QDX.TO vs. ZLD.TO

Last updated Jul 15, 2026

QDX.TO (Mackenzie International Equity Index ETF) and ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) are both Foreign Large Cap Equities funds. Over the past 5 years, QDX.TO returned 11.25%/yr vs 6.27%/yr for ZLD.TO. At a 0.34 correlation, their price movements are largely independent. QDX.TO charges 0.17%/yr vs 0.40%/yr for ZLD.TO.

Performance

QDX.TO vs. ZLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie International Equity Index ETF (QDX.TO) and BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDX.TO achieves a 13.10% return, which is significantly higher than ZLD.TO's 5.39% return.

QDX.TO

• 1D: 0.18%
• 1M: 1.12%
• 6M: 8.68%
• YTD: 13.10%
• 1Y: 25.27%
• 3Y*: 18.18%
• 5Y*: 11.25%
• 10Y*: —

ZLD.TO

• 1D: 0.13%
• 1M: 2.28%
• 6M: 4.69%
• YTD: 5.39%
• 1Y: 6.87%
• 3Y*: 10.16%
• 5Y*: 6.27%
• 10Y*: 6.54%

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

QDX.TO vs. ZLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QDX.TO Mackenzie International Equity Index ETF	13.10%	25.29%	12.93%	13.65%	-8.61%	11.24%	5.06%	15.27%	-8.78%
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF	5.39%	9.63%	11.11%	11.37%	-6.68%	12.56%	-5.85%	17.60%	0.21%

Correlation

The correlation between QDX.TO and ZLD.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018	0.34

The correlation between QDX.TO and ZLD.TO shifts across timeframes, from 0.34 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

QDX.TO vs. ZLD.TO - Sectors Allocation Comparison

Sectors	QDX.TO	ZLD.TO
Financial Services	24.1%	16.7%
Industrials	19.4%	12.5%
Technology	11.4%	5.0%
Healthcare	10.2%	12.7%
Consumer Cyclical	7.9%	2.9%
Consumer Defensive	6.6%	14.8%
Basic Materials	6.3%	1.9%
Communication Services	4.7%	13.9%
Energy	3.8%	0.9%
Utilities	3.7%	12.0%
Real Estate	2.1%	6.6%

Return for Risk

QDX.TO vs. ZLD.TO — Risk / Return Rank

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

QDX.TO

QDX.TO Risk / Return Rank: 64
QDX.TO Sharpe Ratio Rank: 66
QDX.TO Sortino Ratio Rank: 68
QDX.TO Omega Ratio Rank: 66
QDX.TO Calmar Ratio Rank: 59
QDX.TO Martin Ratio Rank: 64

ZLD.TO

ZLD.TO Risk / Return Rank: 25
ZLD.TO Sharpe Ratio Rank: 27
ZLD.TO Sortino Ratio Rank: 26
ZLD.TO Omega Ratio Rank: 24
ZLD.TO Calmar Ratio Rank: 25
ZLD.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.

QDX.TO vs. ZLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) and BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.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.

	QDX.TO	ZLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	0.82	+0.90
Sortino ratio: Return per unit of downside risk	2.48	1.19	+1.28
Omega ratio: Gain probability vs. loss probability	1.31	1.14	+0.17
Calmar ratio: Return relative to maximum drawdown	2.33	0.97	+1.36
Martin ratio: Return relative to average drawdown	9.06	2.08	+6.98

QDX.TO vs. ZLD.TO - Sharpe Ratio Comparison

The current QDX.TO Sharpe Ratio is 1.72, which is higher than the ZLD.TO Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of QDX.TO and ZLD.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

QDX.TO vs. ZLD.TO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, roughly equal to the maximum ZLD.TO drawdown of -28.97%. Use the drawdown chart below to compare losses from any high point for QDX.TO and ZLD.TO.

Drawdown Indicators

	QDX.TO	ZLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.08%	-28.97%	+0.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-7.09%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-7.47%	-6.78%
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	-15.02%	-8.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.97%	—
Current Drawdown Current decline from peak	-2.24%	-2.11%	-0.13%
Average Drawdown Average peak-to-trough decline	-4.49%	-3.69%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.31%	-0.51%

Volatility

QDX.TO vs. ZLD.TO - Volatility Comparison

Mackenzie International Equity Index ETF (QDX.TO) has a higher volatility of 3.28% compared to BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) at 2.09%. This indicates that QDX.TO's price experiences larger fluctuations and is considered to be riskier than ZLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDX.TO	ZLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.09%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	6.39%	+6.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	8.44%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	9.98%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.46%	12.82%	+2.64%

QDX.TO vs. ZLD.TO - Expense Ratio Comparison

QDX.TO has a 0.17% expense ratio, which is lower than ZLD.TO's 0.40% expense ratio.

Dividends

QDX.TO vs. ZLD.TO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.36%, more than ZLD.TO's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
QDX.TO Mackenzie International Equity Index ETF	2.36%	2.51%	2.48%	2.61%	2.73%	2.25%	1.91%	2.76%	3.03%	0.00%	0.00%
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF	2.19%	2.29%	2.45%	2.66%	2.62%	2.31%	2.62%	2.17%	2.36%	2.23%	1.96%

Frequently Asked Questions

Can I hold both QDX.TO and ZLD.TO in my portfolio?

QDX.TO and ZLD.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QDX.TO or ZLD.TO?

On fees, QDX.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QDX.TO or ZLD.TO?

QDX.TO is cheaper with a 0.17% expense ratio, compared with 0.40% for ZLD.TO.

What is the main difference between QDX.TO and ZLD.TO?

They also come from different issuers: Mackenzie and BMO. Their fees differ too: 0.17% for QDX.TO and 0.40% for ZLD.TO.