VVL.TO vs. ZVU.TO

Last updated Jun 4, 2026

VVL.TO (Vanguard Global Value Factor ETF CAD) and ZVU.TO (BMO MSCI USA Value ETF) are both exchange-traded funds - VVL.TO is a Global Equities fund actively managed by Vanguard, while ZVU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Capped Index. VVL.TO is actively managed, while ZVU.TO is passively managed. Over the past 5 years, VVL.TO returned 13.78%/yr vs 17.58%/yr for ZVU.TO. At a 0.45 correlation, their price movements are largely independent. VVL.TO charges 0.38%/yr vs 0.33%/yr for ZVU.TO.

Performance

VVL.TO vs. ZVU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Value Factor ETF CAD (VVL.TO) and BMO MSCI USA Value ETF (ZVU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVL.TO achieves a 10.59% return, which is significantly lower than ZVU.TO's 49.80% return.

VVL.TO

• 1D: -0.67%
• 1M: 3.38%
• YTD: 10.59%
• 6M: 10.52%
• 1Y: 33.99%
• 3Y*: 21.25%
• 5Y*: 13.78%
• 10Y*: —

ZVU.TO

• 1D: 0.11%
• 1M: 22.65%
• YTD: 49.80%
• 6M: 42.92%
• 1Y: 85.09%
• 3Y*: 33.16%
• 5Y*: 17.58%
• 10Y*: —

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

VVL.TO vs. ZVU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VVL.TO Vanguard Global Value Factor ETF CAD	10.59%	21.53%	14.96%	16.51%	0.45%	29.74%	-3.32%	13.38%	-10.14%
ZVU.TO BMO MSCI USA Value ETF	49.80%	20.00%	15.86%	11.00%	-9.58%	28.41%	-3.14%	21.55%	-7.25%

Correlation

The correlation between VVL.TO and ZVU.TO is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 5, 2018	0.45

The correlation between VVL.TO and ZVU.TO has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

VVL.TO vs. ZVU.TO - Sectors Allocation Comparison

Sectors	VVL.TO	ZVU.TO
Financial Services	25.3%	10.4%
Consumer Cyclical	14.8%	8.3%
Healthcare	10.8%	8.5%
Technology	10.5%	44.8%
Industrials	9.8%	7.3%
Energy	9.4%	3.2%
Consumer Defensive	6.5%	4.0%
Communication Services	6.1%	8.2%
Basic Materials	6.0%	1.6%
Real Estate	0.9%	1.8%
Utilities	0.0%	1.9%

Return for Risk

VVL.TO vs. ZVU.TO — Risk / Return Rank

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

VVL.TO

VVL.TO Risk / Return Rank: 77
VVL.TO Sharpe Ratio Rank: 76
VVL.TO Sortino Ratio Rank: 81
VVL.TO Omega Ratio Rank: 72
VVL.TO Calmar Ratio Rank: 76
VVL.TO Martin Ratio Rank: 78

ZVU.TO

ZVU.TO Risk / Return Rank: 97
ZVU.TO Sharpe Ratio Rank: 97
ZVU.TO Sortino Ratio Rank: 97
ZVU.TO Omega Ratio Rank: 97
ZVU.TO Calmar Ratio Rank: 98
ZVU.TO Martin Ratio Rank: 97

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.

VVL.TO vs. ZVU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Value Factor ETF CAD (VVL.TO) and BMO MSCI USA Value ETF (ZVU.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.

	VVL.TO	ZVU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.50	4.92	-2.42
Sortino ratio: Return per unit of downside risk	3.69	6.09	-2.40
Omega ratio: Gain probability vs. loss probability	1.44	1.89	-0.45
Calmar ratio: Return relative to maximum drawdown	3.87	14.52	-10.65
Martin ratio: Return relative to average drawdown	15.35	48.34	-32.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVL.TO vs. ZVU.TO - Sharpe Ratio Comparison

The current VVL.TO Sharpe Ratio is 2.50, which is lower than the ZVU.TO Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of VVL.TO and ZVU.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

	VVL.TO	ZVU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	4.92	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	1.11	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.77	-0.11

Drawdowns

VVL.TO vs. ZVU.TO - Drawdown Comparison

The maximum VVL.TO drawdown since its inception was -43.93%, which is greater than ZVU.TO's maximum drawdown of -34.24%. Use the drawdown chart below to compare losses from any high point for VVL.TO and ZVU.TO.

Drawdown Indicators

	VVL.TO	ZVU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.93%	-34.24%	-9.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-5.89%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.10%	-16.27%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-20.30%	+2.20%
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-5.71%	-6.12%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.77%	+0.45%

Volatility

VVL.TO vs. ZVU.TO - Volatility Comparison

The current volatility for Vanguard Global Value Factor ETF CAD (VVL.TO) is 3.17%, while BMO MSCI USA Value ETF (ZVU.TO) has a volatility of 8.79%. This indicates that VVL.TO experiences smaller price fluctuations and is considered to be less risky than ZVU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVL.TO	ZVU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	8.79%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	14.57%	-5.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	17.39%	-3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	15.95%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	17.98%	+0.76%

VVL.TO vs. ZVU.TO - Expense Ratio Comparison

VVL.TO has a 0.38% expense ratio, which is higher than ZVU.TO's 0.33% expense ratio.

Dividends

VVL.TO vs. ZVU.TO - Dividend Comparison

VVL.TO's dividend yield for the trailing twelve months is around 1.71%, more than ZVU.TO's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VVL.TO Vanguard Global Value Factor ETF CAD	1.71%	1.89%	2.19%	2.65%	2.52%	1.48%	1.67%	2.60%	2.11%	1.33%	0.59%
ZVU.TO BMO MSCI USA Value ETF	1.06%	1.62%	2.13%	2.55%	2.45%	1.89%	2.38%	1.97%	1.98%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VVL.TO and ZVU.TO in my portfolio?

VVL.TO and ZVU.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VVL.TO or ZVU.TO?

On fees, ZVU.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, VVL.TO or ZVU.TO?

ZVU.TO is cheaper with a 0.33% expense ratio, compared with 0.38% for VVL.TO.

What is the main difference between VVL.TO and ZVU.TO?

VVL.TO is categorized as Global Equities, while ZVU.TO is Large Cap Value Equities. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.38% for VVL.TO and 0.33% for ZVU.TO.