XLK vs. ZLB.TO

Last updated Jun 9, 2026

XLK (State Street Technology Select Sector SPDR ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. XLK is passively managed, while ZLB.TO is actively managed. Over the past 10 years, XLK returned 25.04%/yr vs 9.42%/yr for ZLB.TO. At a 0.36 correlation, their price movements are largely independent. XLK charges 0.08%/yr vs 0.39%/yr for ZLB.TO.

Performance

XLK vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLK is traded in USD, while ZLB.TO is traded in CAD. To make them comparable, the ZLB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLK achieves a 28.09% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, XLK has outperformed ZLB.TO with an annualized return of 25.04%, while ZLB.TO has yielded a comparatively lower 9.42% annualized return.

XLK

• 1D: 2.15%
• 1M: 4.93%
• YTD: 28.09%
• 6M: 25.10%
• 1Y: 55.42%
• 3Y*: 31.33%
• 5Y*: 22.26%
• 10Y*: 25.04%

ZLB.TO

• 1D: -0.93%
• 1M: -0.55%
• YTD: 2.14%
• 6M: 0.70%
• 1Y: 10.48%
• 3Y*: 13.02%
• 5Y*: 7.91%
• 10Y*: 9.42%

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

XLK vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLK State Street Technology Select Sector SPDR ETF	28.09%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%
ZLB.TO BMO Low Volatility Canadian Equity ETF	2.14%	26.16%	6.31%	12.07%	-6.29%	22.99%	3.98%	27.16%	-10.30%	19.18%

Correlation

The correlation between XLK and ZLB.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011	0.36

Over the past year, the correlation between XLK and ZLB.TO has dropped to 0.12 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

XLK vs. ZLB.TO - Sectors Allocation Comparison

Sectors	XLK	ZLB.TO
Technology	99.7%	1.9%
Energy	0.2%	-
Industrials	0.1%	10.0%
Basic Materials	-	6.2%
Communication Services	-	9.3%
Consumer Cyclical	-	8.5%
Consumer Defensive	-	18.3%
Financial Services	-	23.9%
Healthcare	-	-
Real Estate	-	4.3%
Utilities	-	17.6%

Return for Risk

XLK vs. ZLB.TO — Risk / Return Rank

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

XLK

XLK Risk / Return Rank: 77
XLK Sharpe Ratio Rank: 86
XLK Sortino Ratio Rank: 76
XLK Omega Ratio Rank: 79
XLK Calmar Ratio Rank: 76
XLK Martin Ratio Rank: 69

ZLB.TO

ZLB.TO Risk / Return Rank: 45
ZLB.TO Sharpe Ratio Rank: 43
ZLB.TO Sortino Ratio Rank: 40
ZLB.TO Omega Ratio Rank: 45
ZLB.TO Calmar Ratio Rank: 50
ZLB.TO Martin Ratio Rank: 45

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.

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

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) 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.

	XLK	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.05	+1.48
Sortino ratio: Return per unit of downside risk	3.06	1.46	+1.60
Omega ratio: Gain probability vs. loss probability	1.42	1.20	+0.22
Calmar ratio: Return relative to maximum drawdown	3.50	1.72	+1.78
Martin ratio: Return relative to average drawdown	11.58	4.69	+6.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLK vs. ZLB.TO - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 2.53, which is higher than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of XLK 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.

Sharpe Ratios by Period

	XLK	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	1.05	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.68	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.02	0.68	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.75	-0.35

Drawdowns

XLK vs. ZLB.TO - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, which is greater than ZLB.TO's maximum drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for XLK and ZLB.TO.

Drawdown Indicators

	XLK	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-82.05%	-39.55%	-42.50%
Max Drawdown (1Y) Largest decline over 1 year	-15.92%	-6.13%	-9.79%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-12.27%	-13.39%
Max Drawdown (5Y) Largest decline over 5 years	-33.56%	-20.63%	-12.93%
Max Drawdown (10Y) Largest decline over 10 years	-33.56%	-39.55%	+5.99%
Current Drawdown Current decline from peak	-7.08%	-2.58%	-4.50%
Average Drawdown Average peak-to-trough decline	-34.95%	-4.09%	-30.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	2.24%	+2.56%

Volatility

XLK vs. ZLB.TO - Volatility Comparison

State Street Technology Select Sector SPDR ETF (XLK) has a higher volatility of 10.42% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that XLK'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

	XLK	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.42%	2.82%	+7.60%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	8.11%	+10.21%
Volatility (1Y) Calculated over the trailing 1-year period	22.08%	10.02%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.10%	11.65%	+13.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.60%	13.91%	+10.69%

XLK vs. ZLB.TO - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

XLK vs. ZLB.TO - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.41%, less than ZLB.TO's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLK State Street Technology Select Sector SPDR ETF	0.41%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.91%	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 XLK and ZLB.TO in my portfolio?

XLK and ZLB.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLK or ZLB.TO?

On fees, XLK is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLK or ZLB.TO?

XLK is cheaper with a 0.08% expense ratio, compared with 0.39% for ZLB.TO.

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

XLK is categorized as Technology Equities, while ZLB.TO is Canada Equities. They also come from different issuers: State Street and BMO. Their fees differ too: 0.08% for XLK and 0.39% for ZLB.TO.