VS
BMO Canadian High Dividend Covered Call ETF (ZWC) and iShares Core S&P/TSX Composite High Dividend Index ETF (XEI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZWC focuses its top 3 sector exposures on Finance, Energy, and Non-Energy Materials, while XEI leans towards Finance, Energy, and Utilities. When evaluating costs, ZWC features a management fee (MER) of 0.65%, compared to 0.2% for XEI. Performance-wise, ZWC has returned 14.66% year-to-date with +$293 M in net flows, whereas XEI is at 27.23% with +$735 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
ZWC
XEI
| AuM | $2,451.20 M | $4,351.28 M |
| Management Fees | 0.65% | 0.20% |
| Exp. ratio | 0.72% | 0.22% |
| Tracking Difference | - | -0.50% |
Historical performance and flows
As of August 4, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWC | +2.21% | +5.40% | +14.66% | +28.88% | +65.04% |
XEI | +3.30% | +7.57% | +27.23% | +44.14% | +91.86% | |
| Flows | ZWC | +$39 M | +$137 M | +$293 M | +$354 M | +$299 M |
XEI | +$64 M | +$262 M | +$735 M | +$1,183 M | +$1,604 M |
ZWC vs XEI exposure
Countries
ZWC
Canada
97.69%
XEI
Canada
92.60%
Other
7.40%
Sectors
ZWC
Finance
41.96%
Energy
21.33%
Non-Energy Materials
10.91%
Utilities
7.33%
Other
18.47%
XEI
Finance
37.99%
Energy
28.67%
Utilities
9.96%
Telecommunications
7.34%
Other
16.05%
As of August 4, 2026
Top 10 Holdings
ZWC
Royal Bank of Canada
7.91%
The Toronto-Dominion Bank
6.64%
Canadian Imperial Bank of Commerce
6.04%
The Bank of Nova Scotia
5.86%
Enbridge, Inc.
5.16%
Canadian Natural Resources Ltd.
4.73%
TC Energy Corp.
4.30%
Bank of Montreal
4.01%
Suncor Energy, Inc.
3.92%
Fortis, Inc.
3.48%
XEI
The Toronto-Dominion Bank
5.41%
Royal Bank of Canada
5.33%
Enbridge, Inc.
4.88%
TC Energy Corp.
4.67%
Bank of Montreal
4.58%
Canadian Natural Resources Ltd.
4.42%
Suncor Energy, Inc.
4.30%
The Bank of Nova Scotia
3.95%
Canadian Imperial Bank of Commerce
3.92%
Nutrien Ltd.
3.85%
Diversification
ZWC
Total weight of top 10 holdings out of 40 total
52.05%
XEI
Total weight of top 10 holdings out of 75 total
45.31%
Characteristics
Compare
ZWC
XEI
| Provider | BMO | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | S&P/TSX Composite High Dividend Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.70% | 3.39% |
| Meets ESG criteria | No | No |
| Inception Date | February 9, 2017 | April 12, 2011 |
Frequently asked questions about ZWC and XEI
Which ETF has performed better year to date: ZWC or XEI?
As of August 4, 2026, ZWC has returned 14.66% year to date, while XEI has returned 27.23%. XEI is ahead on YTD performance.
Which ETF is larger by assets under management: ZWC or XEI?
As of August 4, 2026, ZWC manages $2.45 B in assets, while XEI manages $4.35 B. XEI is the larger fund by AUM.
How are ZWC and XEI managed?
ZWC is actively managed by BMO. It does not track an index. XEI is passively managed by iShares. It tracks the S&P/TSX Composite High Dividend Total Return Index - CAD benchmark.
What sectors do ZWC and XEI emphasize?
ZWC is most exposed to Finance, Energy, and Non-Energy Materials. XEI is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: ZWC or XEI?
Year to date, ZWC has seen +$293.30 M in net flows, compared with +$734.85 M for XEI. XEI has attracted more net investor money so far.
How do the fees of ZWC and XEI compare?
ZWC has an expense ratio of 0.72%, while XEI has an expense ratio of 0.22%.
What are the top holdings of ZWC and XEI?
ZWC's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Canadian Imperial Bank of Commerce. XEI's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Enbridge, Inc..
Which ETF is more diversified: ZWC or XEI?
ZWC holds 40 securities, while XEI holds 75. On holdings count, XEI is the more diversified portfolio.
Recent articles about ZWC and XEI
ETF Comparison: VDY vs XEI
Sector exposure, diversification, and tracking efficiency separate these two dividend ETF heavyweights.
Posted on 6/1/2026 by Kyle Anthony inDividends
Unleashing the Potential of Covered Call ETFs
Here's all you need to know about covered call ETFs as a Canadian investor.
Posted on 6/7/2023 by Tony Dong inStock Market
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.