XMS.TO vs. ZLH.TO
XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) are both Large Cap Blend Equities funds. Over the past 10 years, XMS.TO returned 7.51%/yr vs 7.51%/yr for ZLH.TO. At a 0.49 correlation, their price movements are largely independent. XMS.TO charges 0.33%/yr vs 0.30%/yr for ZLH.TO.
Performance
XMS.TO vs. ZLH.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XMS.TO achieves a 1.23% return, which is significantly lower than ZLH.TO's 9.49% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: XMS.TO at 7.51% and ZLH.TO at 7.51%.
XMS.TO
- 1D
- 0.94%
- 1M
- 0.29%
- YTD
- 1.23%
- 6M
- 0.86%
- 1Y
- 0.03%
- 3Y*
- 7.81%
- 5Y*
- 4.87%
- 10Y*
- 7.51%
ZLH.TO
- 1D
- -0.10%
- 1M
- 1.61%
- YTD
- 9.49%
- 6M
- 8.95%
- 1Y
- 10.17%
- 3Y*
- 9.04%
- 5Y*
- 7.12%
- 10Y*
- 7.51%
XMS.TO vs. ZLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.23% | 3.74% | 14.27% | 7.88% | -11.12% | 21.05% | 1.86% | 25.99% | -1.00% | 16.77% |
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 9.49% | 5.90% | 10.95% | -2.11% | 0.20% | 22.07% | 2.34% | 25.20% | -1.85% | 11.93% |
Correlation
The correlation between XMS.TO and ZLH.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2016 | 0.49 |
The correlation between XMS.TO and ZLH.TO shifts across timeframes, from 0.43 (1 year) to 0.54 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XMS.TO vs. ZLH.TO — Risk / Return Rank
XMS.TO
ZLH.TO
XMS.TO vs. ZLH.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 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.
| XMS.TO | ZLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 1.39 | -1.39 |
| Martin ratioReturn relative to average drawdown | 0.01 | 3.38 | -3.37 |
Loading charts...
Drawdowns
XMS.TO vs. ZLH.TO - Drawdown Comparison
The maximum XMS.TO drawdown since its inception was -36.87%, which is greater than ZLH.TO's maximum drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for XMS.TO and ZLH.TO.
Loading charts...
Drawdown Indicators
| XMS.TO | ZLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.87% | -33.34% | -3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.32% | -7.35% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -9.80% | -10.17% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -19.06% | -14.66% | -4.40% |
Max Drawdown (10Y)Largest decline over 10 years | -36.87% | -33.34% | -3.53% |
Current DrawdownCurrent decline from peak | -3.16% | -1.60% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -3.91% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 3.02% | +0.57% |
Volatility
XMS.TO vs. ZLH.TO - Volatility Comparison
The current volatility for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) is 3.11%, while BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a volatility of 3.30%. This indicates that XMS.TO experiences smaller price fluctuations and is considered to be less risky than ZLH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XMS.TO | ZLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 3.30% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 7.33% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.28% | 10.39% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 12.21% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.22% | 13.81% | +1.41% |
XMS.TO vs. ZLH.TO - Expense Ratio Comparison
XMS.TO has a 0.33% expense ratio, which is higher than ZLH.TO's 0.30% expense ratio.
Dividends
XMS.TO vs. ZLH.TO - Dividend Comparison
XMS.TO's dividend yield for the trailing twelve months is around 1.21%, less than ZLH.TO's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.21% | 1.10% | 1.24% | 1.41% | 1.22% | 1.02% | 1.71% | 1.44% | 1.58% | 2.02% | 0.94% |
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 1.73% | 1.92% | 2.25% | 2.45% | 2.12% | 1.84% | 1.95% | 1.55% | 2.00% | 1.93% | 2.02% |
Frequently Asked Questions
XMS.TO and ZLH.TO have a correlation of 0.43, 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 0.33% for XMS.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.33% for XMS.TO and 0.30% for ZLH.TO.
Find the right allocation for XMS.TO and ZLH.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