Why zionims can't be categorised as religious racism?

Christians talk too much against racism but when spoken about Zionism they try to hide reality by using various phrases and rhetorics. Zionism is indeed racism based on religion. I know that according to Islam Jews are chosen people but it is subjected to the covenant with God, not purely based on race. Since they did not fulfill the condition of covenant and rejected Messiah and Last Prophet covenant is no more valid. Where as Zionists believe that covenant with jews is eternal irrespective of whatever jew does.