XMU.TO vs. ZLH.TO
XMU.TO (iShares MSCI Min Vol USA 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, XMU.TO returned 9.16%/yr vs 7.51%/yr for ZLH.TO. At a 0.50 correlation, their price movements are largely independent. XMU.TO charges 0.33%/yr vs 0.30%/yr for ZLH.TO.
Performance
XMU.TO vs. ZLH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMU.TO achieves a 6.19% return, which is significantly lower than ZLH.TO's 9.49% return. Over the past 10 years, XMU.TO has outperformed ZLH.TO with an annualized return of 9.16%, while ZLH.TO has yielded a comparatively lower 7.51% annualized return.
XMU.TO
- 1D
- 0.01%
- 1M
- 3.00%
- YTD
- 6.19%
- 6M
- 5.54%
- 1Y
- 4.62%
- 3Y*
- 10.60%
- 5Y*
- 7.85%
- 10Y*
- 9.16%
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%
XMU.TO vs. ZLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMU.TO iShares MSCI Min Vol USA Index ETF | 6.19% | -0.80% | 22.08% | 6.68% | -3.58% | 17.10% | 3.13% | 20.92% | 9.19% | 10.94% |
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 XMU.TO and ZLH.TO is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.50 |
The correlation between XMU.TO and ZLH.TO has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.
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Return for Risk
XMU.TO vs. ZLH.TO — Risk / Return Rank
XMU.TO
ZLH.TO
XMU.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 (XMU.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.
| XMU.TO | ZLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.19 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | 1.39 | -0.84 |
| Martin ratioReturn relative to average drawdown | 1.13 | 3.38 | -2.25 |
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Drawdowns
XMU.TO vs. ZLH.TO - Drawdown Comparison
The maximum XMU.TO drawdown since its inception was -27.31%, smaller than the maximum ZLH.TO drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for XMU.TO and ZLH.TO.
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Drawdown Indicators
| XMU.TO | ZLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.31% | -33.34% | +6.03% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -7.35% | -1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -10.97% | -10.17% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -20.59% | -14.66% | -5.93% |
Max Drawdown (10Y)Largest decline over 10 years | -27.31% | -33.34% | +6.03% |
Current DrawdownCurrent decline from peak | -1.75% | -1.60% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -3.91% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | 3.02% | +1.08% |
Volatility
XMU.TO vs. ZLH.TO - Volatility Comparison
The current volatility for iShares MSCI Min Vol USA Index ETF (XMU.TO) is 2.66%, while BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a volatility of 3.30%. This indicates that XMU.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.
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Volatility by Period
| XMU.TO | ZLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 3.30% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 7.33% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.24% | 10.39% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.67% | 12.21% | +2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 13.81% | +3.27% |
XMU.TO vs. ZLH.TO - Expense Ratio Comparison
XMU.TO has a 0.33% expense ratio, which is higher than ZLH.TO's 0.30% expense ratio.
Dividends
XMU.TO vs. ZLH.TO - Dividend Comparison
XMU.TO's dividend yield for the trailing twelve months is around 1.14%, less than ZLH.TO's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XMU.TO iShares MSCI Min Vol USA Index ETF | 1.14% | 1.13% | 1.19% | 1.41% | 1.17% | 1.09% | 1.72% | 1.47% | 1.51% | 1.63% | 1.87% | 1.46% |
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% | 0.00% |
Frequently Asked Questions
XMU.TO and ZLH.TO have a correlation of 0.58, 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 XMU.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.33% for XMU.TO and 0.30% for ZLH.TO.
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