FDLO vs. ZLB.TO

Last updated Jun 9, 2026

FDLO (Fidelity Low Volatility Factor ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. FDLO is passively managed, while ZLB.TO is actively managed. Over the past 5 years, FDLO returned 9.84%/yr vs 7.91%/yr for ZLB.TO. A 0.50 correlation means they provide meaningful diversification when combined. FDLO charges 0.29%/yr vs 0.39%/yr for ZLB.TO.

Performance

FDLO vs. ZLB.TO - Performance Comparison

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

Different Trading Currencies

FDLO 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, FDLO achieves a 3.88% return, which is significantly higher than ZLB.TO's 2.14% return.

FDLO

• 1D: -0.68%
• 1M: 0.03%
• YTD: 3.88%
• 6M: 3.86%
• 1Y: 13.32%
• 3Y*: 13.93%
• 5Y*: 9.84%
• 10Y*: —

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)

FDLO vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDLO Fidelity Low Volatility Factor ETF	3.88%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%
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 FDLO and ZLB.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.50

The correlation between FDLO and ZLB.TO has been stable across timeframes, ranging from 0.43 to 0.53 - a consistent structural relationship.

FDLO vs. ZLB.TO - Sectors Allocation Comparison

Sectors	FDLO	ZLB.TO
Technology	33.8%	1.9%
Financial Services	12.1%	23.9%
Communication Services	10.8%	9.3%
Consumer Cyclical	10.1%	8.5%
Healthcare	9.7%	-
Industrials	9.2%	10.0%
Consumer Defensive	4.7%	18.3%
Energy	3.2%	-
Utilities	2.3%	17.6%
Real Estate	2.2%	4.3%
Basic Materials	1.7%	6.2%

Return for Risk

FDLO vs. ZLB.TO — Risk / Return Rank

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

FDLO

FDLO Risk / Return Rank: 48
FDLO Sharpe Ratio Rank: 48
FDLO Sortino Ratio Rank: 49
FDLO Omega Ratio Rank: 47
FDLO Calmar Ratio Rank: 42
FDLO Martin Ratio Rank: 52

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.

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

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) 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.

	FDLO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.05	+0.47
Sortino ratio: Return per unit of downside risk	2.18	1.46	+0.72
Omega ratio: Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	1.87	1.72	+0.16
Martin ratio: Return relative to average drawdown	8.13	4.69	+3.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDLO vs. ZLB.TO - Sharpe Ratio Comparison

The current FDLO Sharpe Ratio is 1.52, which is higher than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of FDLO 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

	FDLO	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.05	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.68	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.75	+0.07

Drawdowns

FDLO vs. ZLB.TO - Drawdown Comparison

The maximum FDLO drawdown since its inception was -34.35%, smaller than the maximum ZLB.TO drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for FDLO and ZLB.TO.

Drawdown Indicators

	FDLO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.35%	-39.55%	+5.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-6.13%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	-12.27%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-20.63%	+1.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.55%	—
Current Drawdown Current decline from peak	-1.97%	-2.58%	+0.61%
Average Drawdown Average peak-to-trough decline	-3.38%	-4.09%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	2.24%	-0.60%

Volatility

FDLO vs. ZLB.TO - Volatility Comparison

The current volatility for Fidelity Low Volatility Factor ETF (FDLO) is 2.17%, while BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a volatility of 2.82%. This indicates that FDLO 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

	FDLO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	2.82%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	6.50%	8.11%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	10.02%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	11.65%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	13.91%	+1.59%

FDLO vs. ZLB.TO - Expense Ratio Comparison

FDLO has a 0.29% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

FDLO vs. ZLB.TO - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.38%, less than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDLO Fidelity Low Volatility Factor ETF	1.38%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%
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 FDLO and ZLB.TO in my portfolio?

FDLO and ZLB.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FDLO or ZLB.TO?

On fees, FDLO is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FDLO or ZLB.TO?

FDLO is cheaper with a 0.29% expense ratio, compared with 0.39% for ZLB.TO.

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

FDLO is categorized as Volatility Hedged Equity, while ZLB.TO is Canada Equities. They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.29% for FDLO and 0.39% for ZLB.TO.