TULV.TO vs. ZLE.TO

Last updated Aug 5, 2026

TULV.TO (TD Q U.S. Low Volatility ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both exchange-traded funds - TULV.TO is a Low Volatility fund actively managed by TD, while ZLE.TO is a Emerging Markets Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, TULV.TO returned 8.65%/yr vs 9.82%/yr for ZLE.TO. Their 0.07 correlation means their historical movements had little consistent relationship. TULV.TO charges 0.35%/yr vs 0.51%/yr for ZLE.TO.

Performance

TULV.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q U.S. Low Volatility ETF (TULV.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TULV.TO achieves a 8.78% return, which is significantly lower than ZLE.TO's 27.05% return.

TULV.TO

• 1D: 0.67%
• 1M: 0.62%
• 6M: 4.81%
• YTD: 8.78%
• 1Y: 12.32%
• 3Y*: 11.48%
• 5Y*: 8.65%
• 10Y*: —
• ALL TIME*: 9.21%

ZLE.TO

• 1D: 3.95%
• 1M: -2.64%
• 6M: 19.05%
• YTD: 27.05%
• 1Y: 38.30%
• 3Y*: 20.53%
• 5Y*: 9.82%
• 10Y*: 5.31%
• ALL TIME*: 5.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TULV.TO TD Q U.S. Low Volatility ETF	CA$73.40K	CA$89.67K	CA$94.91K
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF	CA$47.08K	CA$76.43K	CA$127.28K

TULV.TO vs. ZLE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TULV.TO TD Q U.S. Low Volatility ETF	8.78%	3.62%	23.74%	-3.31%	2.02%	23.84%	1.09%
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF	27.05%	18.71%	15.26%	6.15%	-11.98%	-6.43%	10.14%

Correlation

The correlation between TULV.TO and ZLE.TO is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.08
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.07

TULV.TO vs. ZLE.TO - Sectors Allocation Comparison

Sectors	TULV.TO	ZLE.TO
Consumer Defensive	24.9%	6.4%
Healthcare	20.3%	6.4%
Utilities	19.7%	3.3%
Financial Services	11.3%	16.8%
Communication Services	9.5%	9.0%
Technology	6.9%	42.3%
Industrials	4.1%	6.3%
Consumer Cyclical	1.9%	4.8%
Energy	1.4%	3.6%
Real Estate	0.1%	0.1%
Basic Materials	-	1.0%

Return for Risk

TULV.TO vs. ZLE.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TULV.TO

TULV.TO Risk / Return Rank: 39
TULV.TO Sharpe Ratio Rank: 38
TULV.TO Sortino Ratio Rank: 40
TULV.TO Omega Ratio Rank: 37
TULV.TO Calmar Ratio Rank: 46
TULV.TO Martin Ratio Rank: 36

ZLE.TO

ZLE.TO Risk / Return Rank: 74
ZLE.TO Sharpe Ratio Rank: 78
ZLE.TO Sortino Ratio Rank: 71
ZLE.TO Omega Ratio Rank: 80
ZLE.TO Calmar Ratio Rank: 70
ZLE.TO Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TULV.TO vs. ZLE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q U.S. Low Volatility ETF (TULV.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.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.

	TULV.TO	ZLE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.00	-0.92
Sortino ratio: Return per unit of downside risk	1.66	2.62	-0.96
Omega ratio: Gain probability vs. loss probability	1.20	1.38	-0.18
Calmar ratio: Return relative to maximum drawdown	1.89	2.76	-0.88
Martin ratio: Return relative to average drawdown	4.20	10.27	-6.07

TULV.TO vs. ZLE.TO - Sharpe Ratio Comparison

The current TULV.TO Sharpe Ratio is 1.08, which is lower than the ZLE.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TULV.TO and ZLE.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

TULV.TO vs. ZLE.TO - Drawdown Comparison

The maximum TULV.TO drawdown since its inception was -11.78%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for TULV.TO and ZLE.TO.

Drawdown Indicators

	TULV.TO	ZLE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-31.71%	+19.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.56%	-13.93%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-11.39%	-13.93%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-25.10%	+13.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.71%	—
Current Drawdown Current decline from peak	-1.35%	-7.75%	+6.40%
Average Drawdown Average peak-to-trough decline	-3.57%	-9.39%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.74%	-0.80%

Volatility

TULV.TO vs. ZLE.TO - Volatility Comparison

The current volatility for TD Q U.S. Low Volatility ETF (TULV.TO) is 4.46%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 8.91%. This indicates that TULV.TO experiences smaller price fluctuations and is considered to be less risky than ZLE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TULV.TO	ZLE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	8.91%	-4.45%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	17.26%	-8.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	19.31%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.01%	13.98%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.77%	14.71%	-2.94%

TULV.TO vs. ZLE.TO - Expense Ratio Comparison

TULV.TO has a 0.35% expense ratio, which is lower than ZLE.TO's 0.51% expense ratio.

Dividends

TULV.TO vs. ZLE.TO - Dividend Comparison

TULV.TO's dividend yield for the trailing twelve months is around 1.71%, less than ZLE.TO's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TULV.TO TD Q U.S. Low Volatility ETF	1.71%	1.80%	1.48%	1.96%	1.57%	1.37%	0.83%	0.00%	0.00%	0.00%	0.00%
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF	2.46%	3.13%	3.61%	3.54%	3.62%	2.21%	2.11%	1.82%	2.13%	1.39%	0.76%

Frequently Asked Questions

Can I hold both TULV.TO and ZLE.TO in my portfolio?

TULV.TO and ZLE.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TULV.TO or ZLE.TO?

On fees, TULV.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TULV.TO or ZLE.TO?

TULV.TO is cheaper with a 0.35% expense ratio, compared with 0.51% for ZLE.TO.

What is the main difference between TULV.TO and ZLE.TO?

TULV.TO is categorized as Low Volatility, while ZLE.TO is Emerging Markets Equities. They also come from different issuers: TD and BMO. Their fees differ too: 0.35% for TULV.TO and 0.51% for ZLE.TO.