IYW vs. ZLB.TO
IYW (iShares U.S. Technology ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. IYW is passively managed, while ZLB.TO is actively managed. Over the past 10 years, IYW returned 25.63%/yr vs 9.71%/yr for ZLB.TO. At a 0.35 correlation, their price movements are largely independent. IYW charges 0.38%/yr vs 0.39%/yr for ZLB.TO.
Performance
IYW vs. ZLB.TO - Performance Comparison
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Different Trading Currencies
IYW 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, IYW achieves a 22.66% return, which is significantly higher than ZLB.TO's 3.48% return. Over the past 10 years, IYW has outperformed ZLB.TO with an annualized return of 25.63%, while ZLB.TO has yielded a comparatively lower 9.71% annualized return.
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
ZLB.TO
- 1D
- -0.17%
- 1M
- 2.35%
- YTD
- 3.48%
- 6M
- 1.29%
- 1Y
- 10.61%
- 3Y*
- 13.47%
- 5Y*
- 8.05%
- 10Y*
- 9.71%
IYW vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 3.48% | 26.16% | 6.31% | 12.07% | -6.29% | 22.99% | 3.98% | 27.16% | -10.30% | 19.18% |
Correlation
The correlation between IYW and ZLB.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011 | 0.35 |
Over the past year, the correlation between IYW and ZLB.TO has dropped to 0.12 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
IYW vs. ZLB.TO — Risk / Return Rank
IYW
ZLB.TO
IYW vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) 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.
| IYW | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.20 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 1.74 | +0.97 |
| Martin ratioReturn relative to average drawdown | 8.68 | 4.73 | +3.95 |
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Drawdowns
IYW vs. ZLB.TO - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, 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 IYW and ZLB.TO.
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Drawdown Indicators
| IYW | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -39.55% | -42.35% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -6.13% | -11.68% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -12.27% | -14.20% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -20.63% | -18.81% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -39.55% | +0.11% |
Current DrawdownCurrent decline from peak | -5.81% | -1.30% | -4.51% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -4.08% | -30.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 2.25% | +3.29% |
Volatility
IYW vs. ZLB.TO - Volatility Comparison
iShares U.S. Technology ETF (IYW) has a higher volatility of 9.41% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.75%. This indicates that IYW'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
| IYW | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 2.75% | +6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 8.17% | +9.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 10.05% | +11.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 11.65% | +14.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 13.90% | +11.30% |
IYW vs. ZLB.TO - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.
Dividends
IYW vs. ZLB.TO - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than ZLB.TO's 1.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
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
IYW and ZLB.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IYW is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IYW is cheaper with a 0.38% expense ratio, compared with 0.39% for ZLB.TO.
IYW is categorized as Technology Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.38% for IYW and 0.39% for ZLB.TO.
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