 0.35% expense ratio.
Dividends
ZWEN.TO vs. XCLN.TO - Dividend Comparison
ZWEN.TO's dividend yield for the trailing twelve months is around 7.47%, more than XCLN.TO's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
XCLN.TO iShares Global Clean Energy Index ETF | 0.88% | 1.51% | 1.24% | 1.15% | 0.39% |
ZWEN.TO BMO Covered Call Energy ETF | 7.47% | 9.53% | 9.09% | 6.78% | 0.00% |
Frequently Asked Questions
ZWEN.TO and XCLN.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCLN.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCLN.TO is cheaper with a 0.35% expense ratio, compared with 0.88% for ZWEN.TO.
ZWEN.TO is categorized as Energy Equities, while XCLN.TO is Alternative Energy Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.88% for ZWEN.TO and 0.35% for XCLN.TO.
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