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

MDA.TO vs. ZLB.TO

Last updated Jun 5, 2026

MDA.TO (MDA Space Ltd.) is a stock, while ZLB.TO (BMO Low Volatility Canadian Equity ETF) is Canada Equities fund actively managed by BMO. Over the past 5 years, MDA.TO returned 30.38%/yr vs 11.81%/yr for ZLB.TO. At a 0.25 correlation, their price movements are largely independent.

Performance

MDA.TO vs. ZLB.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, MDA.TO achieves a 114.15% return, which is significantly higher than ZLB.TO's 4.04% return.

MDA.TO

1D
2.17%
1M
37.07%
YTD
114.15%
6M
125.14%
1Y
100.04%
3Y*
91.37%
5Y*
30.38%
10Y*
—

ZLB.TO

1D
0.87%
1M
1.80%
YTD
4.04%
6M
4.91%
1Y
16.44%
3Y*
15.72%
5Y*
11.81%
10Y*
10.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
MDA.TO
MDA Space Ltd.		114.15%-9.79%156.34%80.00%-32.63%-34.71%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		4.04%25.29%15.31%9.41%-0.35%11.71%

Correlation

The correlation between MDA.TO and ZLB.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.23

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

0.26

Correlation (All Time)
Calculated using the full available price history since Apr 8, 2021

0.25

The correlation between MDA.TO and ZLB.TO shifts across timeframes, from 0.16 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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MDA Space Ltd.

BMO Low Volatility Canadian Equity ETF

Often compared with MDA.TO:
MDA.TO vs. CAEMDA.TO vs. SIA.TOMDA.TO vs. FTG.TOMDA.TO vs. JWEL.TOMDA.TO vs. HMM-A.TOMDA.TO vs. ATD.TOMDA.TO vs. TRP
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. XUU-U.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MDA.TO
MDA.TO Risk / Return Rank: 7676
Overall Rank
MDA.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MDA.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
MDA.TO Omega Ratio Rank: 7979
Omega Ratio Rank
MDA.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
MDA.TO Martin Ratio Rank: 7272
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 6262
Overall Rank
ZLB.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 6060
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 6464
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.

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

This table presents a comparison of risk-adjusted performance metrics for MDA Space Ltd. (MDA.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.

MDA.TOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
1.58
1.99

-0.41

Sortino ratioReturn per unit of downside risk
2.03
2.97

-0.94

Omega ratioGain probability vs. loss probability

1.29

1.36

-0.07

Calmar ratioReturn relative to maximum drawdown

1.87

3.08

-1.21

Martin ratioReturn relative to average drawdown

4.03

11.43

-7.40

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDA.TO vs. ZLB.TO - Sharpe Ratio Comparison

The current MDA.TO Sharpe Ratio is 1.58, which is comparable to the ZLB.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MDA.TO 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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Sharpe Ratios by Period

MDA.TOZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.58

1.99

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

1.26

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.89

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

1.15

-0.53

Drawdowns

MDA.TO vs. ZLB.TO - Drawdown Comparison

The maximum MDA.TO drawdown since its inception was -68.33%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for MDA.TO and ZLB.TO.

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Drawdown Indicators

MDA.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-68.33%

-33.96%

-34.37%

Max Drawdown (1Y)

Largest decline over 1 year

-53.77%

-5.36%

-48.41%

Max Drawdown (3Y)

Largest decline over 3 years

-53.77%

-8.01%

-45.76%

Max Drawdown (5Y)

Largest decline over 5 years

-65.68%

-13.00%

-52.68%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.96%

—

Current Drawdown

Current decline from peak

-15.02%

-0.84%

-14.18%

Average Drawdown

Average peak-to-trough decline

-30.71%

-2.46%

-28.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.89%

1.44%

+23.45%

Volatility

MDA.TO vs. ZLB.TO - Volatility Comparison

MDA Space Ltd. (MDA.TO) has a higher volatility of 19.28% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.57%. This indicates that MDA.TO'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

MDA.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

19.28%

2.57%

+16.71%

Volatility (6M)

Calculated over the trailing 6-month period

44.43%

6.39%

+38.04%

Volatility (1Y)

Calculated over the trailing 1-year period

63.70%

8.31%

+55.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

49.08%

9.44%

+39.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

49.21%

12.15%

+37.06%

Dividends

MDA.TO vs. ZLB.TO - Dividend Comparison

MDA.TO has not paid dividends to shareholders, while ZLB.TO's dividend yield for the trailing twelve months is around 1.87%.

PositionTTM20252024202320222021202020192018201720162015
MDA.TO
MDA Space Ltd.		0.00%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		1.87%1.93%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.52%2.94%2.34%

Frequently Asked Questions

MDA.TO and ZLB.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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