VS
iShares Core MSCI All Country World ex Canada Index ETF (XAW) and BMO Equal Weight Utilities Index ETF (ZUT) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XAW focuses its top 3 sector exposures on Technology, Finance, and Industrials, while ZUT leans towards Utilities, Energy, and Industrials. When evaluating costs, XAW features a management fee (MER) of 0.2%, compared to 0.55% for ZUT. Performance-wise, XAW has returned 15.52% year-to-date with +$497 M in net flows, whereas ZUT is at 16.24% with -$70 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XAW
ZUT
| AuM | $4,658.21 M | $862.78 M |
| Management Fees | 0.20% | 0.55% |
| Exp. ratio | 0.22% | 0.61% |
| Tracking Difference | -0.09% | -0.73% |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAW | +1.22% | +1.17% | +15.52% | +16.51% | +80.35% |
ZUT | +3.85% | -4.33% | +16.24% | +9.35% | +69.53% | |
| Flows | XAW | +$54 M | +$203 M | +$497 M | +$727 M | +$1,084 M |
ZUT | +$25 M | +$56 M | -$70 M | -$4 M | +$257 M |
XAW vs ZUT exposure
Countries
XAW
USA
63.01%
Other
36.99%
ZUT
Canada
82.83%
Bermuda
17.17%
Sectors
XAW
Technology
35.61%
Finance
18.20%
Industrials
9.80%
Healthcare
8.48%
Consumer Non-Cyclicals
8.01%
Other
19.90%
ZUT
Utilities
82.26%
Energy
9.30%
Industrials
8.44%
As of October 16, 2026
Top 10 Holdings
XAW
NVIDIA Corp.
4.72%
Apple, Inc.
4.11%
Microsoft Corp.
3.33%
Amazon.com, Inc.
2.24%
Alphabet, Inc.
1.76%
Taiwan Semiconductor Manufacturing Co., Ltd.
1.70%
Broadcom Inc.
1.55%
Alphabet, Inc.
1.40%
Meta Platforms, Inc.
1.11%
Micron Technology, Inc.
0.95%
ZUT
AltaGas Ltd.
9.30%
ATCO Ltd.
9.15%
Canadian Utilities Ltd.
8.78%
Brookfield Renewable Partners LP
8.73%
Capital Power Corp.
8.69%
Brookfield Infrastructure Partners LP
8.44%
Northland Power, Inc.
8.00%
TransAlta Corp.
7.98%
Emera, Inc.
7.97%
Fortis, Inc.
7.90%
Diversification
XAW
Total weight of top 10 holdings out of 8,012 total
22.86%
ZUT
Total weight of top 10 holdings out of 12 total
84.93%
Characteristics
Compare
XAW
ZUT
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI ACWI ex Canada IMI Net Total Return Index - CAD | Solactive Equal Weight Canada Utilities Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.20% | 2.85% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2015 | January 19, 2010 |
Frequently asked questions about XAW and ZUT
Which ETF has performed better year to date: XAW or ZUT?
As of October 16, 2026, XAW has returned 15.52% year to date, while ZUT has returned 16.24%. ZUT is ahead on YTD performance.
Which ETF is larger by assets under management: XAW or ZUT?
As of October 16, 2026, XAW manages $4.66 B in assets, while ZUT manages $862.78 M. XAW is the larger fund by AUM.
How are XAW and ZUT managed?
XAW is passively managed by iShares. It tracks the MSCI ACWI ex Canada IMI Net Total Return Index - CAD benchmark. ZUT is passively managed by BMO. It tracks the Solactive Equal Weight Canada Utilities Total Return Index - CAD benchmark.
What sectors do XAW and ZUT emphasize?
XAW is most exposed to Technology, Finance, and Industrials. ZUT is most exposed to Utilities, Energy, and Industrials.
Which ETF is attracting more investor flows: XAW or ZUT?
Year to date, XAW has seen +$497.01 M in net flows, compared with -$69.96 M for ZUT. XAW has attracted more net investor money so far.
How do the fees of XAW and ZUT compare?
XAW has an expense ratio of 0.22%, while ZUT has an expense ratio of 0.61%.
What are the top holdings of XAW and ZUT?
XAW's largest holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp.. ZUT's top holdings include AltaGas Ltd., ATCO Ltd., and Canadian Utilities Ltd..
Which ETF is more diversified: XAW or ZUT?
XAW holds 7899 securities, while ZUT holds 12. On holdings count, XAW is the more diversified portfolio.
Recent articles about XAW and ZUT
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