CFOU.TO vs. ZLB.TO

Last updated Jun 24, 2026

CFOU.TO (BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - CFOU.TO is a Leveraged Equities fund tracking the S&P/TSX Capped Financials Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. CFOU.TO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, CFOU.TO returned 25.68%/yr vs 10.82%/yr for ZLB.TO. A 0.63 correlation means they provide meaningful diversification when combined. CFOU.TO charges 1.52%/yr vs 0.39%/yr for ZLB.TO.

Performance

CFOU.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFOU.TO achieves a 43.47% return, which is significantly higher than ZLB.TO's 6.82% return. Over the past 10 years, CFOU.TO has outperformed ZLB.TO with an annualized return of 25.68%, while ZLB.TO has yielded a comparatively lower 10.82% annualized return.

CFOU.TO

• 1D: 0.72%
• 1M: 14.74%
• YTD: 43.47%
• 6M: 42.96%
• 1Y: 116.89%
• 3Y*: 67.86%
• 5Y*: 32.56%
• 10Y*: 25.68%

ZLB.TO

• 1D: 0.88%
• 1M: 2.60%
• YTD: 6.82%
• 6M: 2.65%
• 1Y: 13.79%
• 3Y*: 16.32%
• 5Y*: 11.51%
• 10Y*: 10.82%

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

CFOU.TO vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFOU.TO BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF	43.47%	69.17%	56.15%	18.37%	-23.64%	79.61%	-14.72%	40.48%	-21.69%	22.51%
ZLB.TO BMO Low Volatility Canadian Equity ETF	6.82%	20.40%	15.31%	9.41%	-0.35%	22.93%	1.51%	21.92%	-2.76%	11.11%

Correlation

The correlation between CFOU.TO and ZLB.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011	0.63

The correlation between CFOU.TO and ZLB.TO shifts across timeframes, from 0.52 (1 year) to 0.65 (3 years), reflecting how their relationship changes across market environments.

CFOU.TO vs. ZLB.TO - Sectors Allocation Comparison

Sectors	CFOU.TO	ZLB.TO
Financial Services	100.0%	24.4%
Basic Materials	-	6.1%
Communication Services	-	9.9%
Consumer Cyclical	-	8.2%
Consumer Defensive	-	18.2%
Energy	-	-
Healthcare	-	-
Industrials	-	9.4%
Real Estate	-	4.2%
Technology	-	1.9%
Utilities	-	17.6%

Return for Risk

CFOU.TO vs. ZLB.TO — Risk / Return Rank

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

CFOU.TO

CFOU.TO Risk / Return Rank: 96
CFOU.TO Sharpe Ratio Rank: 98
CFOU.TO Sortino Ratio Rank: 96
CFOU.TO Omega Ratio Rank: 95
CFOU.TO Calmar Ratio Rank: 95
CFOU.TO Martin Ratio Rank: 96

ZLB.TO

ZLB.TO Risk / Return Rank: 45
ZLB.TO Sharpe Ratio Rank: 45
ZLB.TO Sortino Ratio Rank: 41
ZLB.TO Omega Ratio Rank: 45
ZLB.TO Calmar Ratio Rank: 51
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.

CFOU.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) 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.

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.

	CFOU.TO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.69	1.50	+3.20
Sortino ratio: Return per unit of downside risk	5.34	2.03	+3.30
Omega ratio: Gain probability vs. loss probability	1.70	1.28	+0.42
Calmar ratio: Return relative to maximum drawdown	7.31	2.44	+4.87
Martin ratio: Return relative to average drawdown	29.91	7.15	+22.76

CFOU.TO vs. ZLB.TO - Sharpe Ratio Comparison

The current CFOU.TO Sharpe Ratio is 4.69, which is higher than the ZLB.TO Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of CFOU.TO 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.

Drawdowns

CFOU.TO vs. ZLB.TO - Drawdown Comparison

The maximum CFOU.TO drawdown since its inception was -86.23%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for CFOU.TO and ZLB.TO.

Drawdown Indicators

	CFOU.TO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-86.23%	-33.96%	-52.27%
Max Drawdown (1Y) Largest decline over 1 year	-16.08%	-5.67%	-10.41%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-8.01%	-16.94%
Max Drawdown (5Y) Largest decline over 5 years	-45.23%	-13.00%	-32.23%
Max Drawdown (10Y) Largest decline over 10 years	-67.30%	-33.96%	-33.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-22.38%	-2.48%	-19.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	1.93%	+1.99%

Volatility

CFOU.TO vs. ZLB.TO - Volatility Comparison

BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (CFOU.TO) has a higher volatility of 7.12% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.47%. This indicates that CFOU.TO'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

	CFOU.TO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	2.47%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	20.96%	7.69%	+13.27%
Volatility (1Y) Calculated over the trailing 1-year period	25.07%	9.29%	+15.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.61%	9.63%	+17.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.82%	12.22%	+21.60%

CFOU.TO vs. ZLB.TO - Expense Ratio Comparison

CFOU.TO has a 1.52% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.

Dividends

CFOU.TO vs. ZLB.TO - Dividend Comparison

CFOU.TO has not paid dividends to shareholders, while ZLB.TO's dividend yield for the trailing twelve months is around 1.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFOU.TO BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.86%	1.99%	2.37%	2.67%	2.66%	2.39%	2.83%	2.44%	2.76%	2.55%	2.94%	2.34%

Frequently Asked Questions

Can I hold both CFOU.TO and ZLB.TO in my portfolio?

CFOU.TO and ZLB.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CFOU.TO or ZLB.TO?

On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CFOU.TO or ZLB.TO?

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 1.52% for CFOU.TO.

What is the main difference between CFOU.TO and ZLB.TO?

CFOU.TO is categorized as Leveraged Equities, while ZLB.TO is Canada Equities. They also come from different issuers: Global X and BMO. Their fees differ too: 1.52% for CFOU.TO and 0.39% for ZLB.TO.