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

XUH.TO vs. ZLH.TO

Last updated Jul 18, 2026
Documentation

XUH.TO (iShares Core S&P U.S. Total Market 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, XUH.TO returned 12.69%/yr vs 7.32%/yr for ZLH.TO. At a 0.45 correlation, their price movements are largely independent. XUH.TO charges 0.08%/yr vs 0.30%/yr for ZLH.TO.

Performance

XUH.TO vs. ZLH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.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, XUH.TO achieves a 8.24% return, which is significantly lower than ZLH.TO's 8.99% return. Over the past 10 years, XUH.TO has outperformed ZLH.TO with an annualized return of 12.69%, while ZLH.TO has yielded a comparatively lower 7.32% annualized return.

XUH.TO

1D
-0.92%
1M
0.56%
6M
6.82%
YTD
8.24%
1Y
17.03%
3Y*
16.87%
5Y*
10.51%
10Y*
12.69%

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)

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

2026 (YTD)202520242023202220212020201920182017
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		8.24%15.11%22.45%24.06%-20.19%26.19%15.54%28.50%-7.50%20.14%
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 XUH.TO and ZLH.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.27

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

0.36

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

0.45

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

0.45

Over the past year, the correlation between XUH.TO and ZLH.TO has dropped to 0.23 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

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

Sectors
XUH.TO
ZLH.TO

Technology

37.0%
18.7%

Financial Services

11.4%
11.7%

Communication Services

10.0%
3.0%

Consumer Cyclical

10.0%
3.2%

Industrials

9.0%
6.3%

Healthcare

8.6%
17.8%

Consumer Defensive

4.4%
12.4%

Energy

3.3%
0.7%

Real Estate

2.3%
3.4%

Utilities

2.2%
20.7%

Basic Materials

1.9%
2.2%

Technology

XUH.TO
37.0%
ZLH.TO
18.7%

Financial Services

XUH.TO
11.4%
ZLH.TO
11.7%

Communication Services

XUH.TO
10.0%
ZLH.TO
3.0%

Consumer Cyclical

XUH.TO
10.0%
ZLH.TO
3.2%

Industrials

XUH.TO
9.0%
ZLH.TO
6.3%

Healthcare

XUH.TO
8.6%
ZLH.TO
17.8%

Consumer Defensive

XUH.TO
4.4%
ZLH.TO
12.4%

Energy

XUH.TO
3.3%
ZLH.TO
0.7%

Real Estate

XUH.TO
2.3%
ZLH.TO
3.4%

Utilities

XUH.TO
2.2%
ZLH.TO
20.7%

Basic Materials

XUH.TO
1.9%
ZLH.TO
2.2%

Compare stocks, funds, or ETFs

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

iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)

BMO Low Volatility US Equity Hedged to CAD ETF

Often compared with XUH.TO:
XUH.TO vs. XUU.TOXUH.TO vs. XUU-U.TOXUH.TO vs. VFV.TOXUH.TO vs. XSU.TOXUH.TO vs. VSP.TOXUH.TO vs. IUSGXUH.TO vs. VYM
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUH.TO
XUH.TO Risk / Return Rank: 4848
Overall Rank
XUH.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
XUH.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
XUH.TO Omega Ratio Rank: 4545
Omega Ratio Rank
XUH.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XUH.TO Martin Ratio Rank: 5757
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.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.

XUH.TOZLH.TODifference
Sharpe ratioReturn per unit of total volatility
1.31
0.81

+0.50

Sortino ratioReturn per unit of downside risk
1.88
1.11

+0.77

Omega ratioGain probability vs. loss probability

1.24

1.16

+0.08

Calmar ratioReturn relative to maximum drawdown

1.82

1.20

+0.62

Martin ratioReturn relative to average drawdown

7.81

2.90

+4.91

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

The current XUH.TO Sharpe Ratio is 1.31, which is higher than the ZLH.TO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of XUH.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

XUH.TO vs. ZLH.TO - Drawdown Comparison

The maximum XUH.TO drawdown since its inception was -38.37%, 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 XUH.TO and ZLH.TO.

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Drawdown Indicators

XUH.TOZLH.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.37%

-33.34%

-5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-7.35%

-2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-19.32%

-10.17%

-9.15%

Max Drawdown (5Y)

Largest decline over 5 years

-26.11%

-14.66%

-11.45%

Max Drawdown (10Y)

Largest decline over 10 years

-38.37%

-33.34%

-5.03%

Current Drawdown

Current decline from peak

-1.88%

-2.20%

+0.32%

Average Drawdown

Average peak-to-trough decline

-4.94%

-3.90%

-1.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

3.04%

-0.85%

Volatility

XUH.TO vs. ZLH.TO - Volatility Comparison

The current volatility for iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.TO) is 3.31%, while BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a volatility of 3.96%. This indicates that XUH.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

XUH.TOZLH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

3.96%

-0.65%

Volatility (6M)

Calculated over the trailing 6-month period

10.39%

7.88%

+2.51%

Volatility (1Y)

Calculated over the trailing 1-year period

13.07%

10.88%

+2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.16%

12.29%

+4.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

13.84%

+4.85%

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

XUH.TO has a 0.08% expense ratio, which is lower than ZLH.TO's 0.30% expense ratio.

Dividends

XUH.TO vs. ZLH.TO - Dividend Comparison

XUH.TO's dividend yield for the trailing twelve months is around 0.85%, less than ZLH.TO's 1.74% yield.

PositionTTM20252024202320222021202020192018201720162015
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		0.85%0.91%1.10%1.15%1.40%0.98%1.26%1.70%1.83%1.28%1.63%1.63%
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

XUH.TO and ZLH.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XUH.TO is cheaper with a 0.08% expense ratio, compared with 0.30% for ZLH.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.08% for XUH.TO and 0.30% for ZLH.TO.

Portfolio Optimizer

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