BTC-USD vs. ZLB.TO

Last updated Jun 9, 2026

BTC-USD (Bitcoin) is a cryptocurrency, while ZLB.TO (BMO Low Volatility Canadian Equity ETF) is Canada Equities fund actively managed by BMO. Over the past 10 years, BTC-USD returned 59.68%/yr vs 9.42%/yr for ZLB.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

BTC-USD vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin (BTC-USD) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTC-USD is traded in USD, while ZLB.TO is traded in CAD. To make them comparable, the ZLB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTC-USD achieves a -28.54% return, which is significantly lower than ZLB.TO's 2.14% return. Over the past 10 years, BTC-USD has outperformed ZLB.TO with an annualized return of 59.68%, while ZLB.TO has yielded a comparatively lower 9.42% annualized return.

BTC-USD

• 1D: -1.22%
• 1M: -22.47%
• YTD: -28.54%
• 6M: -31.02%
• 1Y: -40.89%
• 3Y*: 33.16%
• 5Y*: 10.82%
• 10Y*: 59.68%

ZLB.TO

• 1D: -0.93%
• 1M: -0.55%
• YTD: 2.14%
• 6M: 0.70%
• 1Y: 10.48%
• 3Y*: 13.02%
• 5Y*: 7.91%
• 10Y*: 9.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTC-USD vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTC-USD Bitcoin	-28.54%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%
ZLB.TO BMO Low Volatility Canadian Equity ETF	2.14%	26.16%	6.31%	12.07%	-6.29%	22.99%	3.98%	27.16%	-10.30%	19.18%

Correlation

The correlation between BTC-USD and ZLB.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 24, 2012	0.03

Return for Risk

BTC-USD vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTC-USD

BTC-USD Risk / Return Rank: 28
BTC-USD Sharpe Ratio Rank: 12
BTC-USD Sortino Ratio Rank: 33
BTC-USD Omega Ratio Rank: 33
BTC-USD Calmar Ratio Rank: 46
BTC-USD Martin Ratio Rank: 16

ZLB.TO

ZLB.TO Risk / Return Rank: 45
ZLB.TO Sharpe Ratio Rank: 43
ZLB.TO Sortino Ratio Rank: 40
ZLB.TO Omega Ratio Rank: 45
ZLB.TO Calmar Ratio Rank: 50
ZLB.TO Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTC-USD vs. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and BMO Low Volatility Canadian Equity ETF (ZLB.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.

	BTC-USD	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	1.05	-2.00
Sortino ratio: Return per unit of downside risk	-1.35	1.46	-2.81
Omega ratio: Gain probability vs. loss probability	0.86	1.20	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.80	1.72	-2.52
Martin ratio: Return relative to average drawdown	-1.42	4.69	-6.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC-USD vs. ZLB.TO - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -0.95, which is lower than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of BTC-USD and ZLB.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.

Sharpe Ratios by Period

	BTC-USD	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	1.05	-2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.68	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.68	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.75	+0.38

Drawdowns

BTC-USD vs. ZLB.TO - Drawdown Comparison

The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than ZLB.TO's maximum drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for BTC-USD and ZLB.TO.

Drawdown Indicators

	BTC-USD	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-39.55%	-45.75%
Max Drawdown (1Y) Largest decline over 1 year	-51.21%	-6.13%	-45.08%
Max Drawdown (3Y) Largest decline over 3 years	-51.21%	-12.27%	-38.94%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	-20.63%	-56.04%
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	-39.55%	-44.25%
Current Drawdown Current decline from peak	-49.86%	-2.58%	-47.28%
Average Drawdown Average peak-to-trough decline	-42.32%	-4.09%	-38.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.46%	2.24%	+32.22%

Volatility

BTC-USD vs. ZLB.TO - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 11.59% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC-USD	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.59%	2.82%	+8.77%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	8.11%	+26.42%
Volatility (1Y) Calculated over the trailing 1-year period	35.67%	10.02%	+25.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.95%	11.65%	+33.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.71%	13.91%	+42.80%

Frequently Asked Questions

Can I hold both BTC-USD and ZLB.TO in my portfolio?

BTC-USD and ZLB.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.