EFAV vs. ZLB.TO

Last updated Jun 9, 2026

EFAV (iShares Edge MSCI Min Vol EAFE ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. EFAV is passively managed, while ZLB.TO is actively managed. Over the past 10 years, EFAV returned 6.10%/yr vs 9.42%/yr for ZLB.TO. At a 0.41 correlation, their price movements are largely independent. EFAV charges 0.20%/yr vs 0.39%/yr for ZLB.TO.

Performance

EFAV vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Min Vol EAFE ETF (EFAV) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EFAV 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, EFAV achieves a 3.77% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, EFAV has underperformed ZLB.TO with an annualized return of 6.10%, while ZLB.TO has yielded a comparatively higher 9.42% annualized return.

EFAV

• 1D: 0.61%
• 1M: -1.89%
• YTD: 3.77%
• 6M: 6.13%
• 1Y: 8.96%
• 3Y*: 12.84%
• 5Y*: 6.01%
• 10Y*: 6.10%

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)

EFAV vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.77%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%
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 EFAV and ZLB.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011	0.41

The correlation between EFAV and ZLB.TO shifts across timeframes, from 0.36 (1 year) to 0.49 (3 years), reflecting how their relationship changes across market environments.

EFAV vs. ZLB.TO - Sectors Allocation Comparison

Sectors	EFAV	ZLB.TO
Financial Services	19.9%	23.9%
Industrials	15.1%	10.0%
Healthcare	12.4%	-
Consumer Defensive	11.5%	18.3%
Communication Services	9.7%	9.3%
Utilities	9.1%	17.6%
Energy	8.2%	-
Consumer Cyclical	5.2%	8.5%
Technology	4.5%	1.9%
Real Estate	2.9%	4.3%
Basic Materials	1.6%	6.2%

Return for Risk

EFAV vs. ZLB.TO — Risk / Return Rank

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

EFAV

EFAV Risk / Return Rank: 27
EFAV Sharpe Ratio Rank: 26
EFAV Sortino Ratio Rank: 25
EFAV Omega Ratio Rank: 25
EFAV Calmar Ratio Rank: 31
EFAV Martin Ratio Rank: 29

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Min Vol EAFE ETF (EFAV) 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.

	EFAV	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.05	-0.19
Sortino ratio: Return per unit of downside risk	1.26	1.46	-0.20
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.39	1.72	-0.32
Martin ratio: Return relative to average drawdown	3.77	4.69	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFAV vs. ZLB.TO - Sharpe Ratio Comparison

The current EFAV Sharpe Ratio is 0.86, which is comparable to the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of EFAV 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

	EFAV	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	1.05	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.68	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.68	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.75	-0.22

Drawdowns

EFAV vs. ZLB.TO - Drawdown Comparison

The maximum EFAV drawdown since its inception was -27.56%, smaller than the maximum ZLB.TO drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for EFAV and ZLB.TO.

Drawdown Indicators

	EFAV	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-39.55%	+11.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-6.13%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-12.27%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-20.63%	-6.83%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	-39.55%	+11.99%
Current Drawdown Current decline from peak	-5.66%	-2.58%	-3.08%
Average Drawdown Average peak-to-trough decline	-4.77%	-4.09%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.24%	+0.14%

Volatility

EFAV vs. ZLB.TO - Volatility Comparison

iShares Edge MSCI Min Vol EAFE ETF (EFAV) and BMO Low Volatility Canadian Equity ETF (ZLB.TO) have volatilities of 2.86% and 2.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAV	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.82%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	8.11%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.43%	10.02%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	11.65%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	13.91%	-0.69%

EFAV vs. ZLB.TO - Expense Ratio Comparison

EFAV has a 0.20% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

EFAV vs. ZLB.TO - Dividend Comparison

EFAV's dividend yield for the trailing twelve months is around 3.08%, more than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.08%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
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 EFAV and ZLB.TO in my portfolio?

EFAV and ZLB.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EFAV or ZLB.TO?

On fees, EFAV is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EFAV or ZLB.TO?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.39% for ZLB.TO.

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

EFAV is categorized as Foreign Large Cap Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.20% for EFAV and 0.39% for ZLB.TO.