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ZXM.TO vs. ZFC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZXM.TO vs. ZFC.TO

Last updated Aug 4, 2026
Documentation

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and ZFC.TO (BMO SIA Focused Canadian Equity Fund) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while ZFC.TO is a Canada Equities fund actively managed by BMO. ZXM.TO is passively managed, while ZFC.TO is actively managed. Over the past 5 years, ZXM.TO returned 12.06%/yr vs 10.74%/yr for ZFC.TO. Their 0.29 correlation means their historical movements had little consistent relationship. ZXM.TO charges 0.67%/yr vs 0.84%/yr for ZFC.TO.

Performance

ZXM.TO vs. ZFC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and BMO SIA Focused Canadian Equity Fund (ZFC.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, ZXM.TO achieves a 12.37% return, which is significantly lower than ZFC.TO's 17.68% return.

ZXM.TO

1D
2.38%
1M
-3.18%
6M
6.21%
YTD
12.37%
1Y
27.46%
3Y*
23.62%
5Y*
12.06%
10Y*
12.98%
ALL TIME*
12.56%

ZFC.TO

1D
1.04%
1M
-1.02%
6M
14.33%
YTD
17.68%
1Y
29.30%
3Y*
15.16%
5Y*
10.74%
10Y*
—
ALL TIME*
10.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ZFC.TO

BMO SIA Focused Canadian Equity Fund
CA$17.49KCA$19.26KCA$37.47K

ZXM.TO

CI Morningstar International Momentum Index ETF Common Units CAD Hedged
CA$43.76KCA$31.09KCA$57.00K

ZXM.TO vs. ZFC.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.37%35.74%21.42%14.21%-20.62%25.67%16.23%30.39%-3.19%
ZFC.TO
BMO SIA Focused Canadian Equity Fund		17.68%13.10%15.48%6.00%-3.79%15.56%0.92%23.89%-5.11%

Correlation

The correlation between ZXM.TO and ZFC.TO is 0.25, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.25

Correlation (3Y)
Balances recent behavior with more history.

0.24

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.31

Correlation (All Time)
Calculated using the full available price history since Dec 11, 2018

0.29

ZXM.TO vs. ZFC.TO - Sectors Allocation Comparison

Sectors
ZXM.TO
ZFC.TO

Industrials

29.0%
30.5%

Financial Services

23.9%
31.4%

Technology

14.0%
8.6%

Consumer Cyclical

8.9%
8.1%

Basic Materials

7.0%

-

Consumer Defensive

4.6%

-

Energy

4.0%
21.4%

Utilities

2.9%
11.5%

Healthcare

2.4%

-

Communication Services

1.9%

-

Real Estate

1.5%

-

Industrials

ZXM.TO
29.0%
ZFC.TO
30.5%

Financial Services

ZXM.TO
23.9%
ZFC.TO
31.4%

Technology

ZXM.TO
14.0%
ZFC.TO
8.6%

Consumer Cyclical

ZXM.TO
8.9%
ZFC.TO
8.1%

Basic Materials

ZXM.TO
7.0%
ZFC.TO

-

Consumer Defensive

ZXM.TO
4.6%
ZFC.TO

-

Energy

ZXM.TO
4.0%
ZFC.TO
21.4%

Utilities

ZXM.TO
2.9%
ZFC.TO
11.5%

Healthcare

ZXM.TO
2.4%
ZFC.TO

-

Communication Services

ZXM.TO
1.9%
ZFC.TO

-

Real Estate

ZXM.TO
1.5%
ZFC.TO

-

Compare stocks, funds, or ETFs

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

CI Morningstar International Momentum Index ETF Common Units CAD Hedged

BMO SIA Focused Canadian Equity Fund

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Often compared with ZFC.TO:
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Return for Risk

ZXM.TO vs. ZFC.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ZXM.TO
ZXM.TO Risk / Return Rank: 7272
Overall Rank
ZXM.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 7777
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7070
Martin Ratio Rank
ZFC.TO
ZFC.TO Risk / Return Rank: 6262
Overall Rank
ZFC.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZFC.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZFC.TO Omega Ratio Rank: 5858
Omega Ratio Rank
ZFC.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZFC.TO Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZXM.TO vs. ZFC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and BMO SIA Focused Canadian Equity Fund (ZFC.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.

ZXM.TOZFC.TODifference
Sharpe ratioReturn per unit of total volatility
1.69
1.29

+0.40

Sortino ratioReturn per unit of downside risk
2.42
1.75

+0.67

Omega ratioGain probability vs. loss probability

1.34

1.28

+0.06

Calmar ratioReturn relative to maximum drawdown

2.70

3.49

-0.79

Martin ratioReturn relative to average drawdown

9.14

10.59

-1.44

ZXM.TO vs. ZFC.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 1.69, which is higher than the ZFC.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ZXM.TO and ZFC.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

ZXM.TO vs. ZFC.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than ZFC.TO's maximum drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and ZFC.TO.

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Drawdown Indicators

ZXM.TOZFC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-27.50%

-7.72%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-8.12%

-2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-14.98%

+2.24%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-14.98%

-11.95%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-5.90%

-3.90%

-2.00%

Average Drawdown

Average peak-to-trough decline

-6.41%

-5.52%

-0.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

2.67%

+0.38%

Volatility

ZXM.TO vs. ZFC.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 6.30% compared to BMO SIA Focused Canadian Equity Fund (ZFC.TO) at 4.24%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than ZFC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZXM.TOZFC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.30%

4.24%

+2.06%

Volatility (6M)

Calculated over the trailing 6-month period

15.05%

11.95%

+3.10%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

21.98%

-5.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.26%

15.07%

+1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.61%

16.13%

+0.48%

ZXM.TO vs. ZFC.TO - Expense Ratio Comparison

ZXM.TO has a 0.67% expense ratio, which is lower than ZFC.TO's 0.84% expense ratio.

Dividends

ZXM.TO vs. ZFC.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 1.94%, more than ZFC.TO's 0.13% yield.

PositionTTM20252024202320222021202020192018201720162015
ZFC.TO
BMO SIA Focused Canadian Equity Fund		0.13%0.15%0.04%0.54%2.54%0.94%1.81%0.51%0.03%0.00%0.00%0.00%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		1.94%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.48%0.88%1.19%1.11%

Frequently Asked Questions

ZXM.TO and ZFC.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZXM.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZXM.TO is cheaper with a 0.67% expense ratio, compared with 0.84% for ZFC.TO.

ZXM.TO is categorized as Momentum, while ZFC.TO is Canada Equities. They also come from different issuers: CI and BMO. Their fees differ too: 0.67% for ZXM.TO and 0.84% for ZFC.TO.

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