DGRO vs. ZLB.TO

Last updated Jun 9, 2026

DGRO (iShares Core Dividend Growth ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. DGRO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, DGRO returned 13.26%/yr vs 9.42%/yr for ZLB.TO. At a 0.48 correlation, their price movements are largely independent. DGRO charges 0.08%/yr vs 0.39%/yr for ZLB.TO.

Performance

DGRO vs. ZLB.TO - Performance Comparison

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

Different Trading Currencies

DGRO 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, DGRO achieves a 8.47% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, DGRO has outperformed ZLB.TO with an annualized return of 13.26%, while ZLB.TO has yielded a comparatively lower 9.42% annualized return.

DGRO

• 1D: -0.29%
• 1M: 2.67%
• YTD: 8.47%
• 6M: 9.27%
• 1Y: 21.90%
• 3Y*: 16.63%
• 5Y*: 10.64%
• 10Y*: 13.26%

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)

DGRO vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	8.47%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
ZLB.TO BMO Low Volatility Canadian Equity ETF	2.08%	26.16%	6.31%	12.07%	-6.29%	22.99%	3.98%	27.16%	-10.30%	19.18%

Correlation

The correlation between DGRO and ZLB.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.48

The correlation between DGRO and ZLB.TO has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.

DGRO vs. ZLB.TO - Sectors Allocation Comparison

Sectors	DGRO	ZLB.TO
Financial Services	21.2%	23.9%
Technology	19.4%	1.9%
Healthcare	16.4%	-
Consumer Defensive	11.5%	18.3%
Industrials	10.8%	10.0%
Utilities	6.9%	17.6%
Consumer Cyclical	5.7%	8.5%
Energy	5.6%	-
Basic Materials	2.5%	6.2%
Communication Services	0.1%	9.3%
Real Estate	-	4.3%

Return for Risk

DGRO vs. ZLB.TO — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 80
DGRO Sortino Ratio Rank: 84
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 74
DGRO Martin Ratio Rank: 76

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) 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.

	DGRO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.05	+1.26
Sortino ratio: Return per unit of downside risk	3.37	1.46	+1.92
Omega ratio: Gain probability vs. loss probability	1.42	1.20	+0.22
Calmar ratio: Return relative to maximum drawdown	3.40	1.72	+1.68
Martin ratio: Return relative to average drawdown	13.12	4.69	+8.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGRO vs. ZLB.TO - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.32, which is higher than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of DGRO 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

	DGRO	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.05	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.68	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.68	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.75	+0.01

Drawdowns

DGRO vs. ZLB.TO - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, smaller than the maximum ZLB.TO drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for DGRO and ZLB.TO.

Drawdown Indicators

	DGRO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-39.55%	+4.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.13%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-12.27%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-20.63%	+1.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-39.55%	+4.45%
Current Drawdown Current decline from peak	-1.07%	-2.58%	+1.51%
Average Drawdown Average peak-to-trough decline	-3.44%	-4.09%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	2.24%	-0.57%

Volatility

DGRO vs. ZLB.TO - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.32%, while BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a volatility of 2.82%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	2.82%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	8.11%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	10.02%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	11.65%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	13.91%	+2.72%

DGRO vs. ZLB.TO - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

DGRO vs. ZLB.TO - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.96%, more than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.91%	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 DGRO and ZLB.TO in my portfolio?

DGRO and ZLB.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DGRO or ZLB.TO?

On fees, DGRO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGRO or ZLB.TO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.39% for ZLB.TO.

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

DGRO is categorized as Large Cap Growth Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.08% for DGRO and 0.39% for ZLB.TO.