XEQT.TO vs. ZLB.TO

Last updated Jun 14, 2026

XEQT.TO (iShares Core Equity ETF Portfolio) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - XEQT.TO is a Global Equities fund actively managed by iShares, while ZLB.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, XEQT.TO returned 13.69%/yr vs 11.24%/yr for ZLB.TO. A 0.66 correlation means they provide meaningful diversification when combined. XEQT.TO charges 0.20%/yr vs 0.39%/yr for ZLB.TO.

Performance

XEQT.TO vs. ZLB.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, XEQT.TO achieves a 12.26% return, which is significantly higher than ZLB.TO's 5.69% return.

XEQT.TO

• 1D: 0.63%
• 1M: 2.10%
• YTD: 12.26%
• 6M: 12.73%
• 1Y: 30.96%
• 3Y*: 21.81%
• 5Y*: 13.69%
• 10Y*: —

ZLB.TO

• 1D: 0.11%
• 1M: 3.64%
• YTD: 5.69%
• 6M: 2.84%
• 1Y: 13.46%
• 3Y*: 15.21%
• 5Y*: 11.24%
• 10Y*: 10.66%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XEQT.TO iShares Core Equity ETF Portfolio	12.26%	20.57%	24.38%	17.27%	-10.99%	18.98%	11.85%	8.56%
ZLB.TO BMO Low Volatility Canadian Equity ETF	5.69%	20.40%	15.31%	9.41%	-0.35%	22.93%	1.51%	3.04%

Correlation

The correlation between XEQT.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	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 14, 2019	0.66

The correlation between XEQT.TO and ZLB.TO shifts across timeframes, from 0.51 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

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

Sectors	XEQT.TO	ZLB.TO
Financial Services	24.1%	23.9%
Technology	20.6%	1.9%
Energy	11.7%	-
Basic Materials	11.2%	6.2%
Industrials	9.8%	10.0%
Consumer Cyclical	6.1%	8.5%
Communication Services	5.0%	9.3%
Healthcare	3.6%	-
Consumer Defensive	3.4%	18.3%
Utilities	2.7%	17.6%
Real Estate	1.8%	4.3%

Return for Risk

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

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

XEQT.TO

XEQT.TO Risk / Return Rank: 84
XEQT.TO Sharpe Ratio Rank: 86
XEQT.TO Sortino Ratio Rank: 85
XEQT.TO Omega Ratio Rank: 85
XEQT.TO Calmar Ratio Rank: 79
XEQT.TO Martin Ratio Rank: 85

ZLB.TO

ZLB.TO Risk / Return Rank: 48
ZLB.TO Sharpe Ratio Rank: 47
ZLB.TO Sortino Ratio Rank: 43
ZLB.TO Omega Ratio Rank: 49
ZLB.TO Calmar Ratio Rank: 52
ZLB.TO Martin Ratio Rank: 48

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core Equity ETF Portfolio (XEQT.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.

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.

	XEQT.TO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.44	+0.99
Sortino ratio: Return per unit of downside risk	3.31	1.96	+1.35
Omega ratio: Gain probability vs. loss probability	1.45	1.27	+0.18
Calmar ratio: Return relative to maximum drawdown	3.59	2.34	+1.25
Martin ratio: Return relative to average drawdown	15.41	6.85	+8.57

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

The current XEQT.TO Sharpe Ratio is 2.43, which is higher than the ZLB.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of XEQT.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.

Drawdowns

XEQT.TO vs. ZLB.TO - Drawdown Comparison

The maximum XEQT.TO drawdown since its inception was -29.74%, smaller than the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for XEQT.TO and ZLB.TO.

Drawdown Indicators

	XEQT.TO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.74%	-33.96%	+4.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.25%	-5.67%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-15.08%	-8.01%	-7.07%
Max Drawdown (5Y) Largest decline over 5 years	-19.55%	-13.00%	-6.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.96%	—
Current Drawdown Current decline from peak	-0.84%	0.00%	-0.84%
Average Drawdown Average peak-to-trough decline	-4.09%	-2.49%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.93%	-0.01%

Volatility

XEQT.TO vs. ZLB.TO - Volatility Comparison

iShares Core Equity ETF Portfolio (XEQT.TO) has a higher volatility of 5.02% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.63%. This indicates that XEQT.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.

Volatility by Period

	XEQT.TO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	2.63%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	7.60%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	9.26%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	9.62%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	12.22%	+3.36%

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

XEQT.TO has a 0.20% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

XEQT.TO vs. ZLB.TO - Dividend Comparison

XEQT.TO's dividend yield for the trailing twelve months is around 1.48%, less than ZLB.TO's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEQT.TO iShares Core Equity ETF Portfolio	1.48%	1.66%	2.03%	2.09%	2.14%	1.66%	1.69%	1.21%	0.00%	0.00%	0.00%	0.00%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.88%	1.99%	2.37%	2.67%	2.66%	2.39%	2.83%	2.44%	2.76%	2.55%	2.94%	2.34%

Frequently Asked Questions

Can I hold both XEQT.TO and ZLB.TO in my portfolio?

XEQT.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.

Which ETF is better, XEQT.TO or ZLB.TO?

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEQT.TO or ZLB.TO?

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.39% for ZLB.TO.

What is the main difference between XEQT.TO and ZLB.TO?

XEQT.TO is categorized as Global Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.20% for XEQT.TO and 0.39% for ZLB.TO.