ZEB.TO vs. ZLB.TO
ZEB.TO (BMO Equal Weight Banks Index ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. ZEB.TO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, ZEB.TO returned 15.82%/yr vs 10.67%/yr for ZLB.TO. A 0.59 correlation means they provide meaningful diversification when combined. ZEB.TO charges 0.25%/yr vs 0.39%/yr for ZLB.TO.
Performance
ZEB.TO vs. ZLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEB.TO achieves a 19.22% return, which is significantly higher than ZLB.TO's 3.14% return. Over the past 10 years, ZEB.TO has outperformed ZLB.TO with an annualized return of 15.82%, while ZLB.TO has yielded a comparatively lower 10.67% annualized return.
ZEB.TO
- 1D
- -0.43%
- 1M
- 5.51%
- YTD
- 19.22%
- 6M
- 24.72%
- 1Y
- 60.22%
- 3Y*
- 32.73%
- 5Y*
- 18.18%
- 10Y*
- 15.82%
ZLB.TO
- 1D
- 0.03%
- 1M
- 1.40%
- YTD
- 3.14%
- 6M
- 4.82%
- 1Y
- 14.81%
- 3Y*
- 15.17%
- 5Y*
- 11.61%
- 10Y*
- 10.67%
ZEB.TO vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 19.22% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 3.14% | 25.29% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.07% |
Correlation
The correlation between ZEB.TO and ZLB.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.59 |
The correlation between ZEB.TO and ZLB.TO shifts across timeframes, from 0.49 (1 year) to 0.61 (3 years), reflecting how their relationship changes across market environments.
ZEB.TO vs. ZLB.TO - Sectors Allocation Comparison
Sectors
ZEB.TO
ZLB.TO
Financial Services
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
-
-
Healthcare
-
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
ZEB.TO
ZLB.TO
Basic Materials
ZEB.TO
-
ZLB.TO
Communication Services
ZEB.TO
-
ZLB.TO
Consumer Cyclical
ZEB.TO
-
ZLB.TO
Consumer Defensive
ZEB.TO
-
ZLB.TO
Energy
ZEB.TO
-
ZLB.TO
-
Healthcare
ZEB.TO
-
ZLB.TO
-
Industrials
ZEB.TO
-
ZLB.TO
Real Estate
ZEB.TO
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ZLB.TO
Technology
ZEB.TO
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ZLB.TO
Utilities
ZEB.TO
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ZLB.TO
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Return for Risk
ZEB.TO vs. ZLB.TO — Risk / Return Rank
ZEB.TO
ZLB.TO
ZEB.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.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.
| ZEB.TO | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.00 | ||
| Sortino ratioReturn per unit of downside risk | +3.85 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.32 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 7.17 | 2.77 | +4.40 |
| Martin ratioReturn relative to average drawdown | 30.84 | 10.29 | +20.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZEB.TO | ZLB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.79 | 1.80 | +3.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.35 | 1.24 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.94 | 0.88 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 1.14 | -0.26 |
Drawdowns
ZEB.TO vs. ZLB.TO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, 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 ZEB.TO and ZLB.TO.
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Drawdown Indicators
| ZEB.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -33.96% | -5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -5.36% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | -8.01% | -6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | -13.00% | -12.97% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -33.96% | -5.73% |
Current DrawdownCurrent decline from peak | -2.00% | -1.70% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -2.46% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.45% | +0.51% |
Volatility
ZEB.TO vs. ZLB.TO - Volatility Comparison
BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.89% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.47%. This indicates that ZEB.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
| ZEB.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 2.47% | +2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.14% | 6.38% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 8.29% | +4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 9.44% | +4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 12.15% | +4.76% |
ZEB.TO vs. ZLB.TO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.
Dividends
ZEB.TO vs. ZLB.TO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.54%, more than ZLB.TO's 1.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 2.54% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.88% | 1.93% | 2.37% | 2.67% | 2.66% | 2.39% | 2.83% | 2.44% | 2.76% | 2.52% | 2.94% | 2.34% |
Frequently Asked Questions
ZEB.TO and ZLB.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.39% for ZLB.TO.
ZEB.TO is categorized as Financials Equities, while ZLB.TO is Canada Equities. Their fees differ too: 0.25% for ZEB.TO and 0.39% for ZLB.TO.
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