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XCV.TO vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCV.TO vs. ZLB.TO

Last updated Jun 4, 2026

XCV.TO (iShares Canadian Value Index ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both Canada Equities funds. XCV.TO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 10.67%/yr for ZLB.TO. A 0.56 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.39%/yr for ZLB.TO.

Performance

XCV.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Value Index ETF (XCV.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XCV.TO achieves a 19.17% return, which is significantly higher than ZLB.TO's 3.14% return. Over the past 10 years, XCV.TO has outperformed ZLB.TO with an annualized return of 13.20%, while ZLB.TO has yielded a comparatively lower 10.67% annualized return.

XCV.TO

1D
-0.02%
1M
4.70%
YTD
19.17%
6M
19.26%
1Y
44.26%
3Y*
27.30%
5Y*
17.83%
10Y*
13.20%

ZLB.TO

1D
0.03%
1M
1.40%
YTD
3.14%
6M
4.82%
1Y
14.81%
3Y*
15.17%
5Y*
11.61%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCV.TO vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCV.TO
iShares Canadian Value Index ETF		19.17%32.17%21.26%9.47%1.87%32.71%-2.56%18.02%-11.15%8.75%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.14%25.29%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.07%

Correlation

The correlation between XCV.TO and ZLB.TO is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.56

The correlation between XCV.TO and ZLB.TO has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Canadian Value Index ETF

BMO Low Volatility Canadian Equity ETF

Often compared with XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. FCUV.TOXCV.TO vs. CDZ.TO
Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XDIV.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. XUU-U.TO

Return for Risk

XCV.TO vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCV.TO
XCV.TO Risk / Return Rank: 9797
Overall Rank
XCV.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 5454
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5858
Martin Ratio Rank
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.

XCV.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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.

XCV.TOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
4.97
1.80

+3.17

Sortino ratioReturn per unit of downside risk
6.62
2.69

+3.94

Omega ratioGain probability vs. loss probability

2.03

1.32

+0.71

Calmar ratioReturn relative to maximum drawdown

11.53

2.77

+8.76

Martin ratioReturn relative to average drawdown

43.47

10.29

+33.18

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCV.TO vs. ZLB.TO - Sharpe Ratio Comparison

The current XCV.TO Sharpe Ratio is 4.97, which is higher than the ZLB.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of XCV.TO and ZLB.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.

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Sharpe Ratios by Period

XCV.TOZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.97

1.80

+3.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.39

1.24

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

0.88

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

1.14

-0.60

Drawdowns

XCV.TO vs. ZLB.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZLB.TO.

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Drawdown Indicators

XCV.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.49%

-33.96%

-18.53%

Max Drawdown (1Y)

Largest decline over 1 year

-3.86%

-5.36%

+1.50%

Max Drawdown (3Y)

Largest decline over 3 years

-9.71%

-8.01%

-1.70%

Max Drawdown (5Y)

Largest decline over 5 years

-18.08%

-13.00%

-5.08%

Max Drawdown (10Y)

Largest decline over 10 years

-41.18%

-33.96%

-7.22%

Current Drawdown

Current decline from peak

-0.89%

-1.70%

+0.81%

Average Drawdown

Average peak-to-trough decline

-6.67%

-2.46%

-4.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

1.45%

-0.43%

Volatility

XCV.TO vs. ZLB.TO - Volatility Comparison

iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.27% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.47%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCV.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.27%

2.47%

+0.80%

Volatility (6M)

Calculated over the trailing 6-month period

7.65%

6.38%

+1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

8.96%

8.29%

+0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.87%

9.44%

+3.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.54%

12.15%

+3.39%

XCV.TO vs. ZLB.TO - Expense Ratio Comparison

XCV.TO has a 0.55% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.

Dividends

XCV.TO vs. ZLB.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
XCV.TO
iShares Canadian Value Index ETF		2.29%2.71%3.72%3.88%3.18%2.11%3.35%3.06%3.13%2.40%2.50%3.14%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%1.93%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.52%2.94%2.34%

Frequently Asked Questions

XCV.TO and ZLB.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.55% for XCV.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XCV.TO and 0.39% for ZLB.TO.

Portfolio Optimizer

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