REET vs. ZLB.TO

Last updated Jun 9, 2026

REET (iShares Global REIT ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - REET is a REIT fund tracking the FTSE EPRA/NAREIT Global REIT Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. REET is passively managed, while ZLB.TO is actively managed. Over the past 10 years, REET returned 4.04%/yr vs 9.42%/yr for ZLB.TO. At a 0.44 correlation, their price movements are largely independent. REET charges 0.14%/yr vs 0.39%/yr for ZLB.TO.

Performance

REET vs. ZLB.TO - Performance Comparison

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

Different Trading Currencies

REET 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, REET achieves a 8.47% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, REET has underperformed ZLB.TO with an annualized return of 4.04%, while ZLB.TO has yielded a comparatively higher 9.42% annualized return.

REET

• 1D: -0.88%
• 1M: -1.75%
• YTD: 8.47%
• 6M: 9.73%
• 1Y: 11.75%
• 3Y*: 9.05%
• 5Y*: 1.87%
• 10Y*: 4.04%

ZLB.TO

• 1D: -0.93%
• 1M: -0.55%
• YTD: 2.14%
• 6M: 0.70%
• 1Y: 10.48%
• 3Y*: 13.02%
• 5Y*: 7.91%
• 10Y*: 9.42%

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

REET vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REET iShares Global REIT ETF	8.47%	7.97%	2.65%	10.28%	-24.10%	32.43%	-10.48%	24.42%	-5.27%	7.48%
ZLB.TO BMO Low Volatility Canadian Equity ETF	2.08%	26.16%	6.31%	12.07%	-6.29%	22.99%	3.98%	27.16%	-10.30%	19.18%

Correlation

The correlation between REET and ZLB.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 11, 2014	0.44

The correlation between REET and ZLB.TO has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

REET vs. ZLB.TO - Sectors Allocation Comparison

Sectors	REET	ZLB.TO
Real Estate	99.8%	4.3%
Financial Services	0.2%	23.9%
Basic Materials	-	6.2%
Communication Services	-	9.3%
Consumer Cyclical	-	8.5%
Consumer Defensive	-	18.3%
Energy	-	-
Healthcare	-	-
Industrials	-	10.0%
Technology	-	1.9%
Utilities	-	17.6%

Return for Risk

REET vs. ZLB.TO — Risk / Return Rank

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

REET

REET Risk / Return Rank: 30
REET Sharpe Ratio Rank: 29
REET Sortino Ratio Rank: 28
REET Omega Ratio Rank: 28
REET Calmar Ratio Rank: 29
REET Martin Ratio Rank: 34

ZLB.TO

ZLB.TO Risk / Return Rank: 45
ZLB.TO Sharpe Ratio Rank: 43
ZLB.TO Sortino Ratio Rank: 40
ZLB.TO Omega Ratio Rank: 45
ZLB.TO Calmar Ratio Rank: 50
ZLB.TO Martin Ratio Rank: 45

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Global REIT ETF (REET) 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.

	REET	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.05	-0.08
Sortino ratio: Return per unit of downside risk	1.39	1.46	-0.07
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.31	1.72	-0.41
Martin ratio: Return relative to average drawdown	4.68	4.69	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REET vs. ZLB.TO - Sharpe Ratio Comparison

The current REET Sharpe Ratio is 0.97, which is comparable to the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of REET 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.

Sharpe Ratios by Period

	REET	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.05	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.68	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.68	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.75	-0.50

Drawdowns

REET vs. ZLB.TO - Drawdown Comparison

The maximum REET drawdown since its inception was -44.59%, 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 REET and ZLB.TO.

Drawdown Indicators

	REET	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-39.55%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-6.13%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-12.27%	-5.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.11%	-20.63%	-11.48%
Max Drawdown (10Y) Largest decline over 10 years	-44.59%	-39.55%	-5.04%
Current Drawdown Current decline from peak	-2.46%	-2.58%	+0.12%
Average Drawdown Average peak-to-trough decline	-9.78%	-4.09%	-5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.24%	+0.28%

Volatility

REET vs. ZLB.TO - Volatility Comparison

iShares Global REIT ETF (REET) has a higher volatility of 3.56% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that REET'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.

Volatility by Period

	REET	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.82%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	8.11%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	10.02%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	11.65%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	13.91%	+4.94%

REET vs. ZLB.TO - Expense Ratio Comparison

REET has a 0.14% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

REET vs. ZLB.TO - Dividend Comparison

REET's dividend yield for the trailing twelve months is around 3.41%, more than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REET iShares Global REIT ETF	3.41%	3.67%	3.64%	3.27%	2.43%	3.18%	2.65%	5.25%	5.73%	3.84%	5.37%	3.56%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.91%	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

Can I hold both REET and ZLB.TO in my portfolio?

REET and ZLB.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, REET or ZLB.TO?

On fees, REET is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, REET or ZLB.TO?

REET is cheaper with a 0.14% expense ratio, compared with 0.39% for ZLB.TO.

What is the main difference between REET and ZLB.TO?

REET is categorized as REIT, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.14% for REET and 0.39% for ZLB.TO.