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

XMS.TO vs. ZLB.TO

Last updated Aug 5, 2026
Documentation

XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - XMS.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. XMS.TO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, XMS.TO returned 7.66%/yr vs 10.33%/yr for ZLB.TO. Their 0.42 correlation means their historical movements had little consistent relationship. XMS.TO charges 0.33%/yr vs 0.39%/yr for ZLB.TO.

Performance

XMS.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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, XMS.TO achieves a 3.79% return, which is significantly lower than ZLB.TO's 8.36% return. Over the past 10 years, XMS.TO has underperformed ZLB.TO with an annualized return of 7.66%, while ZLB.TO has yielded a comparatively higher 10.33% annualized return.

XMS.TO

1D
1.45%
1M
1.17%
6M
3.55%
YTD
3.79%
1Y
4.16%
3Y*
8.49%
5Y*
4.51%
10Y*
7.66%
ALL TIME*
8.16%

ZLB.TO

1D
0.58%
1M
0.68%
6M
9.06%
YTD
8.36%
1Y
13.97%
3Y*
16.37%
5Y*
11.07%
10Y*
10.33%
ALL TIME*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XMS.TO

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)
CA$6.72KCA$12.98KCA$19.38K

ZLB.TO

BMO Low Volatility Canadian Equity ETF
CA$2.80MCA$3.21MCA$2.95M

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

2026 (YTD)202520242023202220212020201920182017
XMS.TO
iShares MSCI Min Vol USA Index ETF (CAD-Hedged)		3.79%3.74%14.27%7.88%-11.12%21.05%1.86%25.99%-1.00%16.77%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		8.36%20.40%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.11%

Correlation

The correlation between XMS.TO and ZLB.TO is 0.32, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.32

Correlation (3Y)
Balances recent behavior with more history.

0.42

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.47

Correlation (10Y)
Provides a long-term view across more market conditions.

0.43

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2016

0.42

The correlation between XMS.TO and ZLB.TO shifts across timeframes, from 0.32 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XMS.TO
ZLB.TO

Technology

32.5%
1.0%

Healthcare

13.5%

-

Financial Services

11.8%
26.6%

Consumer Defensive

9.5%
17.0%

Utilities

7.3%
18.0%

Industrials

6.3%
8.8%

Communication Services

5.8%
8.5%

Consumer Cyclical

5.7%
8.6%

Energy

2.6%
2.0%

Real Estate

2.6%
4.1%

Basic Materials

2.2%
4.7%

Technology

XMS.TO
32.5%
ZLB.TO
1.0%

Healthcare

XMS.TO
13.5%
ZLB.TO

-

Financial Services

XMS.TO
11.8%
ZLB.TO
26.6%

Consumer Defensive

XMS.TO
9.5%
ZLB.TO
17.0%

Utilities

XMS.TO
7.3%
ZLB.TO
18.0%

Industrials

XMS.TO
6.3%
ZLB.TO
8.8%

Communication Services

XMS.TO
5.8%
ZLB.TO
8.5%

Consumer Cyclical

XMS.TO
5.7%
ZLB.TO
8.6%

Energy

XMS.TO
2.6%
ZLB.TO
2.0%

Real Estate

XMS.TO
2.6%
ZLB.TO
4.1%

Basic Materials

XMS.TO
2.2%
ZLB.TO
4.7%

Compare stocks, funds, or ETFs

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

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)

BMO Low Volatility Canadian Equity ETF

Often compared with XMS.TO:
XMS.TO vs. XMU.TOXMS.TO vs. VFV.TOXMS.TO vs. XDU.TOXMS.TO vs. VSP.TOXMS.TO vs. XUS.TOXMS.TO vs. SPYXMS.TO vs. ZSP.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. ZWC.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
XMS.TO
XMS.TO Risk / Return Rank: 1818
Overall Rank
XMS.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
XMS.TO Sortino Ratio Rank: 1717
Sortino Ratio Rank
XMS.TO Omega Ratio Rank: 1818
Omega Ratio Rank
XMS.TO Calmar Ratio Rank: 1818
Calmar Ratio Rank
XMS.TO Martin Ratio Rank: 1818
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 5555
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5555
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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.

XMS.TOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
0.40
1.48

-1.09

Sortino ratioReturn per unit of downside risk
0.62
2.03

-1.41

Omega ratioGain probability vs. loss probability

1.08

1.28

-0.19

Calmar ratioReturn relative to maximum drawdown

0.50

2.47

-1.97

Martin ratioReturn relative to average drawdown

1.15

7.18

-6.03

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

The current XMS.TO Sharpe Ratio is 0.40, which is lower than the ZLB.TO Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of XMS.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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Drawdowns

XMS.TO vs. ZLB.TO - Drawdown Comparison

The maximum XMS.TO drawdown since its inception was -36.87%, 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 XMS.TO and ZLB.TO.

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Drawdown Indicators

XMS.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.87%

-33.96%

-2.91%

Max Drawdown (1Y)

Largest decline over 1 year

-8.32%

-5.67%

-2.65%

Max Drawdown (3Y)

Largest decline over 3 years

-9.80%

-6.65%

-3.15%

Max Drawdown (5Y)

Largest decline over 5 years

-19.06%

-13.00%

-6.06%

Max Drawdown (10Y)

Largest decline over 10 years

-36.87%

-33.96%

-2.91%

Current Drawdown

Current decline from peak

-0.71%

-1.30%

+0.59%

Average Drawdown

Average peak-to-trough decline

-4.42%

-2.47%

-1.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

1.95%

+1.67%

Volatility

XMS.TO vs. ZLB.TO - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) has a higher volatility of 3.68% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.64%. This indicates that XMS.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

XMS.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.68%

2.64%

+1.04%

Volatility (6M)

Calculated over the trailing 6-month period

7.00%

6.73%

+0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

9.49%

+1.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.44%

9.68%

+2.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.25%

12.24%

+3.01%

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

XMS.TO has a 0.33% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

XMS.TO vs. ZLB.TO - Dividend Comparison

XMS.TO's dividend yield for the trailing twelve months is around 1.18%, less than ZLB.TO's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
XMS.TO
iShares MSCI Min Vol USA Index ETF (CAD-Hedged)		1.18%1.10%1.24%1.41%1.22%1.02%1.71%1.44%1.58%2.02%0.94%0.00%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.82%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

XMS.TO and ZLB.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMS.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMS.TO is cheaper with a 0.33% expense ratio, compared with 0.39% for ZLB.TO.

XMS.TO is categorized as Low Volatility, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.33% for XMS.TO and 0.39% for ZLB.TO.

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