TULV.TO vs. ZLH.TO
TULV.TO (TD Q U.S. Low Volatility ETF) and ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) are both Large Cap Blend Equities funds. Over the past 5 years, TULV.TO returned 9.07%/yr vs 7.12%/yr for ZLH.TO. At a 0.47 correlation, their price movements are largely independent. TULV.TO charges 0.35%/yr vs 0.30%/yr for ZLH.TO.
Performance
TULV.TO vs. ZLH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TULV.TO achieves a 5.14% return, which is significantly lower than ZLH.TO's 9.49% return.
TULV.TO
- 1D
- -0.64%
- 1M
- 2.08%
- YTD
- 5.14%
- 6M
- 4.80%
- 1Y
- 11.09%
- 3Y*
- 10.79%
- 5Y*
- 9.07%
- 10Y*
- —
ZLH.TO
- 1D
- -0.10%
- 1M
- 1.61%
- YTD
- 9.49%
- 6M
- 8.95%
- 1Y
- 10.17%
- 3Y*
- 9.04%
- 5Y*
- 7.12%
- 10Y*
- 7.51%
TULV.TO vs. ZLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TULV.TO TD Q U.S. Low Volatility ETF | 5.14% | 3.62% | 23.74% | -3.31% | 2.02% | 23.84% | 1.09% |
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 9.49% | 5.90% | 10.95% | -2.11% | 0.20% | 22.07% | 8.04% |
Correlation
The correlation between TULV.TO and ZLH.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.47 |
The correlation between TULV.TO and ZLH.TO shifts across timeframes, from 0.47 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TULV.TO vs. ZLH.TO — Risk / Return Rank
TULV.TO
ZLH.TO
TULV.TO vs. ZLH.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 US Equity Hedged to CAD ETF (ZLH.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 | ZLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.39 | +0.31 |
| Martin ratioReturn relative to average drawdown | 3.82 | 3.38 | +0.44 |
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Drawdowns
TULV.TO vs. ZLH.TO - Drawdown Comparison
The maximum TULV.TO drawdown since its inception was -11.78%, smaller than the maximum ZLH.TO drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for TULV.TO and ZLH.TO.
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Drawdown Indicators
| TULV.TO | ZLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -33.34% | +21.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.56% | -7.35% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -11.39% | -10.17% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | -14.66% | +2.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.34% | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.60% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -3.91% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 3.02% | -0.11% |
Volatility
TULV.TO vs. ZLH.TO - Volatility Comparison
TD Q U.S. Low Volatility ETF (TULV.TO) has a higher volatility of 3.63% compared to BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) at 3.30%. This indicates that TULV.TO's price experiences larger fluctuations and is considered to be riskier than ZLH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TULV.TO | ZLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 3.30% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 8.46% | 7.33% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.64% | 10.39% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.95% | 12.21% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.68% | 13.81% | -2.13% |
TULV.TO vs. ZLH.TO - Expense Ratio Comparison
TULV.TO has a 0.35% expense ratio, which is higher than ZLH.TO's 0.30% expense ratio.
Dividends
TULV.TO vs. ZLH.TO - Dividend Comparison
TULV.TO's dividend yield for the trailing twelve months is around 1.77%, more than ZLH.TO's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TULV.TO TD Q U.S. Low Volatility ETF | 1.77% | 1.80% | 1.48% | 1.96% | 1.57% | 1.37% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% |
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 1.73% | 1.92% | 2.25% | 2.45% | 2.12% | 1.84% | 1.95% | 1.55% | 2.00% | 1.93% | 2.02% |
Frequently Asked Questions
TULV.TO and ZLH.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLH.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLH.TO is cheaper with a 0.30% expense ratio, compared with 0.35% for TULV.TO.
They also come from different issuers: TD and BMO. Their fees differ too: 0.35% for TULV.TO and 0.30% for ZLH.TO.
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