TPU.TO vs. ZLU.TO

Last updated Jun 24, 2026

TPU.TO (TD U.S. Equity Index ETF) and ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) are both Large Cap Blend Equities funds. TPU.TO is passively managed, while ZLU.TO is actively managed. Over the past 10 years, TPU.TO returned 16.40%/yr vs 9.60%/yr for ZLU.TO. At a 0.49 correlation, their price movements are largely independent. TPU.TO charges 0.06%/yr vs 0.33%/yr for ZLU.TO.

Performance

TPU.TO vs. ZLU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Equity Index ETF (TPU.TO) and BMO Low Volatility US Equity ETF (CAD) (ZLU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TPU.TO having a 12.18% return and ZLU.TO slightly lower at 11.73%. Over the past 10 years, TPU.TO has outperformed ZLU.TO with an annualized return of 16.40%, while ZLU.TO has yielded a comparatively lower 9.60% annualized return.

TPU.TO

• 1D: -1.12%
• 1M: 1.65%
• YTD: 12.18%
• 6M: 11.41%
• 1Y: 27.96%
• 3Y*: 24.09%
• 5Y*: 15.85%
• 10Y*: 16.40%

ZLU.TO

• 1D: 1.53%
• 1M: 0.70%
• YTD: 11.73%
• 6M: 6.89%
• 1Y: 12.64%
• 3Y*: 12.25%
• 5Y*: 10.69%
• 10Y*: 9.60%

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

TPU.TO vs. ZLU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPU.TO TD U.S. Equity Index ETF	12.18%	12.69%	35.78%	24.25%	-14.31%	26.02%	18.73%	25.02%	3.03%	13.31%
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	11.73%	2.03%	21.63%	-3.26%	7.95%	20.72%	2.06%	20.48%	8.39%	5.06%

Correlation

The correlation between TPU.TO and ZLU.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016	0.49

The correlation between TPU.TO and ZLU.TO shifts across timeframes, from 0.32 (3 years) to 0.50 (10 years), reflecting how their relationship changes across market environments.

TPU.TO vs. ZLU.TO - Sectors Allocation Comparison

Sectors	TPU.TO	ZLU.TO
Technology	38.1%	19.5%
Financial Services	10.4%	10.2%
Communication Services	9.8%	4.1%
Healthcare	9.1%	17.7%
Industrials	8.6%	7.7%
Consumer Cyclical	8.6%	3.8%
Consumer Defensive	3.7%	11.4%
Energy	3.0%	0.4%
Real Estate	2.1%	3.8%
Utilities	2.1%	19.9%
Basic Materials	1.7%	0.7%

Return for Risk

TPU.TO vs. ZLU.TO — Risk / Return Rank

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

TPU.TO

TPU.TO Risk / Return Rank: 71
TPU.TO Sharpe Ratio Rank: 74
TPU.TO Sortino Ratio Rank: 71
TPU.TO Omega Ratio Rank: 74
TPU.TO Calmar Ratio Rank: 68
TPU.TO Martin Ratio Rank: 68

ZLU.TO

ZLU.TO Risk / Return Rank: 33
ZLU.TO Sharpe Ratio Rank: 35
ZLU.TO Sortino Ratio Rank: 32
ZLU.TO Omega Ratio Rank: 34
ZLU.TO Calmar Ratio Rank: 35
ZLU.TO Martin Ratio Rank: 31

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.

TPU.TO vs. ZLU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity Index ETF (TPU.TO) and BMO Low Volatility US Equity ETF (CAD) (ZLU.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.

	TPU.TO	ZLU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.20	+1.07
Sortino ratio: Return per unit of downside risk	3.05	1.63	+1.42
Omega ratio: Gain probability vs. loss probability	1.42	1.22	+0.20
Calmar ratio: Return relative to maximum drawdown	3.24	1.69	+1.55
Martin ratio: Return relative to average drawdown	11.93	4.27	+7.65

TPU.TO vs. ZLU.TO - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.27, which is higher than the ZLU.TO Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of TPU.TO and ZLU.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

TPU.TO vs. ZLU.TO - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, which is greater than ZLU.TO's maximum drawdown of -25.49%. Use the drawdown chart below to compare losses from any high point for TPU.TO and ZLU.TO.

Drawdown Indicators

	TPU.TO	ZLU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.96%	-25.49%	-2.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-7.52%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-9.15%	-10.15%
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	-10.30%	-13.43%
Max Drawdown (10Y) Largest decline over 10 years	-27.96%	-25.49%	-2.47%
Current Drawdown Current decline from peak	-1.60%	-0.27%	-1.33%
Average Drawdown Average peak-to-trough decline	-3.96%	-3.09%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.96%	-0.61%

Volatility

TPU.TO vs. ZLU.TO - Volatility Comparison

TD U.S. Equity Index ETF (TPU.TO) has a higher volatility of 4.73% compared to BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) at 3.10%. This indicates that TPU.TO's price experiences larger fluctuations and is considered to be riskier than ZLU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPU.TO	ZLU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	3.10%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	8.64%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	10.59%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	11.37%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	13.92%	+2.86%

TPU.TO vs. ZLU.TO - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than ZLU.TO's 0.33% expense ratio.

Dividends

TPU.TO vs. ZLU.TO - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.85%, less than ZLU.TO's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPU.TO TD U.S. Equity Index ETF	0.85%	0.96%	0.90%	1.23%	1.34%	0.99%	1.23%	1.23%	1.57%	1.59%	1.33%	0.00%
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	1.73%	1.95%	1.97%	2.39%	1.95%	1.76%	1.83%	1.57%	1.89%	2.00%	2.36%	1.80%

Frequently Asked Questions

Can I hold both TPU.TO and ZLU.TO in my portfolio?

TPU.TO and ZLU.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPU.TO or ZLU.TO?

On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPU.TO or ZLU.TO?

TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.33% for ZLU.TO.

What is the main difference between TPU.TO and ZLU.TO?

They also come from different issuers: TD and BMO. Their fees differ too: 0.06% for TPU.TO and 0.33% for ZLU.TO.