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FEZ vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEZ vs. ZLB.TO

Last updated Jun 14, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. FEZ is passively managed, while ZLB.TO is actively managed. Over the past 10 years, FEZ returned 11.34%/yr vs 9.72%/yr for ZLB.TO. At a 0.38 correlation, their price movements are largely independent. FEZ charges 0.29%/yr vs 0.39%/yr for ZLB.TO.

Performance

FEZ vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FEZ 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, FEZ achieves a 7.29% return, which is significantly higher than ZLB.TO's 3.59% return. Over the past 10 years, FEZ has outperformed ZLB.TO with an annualized return of 11.34%, while ZLB.TO has yielded a comparatively lower 9.72% annualized return.

FEZ

1D
0.09%
1M
6.20%
YTD
7.29%
6M
8.07%
1Y
19.95%
3Y*
17.98%
5Y*
10.21%
10Y*
11.34%

ZLB.TO

1D
-0.07%
1M
2.19%
YTD
3.59%
6M
1.39%
1Y
10.41%
3Y*
13.51%
5Y*
8.07%
10Y*
9.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEZ vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEZ
State Street SPDR EURO STOXX 50 ETF		7.29%37.81%3.57%27.16%-14.27%14.84%4.84%26.04%-15.85%24.80%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.59%26.16%6.31%12.07%-6.29%22.99%3.98%27.16%-10.30%19.18%

Correlation

The correlation between FEZ and ZLB.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.40

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2011

0.38

The correlation between FEZ and ZLB.TO shifts across timeframes, from 0.30 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

FEZ vs. ZLB.TO - Sectors Allocation Comparison

Sectors
FEZ
ZLB.TO

Financial Services

24.9%
23.9%

Industrials

21.7%
10.0%

Technology

18.0%
1.9%

Consumer Cyclical

9.8%
8.5%

Consumer Defensive

5.4%
18.3%

Healthcare

5.1%

-

Energy

4.8%

-

Utilities

4.5%
17.6%

Basic Materials

3.4%
6.2%

Communication Services

2.4%
9.3%

Real Estate

-

4.3%

Financial Services

FEZ
24.9%
ZLB.TO
23.9%

Industrials

FEZ
21.7%
ZLB.TO
10.0%

Technology

FEZ
18.0%
ZLB.TO
1.9%

Consumer Cyclical

FEZ
9.8%
ZLB.TO
8.5%

Consumer Defensive

FEZ
5.4%
ZLB.TO
18.3%

Healthcare

FEZ
5.1%
ZLB.TO

-

Energy

FEZ
4.8%
ZLB.TO

-

Utilities

FEZ
4.5%
ZLB.TO
17.6%

Basic Materials

FEZ
3.4%
ZLB.TO
6.2%

Communication Services

FEZ
2.4%
ZLB.TO
9.3%

Real Estate

FEZ

-

ZLB.TO
4.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR EURO STOXX 50 ETF

BMO Low Volatility Canadian Equity ETF

Often compared with FEZ:
FEZ vs. VGKFEZ vs. IEURFEZ vs. EZUFEZ vs. IEVFEZ vs. VOOFEZ vs. EWQFEZ vs. EWN
Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XDIV.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. XEG.TO

Return for Risk

FEZ vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEZ
FEZ Risk / Return Rank: 3030
Overall Rank
FEZ Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FEZ Sortino Ratio Rank: 3030
Sortino Ratio Rank
FEZ Omega Ratio Rank: 2828
Omega Ratio Rank
FEZ Calmar Ratio Rank: 3030
Calmar Ratio Rank
FEZ Martin Ratio Rank: 3434
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 4848
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4343
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4848
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) 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.

FEZZLB.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
1.08

-0.12

Sortino ratioReturn per unit of downside risk
1.45
1.49

-0.04

Omega ratioGain probability vs. loss probability

1.17

1.20

-0.03

Calmar ratioReturn relative to maximum drawdown

1.29

1.76

-0.46

Martin ratioReturn relative to average drawdown

4.40

4.78

-0.38

FEZ vs. ZLB.TO - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.96, which is comparable to the ZLB.TO Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of FEZ 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.

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Drawdowns

FEZ vs. ZLB.TO - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, 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 FEZ and ZLB.TO.

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Drawdown Indicators

FEZZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-64.21%

-39.55%

-24.66%

Max Drawdown (1Y)

Largest decline over 1 year

-13.63%

-6.13%

-7.50%

Max Drawdown (3Y)

Largest decline over 3 years

-15.85%

-12.27%

-3.58%

Max Drawdown (5Y)

Largest decline over 5 years

-35.05%

-20.63%

-14.42%

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

-39.55%

-0.14%

Current Drawdown

Current decline from peak

-0.37%

-1.20%

+0.83%

Average Drawdown

Average peak-to-trough decline

-17.05%

-4.08%

-12.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

2.25%

+1.76%

Volatility

FEZ vs. ZLB.TO - Volatility Comparison

State Street SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 6.57% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.75%. This indicates that FEZ'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.

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Volatility by Period

FEZZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.57%

2.75%

+3.82%

Volatility (6M)

Calculated over the trailing 6-month period

15.48%

8.16%

+7.32%

Volatility (1Y)

Calculated over the trailing 1-year period

18.45%

10.05%

+8.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.70%

11.65%

+9.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.11%

13.90%

+7.21%

FEZ vs. ZLB.TO - Expense Ratio Comparison

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

Dividends

FEZ vs. ZLB.TO - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.52%, more than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
FEZ
State Street SPDR EURO STOXX 50 ETF		2.52%2.78%2.94%2.75%3.06%2.61%2.13%2.61%3.45%2.44%3.35%3.03%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%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

FEZ and ZLB.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

FEZ is categorized as Europe Equities, while ZLB.TO is Canada Equities. They also come from different issuers: State Street and BMO. Their fees differ too: 0.29% for FEZ and 0.39% for ZLB.TO.

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