PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XDIV.TO vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XDIV.TO vs. ZLB.TO

Last updated Jun 4, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. XDIV.TO is passively managed, while ZLB.TO is actively managed. Over the past 5 years, XDIV.TO returned 16.42%/yr vs 11.61%/yr for ZLB.TO. A 0.70 correlation means they provide meaningful diversification when combined. XDIV.TO charges 0.11%/yr vs 0.39%/yr for ZLB.TO.

Performance

XDIV.TO vs. ZLB.TO - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, XDIV.TO achieves a 19.17% return, which is significantly higher than ZLB.TO's 3.14% return.

XDIV.TO

1D
0.19%
1M
3.65%
YTD
19.17%
6M
18.94%
1Y
38.61%
3Y*
22.97%
5Y*
16.42%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020201920182017
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		19.17%24.92%19.56%11.71%0.29%32.25%-7.81%24.84%-10.04%8.48%
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%4.01%

Correlation

The correlation between XDIV.TO and ZLB.TO is 0.51, 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

0.51

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

0.65

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

0.68

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2017

0.70

The correlation between XDIV.TO and ZLB.TO shifts across timeframes, from 0.51 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

XDIV.TO vs. ZLB.TO - Sectors Allocation Comparison

Sectors
XDIV.TO
ZLB.TO

Financial Services

46.7%
23.7%

Energy

28.8%

-

Consumer Cyclical

11.5%
8.6%

Utilities

11.3%
17.6%

Technology

1.3%
2.0%

Communication Services

0.4%
9.2%

Basic Materials

-

6.6%

Consumer Defensive

-

18.2%

Healthcare

-

-

Industrials

-

9.8%

Real Estate

-

4.3%

Financial Services

XDIV.TO
46.7%
ZLB.TO
23.7%

Energy

XDIV.TO
28.8%
ZLB.TO

-

Consumer Cyclical

XDIV.TO
11.5%
ZLB.TO
8.6%

Utilities

XDIV.TO
11.3%
ZLB.TO
17.6%

Technology

XDIV.TO
1.3%
ZLB.TO
2.0%

Communication Services

XDIV.TO
0.4%
ZLB.TO
9.2%

Basic Materials

XDIV.TO

-

ZLB.TO
6.6%

Consumer Defensive

XDIV.TO

-

ZLB.TO
18.2%

Healthcare

XDIV.TO

-

ZLB.TO

-

Industrials

XDIV.TO

-

ZLB.TO
9.8%

Real Estate

XDIV.TO

-

ZLB.TO
4.3%

Compare stocks, funds, or ETFs

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

iShares Core MSCI Canadian Quality Dividend Index ETF

BMO Low Volatility Canadian Equity ETF

Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO
Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. XUU-U.TOZLB.TO vs. XEG.TO

Return for Risk

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

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

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.

XDIV.TOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
4.94
1.80

+3.14

Sortino ratioReturn per unit of downside risk
7.29
2.69

+4.60

Omega ratioGain probability vs. loss probability

2.03

1.32

+0.71

Calmar ratioReturn relative to maximum drawdown

16.64

2.77

+13.86

Martin ratioReturn relative to average drawdown

56.55

10.29

+46.26

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

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

The current XDIV.TO Sharpe Ratio is 4.94, which is higher than the ZLB.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of XDIV.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.

Loading charts...

Sharpe Ratios by Period

XDIV.TOZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.94

1.80

+3.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.57

1.24

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

1.14

-0.33

Drawdowns

XDIV.TO vs. ZLB.TO - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.30%, 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 XDIV.TO and ZLB.TO.

Loading charts...

Drawdown Indicators

XDIV.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.30%

-33.96%

-7.34%

Max Drawdown (1Y)

Largest decline over 1 year

-2.33%

-5.36%

+3.03%

Max Drawdown (3Y)

Largest decline over 3 years

-10.53%

-8.01%

-2.52%

Max Drawdown (5Y)

Largest decline over 5 years

-17.60%

-13.00%

-4.60%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.96%

—

Current Drawdown

Current decline from peak

-0.09%

-1.70%

+1.61%

Average Drawdown

Average peak-to-trough decline

-4.25%

-2.46%

-1.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

1.45%

-0.76%

Volatility

XDIV.TO vs. ZLB.TO - Volatility Comparison

iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) has a higher volatility of 2.81% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.47%. This indicates that XDIV.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.

Loading charts...

Volatility by Period

XDIV.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.81%

2.47%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

6.36%

6.38%

-0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

7.85%

8.29%

-0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.53%

9.44%

+1.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

12.15%

+3.86%

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

XDIV.TO has a 0.11% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

XDIV.TO vs. ZLB.TO - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.28%, more than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.28%3.81%4.29%4.20%3.95%3.58%4.58%4.02%4.85%1.82%0.00%0.00%
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

XDIV.TO and ZLB.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.39% for ZLB.TO.

XDIV.TO is categorized as Dividend, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.11% for XDIV.TO and 0.39% for ZLB.TO.

Portfolio Optimizer

Find the right allocation for XDIV.TO and ZLB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer