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XHU.TO vs. ZLH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHU.TO vs. ZLH.TO

Last updated Jul 18, 2026
Documentation

XHU.TO (iShares U.S. High Dividend Equity Index ETF) and ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) are both Large Cap Blend Equities funds. Over the past 10 years, XHU.TO returned 6.97%/yr vs 7.32%/yr for ZLH.TO. At a 0.41 correlation, their price movements are largely independent. XHU.TO charges 0.34%/yr vs 0.30%/yr for ZLH.TO.

Performance

XHU.TO vs. ZLH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Dividend Equity Index ETF (XHU.TO) and BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.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, XHU.TO achieves a 12.26% return, which is significantly higher than ZLH.TO's 8.99% return. Over the past 10 years, XHU.TO has underperformed ZLH.TO with an annualized return of 6.97%, while ZLH.TO has yielded a comparatively higher 7.32% annualized return.

XHU.TO

1D
-0.71%
1M
3.56%
6M
13.23%
YTD
12.26%
1Y
8.60%
3Y*
10.63%
5Y*
9.20%
10Y*
6.97%

ZLH.TO

1D
-0.23%
1M
3.07%
6M
6.09%
YTD
8.99%
1Y
8.78%
3Y*
8.70%
5Y*
6.47%
10Y*
7.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHU.TO vs. ZLH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XHU.TO
iShares U.S. High Dividend Equity Index ETF		12.26%-0.30%16.81%-1.38%7.44%23.97%-9.13%13.17%2.81%5.22%
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		8.99%5.90%10.95%-2.11%0.20%22.07%2.34%25.20%-1.85%11.93%

Correlation

The correlation between XHU.TO and ZLH.TO is 0.59, 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

0.59

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

0.57

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

0.51

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

0.42

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2016

0.41

The correlation between XHU.TO and ZLH.TO shifts across timeframes, from 0.41 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

XHU.TO vs. ZLH.TO - Sectors Allocation Comparison

Sectors
XHU.TO
ZLH.TO

Consumer Defensive

24.2%
12.4%

Energy

21.0%
0.7%

Healthcare

17.0%
17.8%

Financial Services

10.8%
11.7%

Technology

9.7%
18.7%

Utilities

8.9%
20.7%

Consumer Cyclical

6.0%
3.2%

Communication Services

5.7%
3.0%

Industrials

1.3%
6.3%

Basic Materials

1.1%
2.2%

Real Estate

-

3.4%

Consumer Defensive

XHU.TO
24.2%
ZLH.TO
12.4%

Energy

XHU.TO
21.0%
ZLH.TO
0.7%

Healthcare

XHU.TO
17.0%
ZLH.TO
17.8%

Financial Services

XHU.TO
10.8%
ZLH.TO
11.7%

Technology

XHU.TO
9.7%
ZLH.TO
18.7%

Utilities

XHU.TO
8.9%
ZLH.TO
20.7%

Consumer Cyclical

XHU.TO
6.0%
ZLH.TO
3.2%

Communication Services

XHU.TO
5.7%
ZLH.TO
3.0%

Industrials

XHU.TO
1.3%
ZLH.TO
6.3%

Basic Materials

XHU.TO
1.1%
ZLH.TO
2.2%

Real Estate

XHU.TO

-

ZLH.TO
3.4%

Compare stocks, funds, or ETFs

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

iShares U.S. High Dividend Equity Index ETF

BMO Low Volatility US Equity Hedged to CAD ETF

Often compared with XHU.TO:
XHU.TO vs. CUD.TOXHU.TO vs. SCHDXHU.TO vs. VDY.TOXHU.TO vs. XEI.TOXHU.TO vs. XEQT.TOXHU.TO vs. DGROXHU.TO vs. XUS.TO
Often compared with ZLH.TO:
ZLH.TO vs. ESGY.TOZLH.TO vs. TULV.TOZLH.TO vs. ZLU.TOZLH.TO vs. XTOT.TOZLH.TO vs. TPU.TOZLH.TO vs. XMS.TOZLH.TO vs. SMVP.TO

Return for Risk

XHU.TO vs. ZLH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHU.TO
XHU.TO Risk / Return Rank: 2020
Overall Rank
XHU.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
XHU.TO Sortino Ratio Rank: 1717
Sortino Ratio Rank
XHU.TO Omega Ratio Rank: 2222
Omega Ratio Rank
XHU.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
XHU.TO Martin Ratio Rank: 2222
Martin Ratio Rank
ZLH.TO
ZLH.TO Risk / Return Rank: 2828
Overall Rank
ZLH.TO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
ZLH.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
ZLH.TO Omega Ratio Rank: 2929
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 2828
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.

XHU.TO vs. ZLH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Dividend Equity Index ETF (XHU.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.

XHU.TOZLH.TODifference
Sharpe ratioReturn per unit of total volatility
0.51
0.81

-0.30

Sortino ratioReturn per unit of downside risk
0.75
1.11

-0.36

Omega ratioGain probability vs. loss probability

1.13

1.16

-0.03

Calmar ratioReturn relative to maximum drawdown

0.61

1.20

-0.59

Martin ratioReturn relative to average drawdown

2.03

2.90

-0.86

XHU.TO vs. ZLH.TO - Sharpe Ratio Comparison

The current XHU.TO Sharpe Ratio is 0.51, which is lower than the ZLH.TO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of XHU.TO and ZLH.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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Drawdowns

XHU.TO vs. ZLH.TO - Drawdown Comparison

The maximum XHU.TO drawdown since its inception was -32.53%, roughly equal to the maximum ZLH.TO drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for XHU.TO and ZLH.TO.

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Drawdown Indicators

XHU.TOZLH.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.53%

-33.34%

+0.81%

Max Drawdown (1Y)

Largest decline over 1 year

-14.16%

-7.35%

-6.81%

Max Drawdown (3Y)

Largest decline over 3 years

-15.05%

-10.17%

-4.88%

Max Drawdown (5Y)

Largest decline over 5 years

-15.05%

-14.66%

-0.39%

Max Drawdown (10Y)

Largest decline over 10 years

-32.53%

-33.34%

+0.81%

Current Drawdown

Current decline from peak

-0.76%

-2.20%

+1.44%

Average Drawdown

Average peak-to-trough decline

-5.85%

-3.90%

-1.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.24%

3.04%

+1.20%

Volatility

XHU.TO vs. ZLH.TO - Volatility Comparison

iShares U.S. High Dividend Equity Index ETF (XHU.TO) has a higher volatility of 5.02% compared to BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) at 3.96%. This indicates that XHU.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

XHU.TOZLH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.02%

3.96%

+1.06%

Volatility (6M)

Calculated over the trailing 6-month period

8.77%

7.88%

+0.89%

Volatility (1Y)

Calculated over the trailing 1-year period

17.02%

10.88%

+6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.35%

12.29%

+7.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.11%

13.84%

+14.27%

XHU.TO vs. ZLH.TO - Expense Ratio Comparison

XHU.TO has a 0.34% expense ratio, which is higher than ZLH.TO's 0.30% expense ratio.

Dividends

XHU.TO vs. ZLH.TO - Dividend Comparison

XHU.TO's dividend yield for the trailing twelve months is around 2.40%, more than ZLH.TO's 1.74% yield.

PositionTTM20252024202320222021202020192018201720162015
XHU.TO
iShares U.S. High Dividend Equity Index ETF		2.40%2.74%2.84%3.00%2.75%2.60%3.33%2.36%2.66%2.37%2.49%2.41%
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		1.74%1.92%2.25%2.45%2.12%1.84%1.95%1.55%2.00%1.93%2.02%0.00%

Frequently Asked Questions

XHU.TO and ZLH.TO have a correlation of 0.59, 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 0.34% for XHU.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.34% for XHU.TO and 0.30% for ZLH.TO.

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