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

IVLU vs. ZLB.TO

Last updated Jun 14, 2026

IVLU (iShares MSCI International Value Factor ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. IVLU is passively managed, while ZLB.TO is actively managed. Over the past 10 years, IVLU returned 11.63%/yr vs 9.72%/yr for ZLB.TO. At a 0.39 correlation, their price movements are largely independent. IVLU charges 0.30%/yr vs 0.39%/yr for ZLB.TO.

Performance

IVLU vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI International Value Factor ETF (IVLU) 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

IVLU 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, IVLU achieves a 12.96% return, which is significantly higher than ZLB.TO's 3.59% return. Over the past 10 years, IVLU has outperformed ZLB.TO with an annualized return of 11.63%, while ZLB.TO has yielded a comparatively lower 9.72% annualized return.

IVLU

1D
0.56%
1M
2.48%
YTD
12.96%
6M
14.33%
1Y
35.32%
3Y*
23.53%
5Y*
14.06%
10Y*
11.63%

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)

IVLU vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVLU
iShares MSCI International Value Factor ETF		12.96%46.09%6.76%20.07%-5.73%15.60%-4.50%15.60%-15.10%23.10%
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 IVLU and ZLB.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.45

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

0.44

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

0.41

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2015

0.39

The correlation between IVLU and ZLB.TO shifts across timeframes, from 0.34 (1 year) to 0.45 (3 years), reflecting how their relationship changes across market environments.

IVLU vs. ZLB.TO - Sectors Allocation Comparison

Sectors
IVLU
ZLB.TO

Financial Services

26.5%
23.9%

Industrials

18.8%
10.0%

Technology

10.6%
1.9%

Healthcare

9.0%

-

Consumer Cyclical

7.6%
8.5%

Basic Materials

7.4%
6.2%

Consumer Defensive

6.0%
18.3%

Energy

5.5%

-

Communication Services

3.7%
9.3%

Utilities

3.6%
17.6%

Real Estate

1.4%
4.3%

Financial Services

IVLU
26.5%
ZLB.TO
23.9%

Industrials

IVLU
18.8%
ZLB.TO
10.0%

Technology

IVLU
10.6%
ZLB.TO
1.9%

Healthcare

IVLU
9.0%
ZLB.TO

-

Consumer Cyclical

IVLU
7.6%
ZLB.TO
8.5%

Basic Materials

IVLU
7.4%
ZLB.TO
6.2%

Consumer Defensive

IVLU
6.0%
ZLB.TO
18.3%

Energy

IVLU
5.5%
ZLB.TO

-

Communication Services

IVLU
3.7%
ZLB.TO
9.3%

Utilities

IVLU
3.6%
ZLB.TO
17.6%

Real Estate

IVLU
1.4%
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.

iShares MSCI International Value Factor ETF

BMO Low Volatility Canadian Equity ETF

Often compared with IVLU:
IVLU vs. DFIVIVLU vs. FIVAIVLU vs. VXUSIVLU vs. IDMOIVLU vs. IEFAIVLU vs. DISVIVLU vs. SFNNX
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

IVLU vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVLU
IVLU Risk / Return Rank: 7373
Overall Rank
IVLU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IVLU Sortino Ratio Rank: 7777
Sortino Ratio Rank
IVLU Omega Ratio Rank: 7676
Omega Ratio Rank
IVLU Calmar Ratio Rank: 6767
Calmar Ratio Rank
IVLU Martin Ratio Rank: 6969
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI International Value Factor ETF (IVLU) 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.

IVLUZLB.TODifference
Sharpe ratioReturn per unit of total volatility
2.17
1.08

+1.09

Sortino ratioReturn per unit of downside risk
2.98
1.49

+1.49

Omega ratioGain probability vs. loss probability

1.39

1.20

+0.19

Calmar ratioReturn relative to maximum drawdown

2.90

1.76

+1.14

Martin ratioReturn relative to average drawdown

11.01

4.78

+6.23

IVLU vs. ZLB.TO - Sharpe Ratio Comparison

The current IVLU Sharpe Ratio is 2.17, which is higher than the ZLB.TO Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of IVLU 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

IVLU vs. ZLB.TO - Drawdown Comparison

The maximum IVLU drawdown since its inception was -41.85%, 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 IVLU and ZLB.TO.

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Drawdown Indicators

IVLUZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.85%

-39.55%

-2.30%

Max Drawdown (1Y)

Largest decline over 1 year

-11.69%

-6.13%

-5.56%

Max Drawdown (3Y)

Largest decline over 3 years

-15.48%

-12.27%

-3.21%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

-20.63%

-5.41%

Max Drawdown (10Y)

Largest decline over 10 years

-41.85%

-39.55%

-2.30%

Current Drawdown

Current decline from peak

-0.53%

-1.20%

+0.67%

Average Drawdown

Average peak-to-trough decline

-8.57%

-4.08%

-4.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

2.25%

+0.84%

Volatility

IVLU vs. ZLB.TO - Volatility Comparison

iShares MSCI International Value Factor ETF (IVLU) has a higher volatility of 5.44% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.75%. This indicates that IVLU'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

IVLUZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

2.75%

+2.69%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

8.16%

+4.69%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

10.05%

+5.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.58%

11.65%

+4.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.66%

13.90%

+3.76%

IVLU vs. ZLB.TO - Expense Ratio Comparison

IVLU has a 0.30% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

IVLU vs. ZLB.TO - Dividend Comparison

IVLU's dividend yield for the trailing twelve months is around 3.28%, more than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
IVLU
iShares MSCI International Value Factor ETF		3.28%3.71%4.46%4.69%3.59%3.47%2.05%3.53%2.82%2.87%2.53%0.93%
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

IVLU and ZLB.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IVLU is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IVLU is cheaper with a 0.30% expense ratio, compared with 0.39% for ZLB.TO.

IVLU 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: 0.30% for IVLU and 0.39% for ZLB.TO.

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