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

RWO vs. ZLB.TO

Last updated Jun 9, 2026

RWO (SPDR Dow Jones Global Real Estate ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. RWO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, RWO returned 3.50%/yr vs 9.42%/yr for ZLB.TO. At a 0.43 correlation, their price movements are largely independent. RWO charges 0.50%/yr vs 0.39%/yr for ZLB.TO.

Performance

RWO vs. ZLB.TO - Performance Comparison

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

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Different Trading Currencies

RWO 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, RWO achieves a 8.23% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, RWO has underperformed ZLB.TO with an annualized return of 3.50%, while ZLB.TO has yielded a comparatively higher 9.42% annualized return.

RWO

1D
-0.94%
1M
-2.44%
YTD
8.23%
6M
9.02%
1Y
12.36%
3Y*
9.30%
5Y*
1.58%
10Y*
3.50%

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)

RWO vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWO
SPDR Dow Jones Global Real Estate ETF		8.23%8.87%1.76%10.91%-25.11%31.03%-10.44%21.17%-6.04%7.80%
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 RWO and ZLB.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.41

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

0.49

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

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.43

The correlation between RWO and ZLB.TO has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

RWO vs. ZLB.TO - Sectors Allocation Comparison

Sectors
RWO
ZLB.TO

Real Estate

89.0%
4.3%

Consumer Cyclical

0.8%
8.5%

Financial Services

0.8%
23.9%

Technology

0.7%
1.9%

Healthcare

0.4%

-

Energy

0.3%

-

Industrials

0.2%
10.0%

Utilities

0.0%
17.6%

Basic Materials

-

6.2%

Communication Services

-

9.3%

Consumer Defensive

-

18.3%

Real Estate

RWO
89.0%
ZLB.TO
4.3%

Consumer Cyclical

RWO
0.8%
ZLB.TO
8.5%

Financial Services

RWO
0.8%
ZLB.TO
23.9%

Technology

RWO
0.7%
ZLB.TO
1.9%

Healthcare

RWO
0.4%
ZLB.TO

-

Energy

RWO
0.3%
ZLB.TO

-

Industrials

RWO
0.2%
ZLB.TO
10.0%

Utilities

RWO
0.0%
ZLB.TO
17.6%

Basic Materials

RWO

-

ZLB.TO
6.2%

Communication Services

RWO

-

ZLB.TO
9.3%

Consumer Defensive

RWO

-

ZLB.TO
18.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Dow Jones Global Real Estate ETF

BMO Low Volatility Canadian Equity ETF

Often compared with RWO:
RWO vs. REETRWO vs. RWXRWO vs. VNQIRWO vs. VNQRWO vs. GQRERWO vs. DFARRWO vs. SCHD
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

RWO vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWO
RWO Risk / Return Rank: 3030
Overall Rank
RWO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
RWO Sortino Ratio Rank: 2828
Sortino Ratio Rank
RWO Omega Ratio Rank: 2828
Omega Ratio Rank
RWO Calmar Ratio Rank: 2929
Calmar Ratio Rank
RWO Martin Ratio Rank: 3636
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 4545
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4545
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4545
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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) 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.

RWOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
0.97
1.05

-0.08

Sortino ratioReturn per unit of downside risk
1.39
1.46

-0.06

Omega ratioGain probability vs. loss probability

1.17

1.20

-0.02

Calmar ratioReturn relative to maximum drawdown

1.30

1.72

-0.41

Martin ratioReturn relative to average drawdown

5.03

4.69

+0.34

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

RWO vs. ZLB.TO - Sharpe Ratio Comparison

The current RWO 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 RWO 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

RWOZLB.TODifference

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

0.09

0.68

-0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.68

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.75

-0.59

Drawdowns

RWO vs. ZLB.TO - Drawdown Comparison

The maximum RWO drawdown since its inception was -67.69%, 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 RWO and ZLB.TO.

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Drawdown Indicators

RWOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-67.69%

-39.55%

-28.14%

Max Drawdown (1Y)

Largest decline over 1 year

-9.51%

-6.13%

-3.38%

Max Drawdown (3Y)

Largest decline over 3 years

-17.66%

-12.27%

-5.39%

Max Drawdown (5Y)

Largest decline over 5 years

-32.85%

-20.63%

-12.22%

Max Drawdown (10Y)

Largest decline over 10 years

-43.27%

-39.55%

-3.72%

Current Drawdown

Current decline from peak

-2.97%

-2.58%

-0.39%

Average Drawdown

Average peak-to-trough decline

-12.67%

-4.09%

-8.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.46%

2.24%

+0.22%

Volatility

RWO vs. ZLB.TO - Volatility Comparison

SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 3.65% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that RWO'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

RWOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.65%

2.82%

+0.83%

Volatility (6M)

Calculated over the trailing 6-month period

9.41%

8.11%

+1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

12.77%

10.02%

+2.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.04%

11.65%

+5.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.21%

13.91%

+4.30%

RWO vs. ZLB.TO - Expense Ratio Comparison

RWO has a 0.50% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.

Dividends

RWO vs. ZLB.TO - Dividend Comparison

RWO's dividend yield for the trailing twelve months is around 3.34%, more than ZLB.TO's 1.91% yield.

PositionTTM20252024202320222021202020192018201720162015
RWO
SPDR Dow Jones Global Real Estate ETF		3.34%3.62%3.68%3.53%3.69%2.79%3.25%3.97%3.90%3.26%3.77%2.97%
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

RWO and ZLB.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.50% for RWO.

RWO is categorized as REIT, while ZLB.TO is Canada Equities. They also come from different issuers: State Street and BMO. Their fees differ too: 0.50% for RWO and 0.39% for ZLB.TO.

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