TUEX.TO vs. ZLU.TO

Last updated Jun 4, 2026

TUEX.TO (TD Active U.S. Enhanced Dividend CAD Hedged ETF) and ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) are both exchange-traded funds - TUEX.TO is a Dividend fund actively managed by TD Asset Management, while ZLU.TO is a Large Cap Blend Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, TUEX.TO returned 23.47%/yr vs 10.83%/yr for ZLU.TO. At a 0.05 correlation, their price movements are largely independent. TUEX.TO charges 0.73%/yr vs 0.33%/yr for ZLU.TO.

Performance

TUEX.TO vs. ZLU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.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

In the year-to-date period, TUEX.TO achieves a 12.01% return, which is significantly higher than ZLU.TO's 9.40% return.

TUEX.TO

• 1D: 1.19%
• 1M: 3.75%
• YTD: 12.01%
• 6M: 11.81%
• 1Y: 25.69%
• 3Y*: 23.47%
• 5Y*: —
• 10Y*: —

ZLU.TO

• 1D: -0.14%
• 1M: 4.18%
• YTD: 9.40%
• 6M: 3.31%
• 1Y: 9.98%
• 3Y*: 10.83%
• 5Y*: 10.19%
• 10Y*: 9.43%

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

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

	2026 (YTD)	2025	2024	2023
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	12.01%	11.84%	21.95%	28.50%
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	9.40%	1.95%	21.52%	-3.61%

Correlation

The correlation between TUEX.TO and ZLU.TO is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 21, 2023	0.05

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

Sectors	TUEX.TO	ZLU.TO
Technology	32.6%	19.0%
Industrials	19.4%	6.4%
Healthcare	12.2%	17.7%
Communication Services	8.3%	2.9%
Financial Services	6.7%	11.4%
Energy	6.1%	0.6%
Real Estate	4.9%	3.3%
Consumer Cyclical	4.3%	3.2%
Basic Materials	3.3%	2.5%
Consumer Defensive	2.3%	12.5%
Utilities	0.3%	20.5%

Return for Risk

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

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

TUEX.TO

TUEX.TO Risk / Return Rank: 50
TUEX.TO Sharpe Ratio Rank: 45
TUEX.TO Sortino Ratio Rank: 46
TUEX.TO Omega Ratio Rank: 57
TUEX.TO Calmar Ratio Rank: 52
TUEX.TO Martin Ratio Rank: 52

ZLU.TO

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.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.

	TUEX.TO	ZLU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.96	+0.58
Sortino ratio: Return per unit of downside risk	2.24	1.31	+0.92
Omega ratio: Gain probability vs. loss probability	1.34	1.17	+0.17
Calmar ratio: Return relative to maximum drawdown	2.51	1.33	+1.18
Martin ratio: Return relative to average drawdown	8.70	3.38	+5.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current TUEX.TO Sharpe Ratio is 1.53, which is higher than the ZLU.TO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of TUEX.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.

Sharpe Ratios by Period

	TUEX.TO	ZLU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	0.96	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.97	+0.25

Drawdowns

TUEX.TO vs. ZLU.TO - Drawdown Comparison

The maximum TUEX.TO drawdown since its inception was -21.95%, smaller than the maximum ZLU.TO drawdown of -25.49%. Use the drawdown chart below to compare losses from any high point for TUEX.TO and ZLU.TO.

Drawdown Indicators

	TUEX.TO	ZLU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.95%	-25.49%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-7.53%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-21.95%	-9.17%	-12.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.49%	—
Current Drawdown Current decline from peak	-1.75%	-2.03%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.72%	-3.11%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.97%	-0.01%

Volatility

TUEX.TO vs. ZLU.TO - Volatility Comparison

TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.TO) has a higher volatility of 5.10% compared to BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) at 2.85%. This indicates that TUEX.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

	TUEX.TO	ZLU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	2.85%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	8.51%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	10.46%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	11.34%	+8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	13.91%	+5.99%

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

TUEX.TO has a 0.73% expense ratio, which is higher than ZLU.TO's 0.33% expense ratio.

Dividends

TUEX.TO vs. ZLU.TO - Dividend Comparison

TUEX.TO's dividend yield for the trailing twelve months is around 2.60%, more than ZLU.TO's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	2.60%	2.79%	2.36%	11.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	1.73%	1.89%	1.89%	2.29%	1.87%	1.69%	1.75%	1.51%	1.81%	1.91%	2.26%	1.73%

Frequently Asked Questions

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

TUEX.TO and ZLU.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, ZLU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZLU.TO is cheaper with a 0.33% expense ratio, compared with 0.73% for TUEX.TO.

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

TUEX.TO is categorized as Dividend, while ZLU.TO is Large Cap Blend Equities. They also come from different issuers: TD Asset Management and BMO. Their fees differ too: 0.73% for TUEX.TO and 0.33% for ZLU.TO.