HEQL.TO vs. ZLB.TO

Last updated Jun 26, 2026

HEQL.TO (Global X Enhanced All-Equity Asset Allocation ETF CAD) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - HEQL.TO is a Leveraged Equities fund actively managed by Global X, while ZLB.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. HEQL.TO charges 1.46%/yr vs 0.39%/yr for ZLB.TO.

Performance

HEQL.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEQL.TO

• 1D: 0.49%
• 1M: 3.15%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZLB.TO

• 1D: 0.14%
• 1M: 3.75%
• YTD: 7.96%
• 6M: 3.86%
• 1Y: 15.29%
• 3Y*: 16.40%
• 5Y*: 11.76%
• 10Y*: 10.98%

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

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

	2026 (YTD)
HEQL.TO Global X Enhanced All-Equity Asset Allocation ETF CAD	13.78%
ZLB.TO BMO Low Volatility Canadian Equity ETF	6.67%

Correlation

The correlation between HEQL.TO and ZLB.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.40

Return for Risk

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

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

HEQL.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZLB.TO

ZLB.TO Risk / Return Rank: 57
ZLB.TO Sharpe Ratio Rank: 57
ZLB.TO Sortino Ratio Rank: 53
ZLB.TO Omega Ratio Rank: 59
ZLB.TO Calmar Ratio Rank: 63
ZLB.TO Martin Ratio Rank: 53

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced All-Equity Asset Allocation ETF CAD (HEQL.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.

	HEQL.TO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.66	—
Sortino ratio: Return per unit of downside risk	—	2.24	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.71	—
Martin ratio: Return relative to average drawdown	—	7.93	—

Drawdowns

HEQL.TO vs. ZLB.TO - Drawdown Comparison

The maximum HEQL.TO drawdown since its inception was -10.69%, smaller than the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for HEQL.TO and ZLB.TO.

Drawdown Indicators

	HEQL.TO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.69%	-33.96%	+23.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.96%	—
Current Drawdown Current decline from peak	-1.61%	0.00%	-1.61%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.48%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.93%	—

Volatility

Volatility by Period

	HEQL.TO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	9.29%	+9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	9.64%	+9.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	12.22%	+6.59%

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

HEQL.TO has a 1.46% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.

Dividends

HEQL.TO vs. ZLB.TO - Dividend Comparison

HEQL.TO's dividend yield for the trailing twelve months is around 0.70%, less than ZLB.TO's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEQL.TO Global X Enhanced All-Equity Asset Allocation ETF CAD	0.70%	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	1.84%	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 HEQL.TO and ZLB.TO in my portfolio?

HEQL.TO and ZLB.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 1.46% for HEQL.TO.

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

HEQL.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: 1.46% for HEQL.TO and 0.39% for ZLB.TO.