PID.TO vs. ZLI.TO

Last updated Jul 25, 2026

PID.TO (Purpose International Dividend Fund) and ZLI.TO (BMO Low Volatility International Equity ETF) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past 10 years, PID.TO returned 10.45%/yr vs 5.77%/yr for ZLI.TO. A 0.57 correlation means they provide meaningful diversification when combined. PID.TO charges 0.65%/yr vs 0.40%/yr for ZLI.TO.

Performance

PID.TO vs. ZLI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose International Dividend Fund (PID.TO) and BMO Low Volatility International Equity ETF (ZLI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PID.TO achieves a 14.90% return, which is significantly higher than ZLI.TO's 6.13% return. Over the past 10 years, PID.TO has outperformed ZLI.TO with an annualized return of 10.45%, while ZLI.TO has yielded a comparatively lower 5.77% annualized return.

PID.TO

• 1D: 0.77%
• 1M: 2.96%
• 6M: 12.68%
• YTD: 14.90%
• 1Y: 28.81%
• 3Y*: 21.82%
• 5Y*: 14.46%
• 10Y*: 10.45%
• ALL TIME*: 9.12%

ZLI.TO

• 1D: 1.45%
• 1M: 3.05%
• 6M: 5.14%
• YTD: 6.13%
• 1Y: 5.48%
• 3Y*: 11.48%
• 5Y*: 5.83%
• 10Y*: 5.77%
• ALL TIME*: 6.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PID.TO Purpose International Dividend Fund	CA$137.95K	CA$141.14K	CA$191.06K
ZLI.TO BMO Low Volatility International Equity ETF	CA$76.52K	CA$88.56K	CA$156.24K

PID.TO vs. ZLI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PID.TO Purpose International Dividend Fund	14.90%	33.43%	13.85%	15.75%	-2.67%	7.76%	-3.24%	14.04%	0.49%	11.86%
ZLI.TO BMO Low Volatility International Equity ETF	6.13%	13.39%	11.93%	9.09%	-9.80%	6.79%	-0.88%	9.71%	4.89%	13.91%

Correlation

The correlation between PID.TO and ZLI.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015	0.57

The correlation between PID.TO and ZLI.TO shifts across timeframes, from 0.55 (5 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PID.TO vs. ZLI.TO — Risk / Return Rank

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

PID.TO

PID.TO Risk / Return Rank: 81
PID.TO Sharpe Ratio Rank: 86
PID.TO Sortino Ratio Rank: 85
PID.TO Omega Ratio Rank: 85
PID.TO Calmar Ratio Rank: 72
PID.TO Martin Ratio Rank: 78

ZLI.TO

ZLI.TO Risk / Return Rank: 23
ZLI.TO Sharpe Ratio Rank: 24
ZLI.TO Sortino Ratio Rank: 22
ZLI.TO Omega Ratio Rank: 22
ZLI.TO Calmar Ratio Rank: 23
ZLI.TO Martin Ratio Rank: 22

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.

PID.TO vs. ZLI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose International Dividend Fund (PID.TO) and BMO Low Volatility International Equity ETF (ZLI.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.

	PID.TO	ZLI.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.52	+1.50
Sortino ratio: Return per unit of downside risk	2.80	0.78	+2.02
Omega ratio: Gain probability vs. loss probability	1.37	1.10	+0.27
Calmar ratio: Return relative to maximum drawdown	2.61	0.66	+1.95
Martin ratio: Return relative to average drawdown	10.08	1.54	+8.54

PID.TO vs. ZLI.TO - Sharpe Ratio Comparison

The current PID.TO Sharpe Ratio is 2.02, which is higher than the ZLI.TO Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of PID.TO and ZLI.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.

Drawdowns

PID.TO vs. ZLI.TO - Drawdown Comparison

The maximum PID.TO drawdown since its inception was -27.27%, which is greater than ZLI.TO's maximum drawdown of -24.66%. Use the drawdown chart below to compare losses from any high point for PID.TO and ZLI.TO.

Drawdown Indicators

	PID.TO	ZLI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.27%	-24.66%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-8.37%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-8.37%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-24.66%	+4.59%
Max Drawdown (10Y) Largest decline over 10 years	-27.27%	-24.66%	-2.61%
Current Drawdown Current decline from peak	-0.90%	-1.83%	+0.93%
Average Drawdown Average peak-to-trough decline	-4.12%	-4.99%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.57%	-0.70%

Volatility

PID.TO vs. ZLI.TO - Volatility Comparison

Purpose International Dividend Fund (PID.TO) has a higher volatility of 3.82% compared to BMO Low Volatility International Equity ETF (ZLI.TO) at 2.83%. This indicates that PID.TO's price experiences larger fluctuations and is considered to be riskier than ZLI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PID.TO	ZLI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	2.83%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	8.72%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	10.54%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	10.89%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.79%	12.22%	+1.57%

PID.TO vs. ZLI.TO - Expense Ratio Comparison

PID.TO has a 0.65% expense ratio, which is higher than ZLI.TO's 0.40% expense ratio.

Dividends

PID.TO vs. ZLI.TO - Dividend Comparison

PID.TO's dividend yield for the trailing twelve months is around 2.75%, more than ZLI.TO's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PID.TO Purpose International Dividend Fund	2.75%	3.12%	4.02%	4.39%	4.86%	4.50%	4.64%	4.28%	4.67%	3.53%	3.49%	2.10%
ZLI.TO BMO Low Volatility International Equity ETF	2.13%	2.24%	2.48%	2.70%	2.87%	2.51%	2.66%	2.36%	2.49%	2.25%	2.02%	0.91%

Frequently Asked Questions

Can I hold both PID.TO and ZLI.TO in my portfolio?

PID.TO and ZLI.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PID.TO or ZLI.TO?

On fees, ZLI.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PID.TO or ZLI.TO?

ZLI.TO is cheaper with a 0.40% expense ratio, compared with 0.65% for PID.TO.

What is the main difference between PID.TO and ZLI.TO?

They also come from different issuers: Purpose Investments Inc. and BMO. Their fees differ too: 0.65% for PID.TO and 0.40% for ZLI.TO.