SPMO vs. ZLB.TO

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. SPMO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, SPMO returned 20.38%/yr vs 9.42%/yr for ZLB.TO. At a 0.34 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.39%/yr for ZLB.TO.

Performance

SPMO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPMO 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, SPMO achieves a 24.29% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, SPMO has outperformed ZLB.TO with an annualized return of 20.38%, while ZLB.TO has yielded a comparatively lower 9.42% annualized return.

SPMO

• 1D: 2.50%
• 1M: 2.83%
• YTD: 24.29%
• 6M: 22.86%
• 1Y: 39.53%
• 3Y*: 40.28%
• 5Y*: 23.06%
• 10Y*: 20.38%

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)

SPMO vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	24.29%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
ZLB.TO BMO Low Volatility Canadian Equity ETF	2.14%	26.16%	6.31%	12.07%	-6.29%	22.99%	3.98%	27.16%	-10.30%	19.18%

Correlation

The correlation between SPMO and ZLB.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.34

Over the past year, the correlation between SPMO and ZLB.TO has dropped to 0.13 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

SPMO vs. ZLB.TO - Sectors Allocation Comparison

Sectors	SPMO	ZLB.TO
Technology	54.8%	1.9%
Industrials	10.9%	10.0%
Communication Services	8.7%	9.3%
Healthcare	6.2%	-
Financial Services	5.7%	23.9%
Consumer Defensive	4.0%	18.3%
Energy	3.1%	-
Utilities	2.5%	17.6%
Basic Materials	1.6%	6.2%
Consumer Cyclical	1.3%	8.5%
Real Estate	0.9%	4.3%

Return for Risk

SPMO vs. ZLB.TO — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 71
SPMO Sharpe Ratio Rank: 73
SPMO Sortino Ratio Rank: 68
SPMO Omega Ratio Rank: 73
SPMO Calmar Ratio Rank: 69
SPMO Martin Ratio Rank: 71

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) 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.

	SPMO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.05	+1.07
Sortino ratio: Return per unit of downside risk	2.81	1.46	+1.35
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.19
Calmar ratio: Return relative to maximum drawdown	3.13	1.72	+1.41
Martin ratio: Return relative to average drawdown	12.02	4.69	+7.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMO vs. ZLB.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is higher than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of SPMO 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

	SPMO	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.05	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.68	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.68	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.75	+0.23

Drawdowns

SPMO vs. ZLB.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum ZLB.TO drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for SPMO and ZLB.TO.

Drawdown Indicators

	SPMO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-39.55%	+8.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-6.13%	-6.57%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-12.27%	-7.86%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-20.63%	-2.11%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-39.55%	+8.60%
Current Drawdown Current decline from peak	-4.65%	-2.58%	-2.07%
Average Drawdown Average peak-to-trough decline	-4.60%	-4.09%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.24%	+1.06%

Volatility

SPMO vs. ZLB.TO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 9.44% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that SPMO'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

	SPMO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	2.82%	+6.62%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	8.11%	+7.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	10.02%	+8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	11.65%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	13.91%	+6.50%

SPMO vs. ZLB.TO - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

SPMO vs. ZLB.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.69%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
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 SPMO and ZLB.TO in my portfolio?

SPMO and ZLB.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMO or ZLB.TO?

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMO or ZLB.TO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.39% for ZLB.TO.

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

SPMO is categorized as Momentum, while ZLB.TO is Canada Equities. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.13% for SPMO and 0.39% for ZLB.TO.