ZWG.TO vs. XIC.TO
ZWG.TO (BMO Global High Dividend Covered Call ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZWG.TO is a Derivative Income fund actively managed by BMO, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. ZWG.TO is actively managed, while XIC.TO is passively managed. Over the past 5 years, ZWG.TO returned 10.76%/yr vs 14.60%/yr for XIC.TO. A 0.58 correlation means they provide meaningful diversification when combined. ZWG.TO charges 0.65%/yr vs 0.06%/yr for XIC.TO.
Performance
ZWG.TO vs. XIC.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZWG.TO achieves a 11.46% return, which is significantly higher than XIC.TO's 10.75% return.
ZWG.TO
- 1D
- -0.41%
- 1M
- 7.53%
- YTD
- 11.46%
- 6M
- 8.19%
- 1Y
- 22.65%
- 3Y*
- 16.14%
- 5Y*
- 10.76%
- 10Y*
- —
XIC.TO
- 1D
- -1.05%
- 1M
- 3.59%
- YTD
- 10.75%
- 6M
- 12.90%
- 1Y
- 34.79%
- 3Y*
- 23.62%
- 5Y*
- 14.60%
- 10Y*
- 12.48%
ZWG.TO vs. XIC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZWG.TO BMO Global High Dividend Covered Call ETF | 11.46% | 7.31% | 21.47% | 9.25% | -4.38% | 17.19% | 614.61% |
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 10.75% | 31.51% | 21.48% | 11.73% | -5.82% | 23.42% | 2.37% |
Correlation
The correlation between ZWG.TO and XIC.TO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020 | 0.58 |
The correlation between ZWG.TO and XIC.TO has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
ZWG.TO vs. XIC.TO - Sectors Allocation Comparison
Sectors
ZWG.TO
XIC.TO
Technology
Financial Services
Healthcare
Consumer Defensive
Energy
Consumer Cyclical
Communication Services
Industrials
Basic Materials
Real Estate
-
Utilities
-
Technology
ZWG.TO
XIC.TO
Financial Services
ZWG.TO
XIC.TO
Healthcare
ZWG.TO
XIC.TO
Consumer Defensive
ZWG.TO
XIC.TO
Energy
ZWG.TO
XIC.TO
Consumer Cyclical
ZWG.TO
XIC.TO
Communication Services
ZWG.TO
XIC.TO
Industrials
ZWG.TO
XIC.TO
Basic Materials
ZWG.TO
XIC.TO
Real Estate
ZWG.TO
-
XIC.TO
Utilities
ZWG.TO
-
XIC.TO
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZWG.TO vs. XIC.TO — Risk / Return Rank
ZWG.TO
XIC.TO
ZWG.TO vs. XIC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Global High Dividend Covered Call ETF (ZWG.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.
| ZWG.TO | XIC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.50 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 3.76 | -0.46 |
| Martin ratioReturn relative to average drawdown | 12.68 | 17.44 | -4.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZWG.TO | XIC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.76 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 1.12 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.54 | -0.34 |
Drawdowns
ZWG.TO vs. XIC.TO - Drawdown Comparison
The maximum ZWG.TO drawdown since its inception was -25.55%, smaller than the maximum XIC.TO drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for ZWG.TO and XIC.TO.
Loading charts...
Drawdown Indicators
| ZWG.TO | XIC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.55% | -48.21% | +22.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.88% | -9.29% | +2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -14.87% | -12.27% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -15.62% | -16.24% | +0.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.21% | — |
Current DrawdownCurrent decline from peak | -0.56% | -1.05% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -7.04% | +3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 2.00% | -0.21% |
Volatility
ZWG.TO vs. XIC.TO - Volatility Comparison
BMO Global High Dividend Covered Call ETF (ZWG.TO) has a higher volatility of 4.16% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 3.48%. This indicates that ZWG.TO's price experiences larger fluctuations and is considered to be riskier than XIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZWG.TO | XIC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 3.48% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 8.75% | 10.33% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.95% | 12.67% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.71% | 13.13% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 239.97% | 14.96% | +225.01% |
ZWG.TO vs. XIC.TO - Expense Ratio Comparison
ZWG.TO has a 0.65% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.
Dividends
ZWG.TO vs. XIC.TO - Dividend Comparison
ZWG.TO's dividend yield for the trailing twelve months is around 5.88%, more than XIC.TO's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF | 2.02% | 2.23% | 2.64% | 2.95% | 3.10% | 2.44% | 3.03% | 3.01% | 3.19% | 2.49% | 2.72% | 3.21% |
ZWG.TO BMO Global High Dividend Covered Call ETF | 5.88% | 6.41% | 6.48% | 7.42% | 7.23% | 6.40% | 6.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZWG.TO and XIC.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.65% for ZWG.TO.
ZWG.TO is categorized as Derivative Income, while XIC.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWG.TO and 0.06% for XIC.TO.
Find the right allocation for ZWG.TO and XIC.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer