ZIU.TO vs. HVOI.TO
ZIU.TO (BMO S&P/TSX 60 Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. ZIU.TO is passively managed, while HVOI.TO is actively managed. Over the past year, ZIU.TO returned 31.32% vs 13.92% for HVOI.TO. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
ZIU.TO vs. HVOI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZIU.TO achieves a 10.17% return, which is significantly higher than HVOI.TO's 5.50% return.
ZIU.TO
- 1D
- -0.14%
- 1M
- 3.59%
- YTD
- 10.17%
- 6M
- 11.84%
- 1Y
- 31.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HVOI.TO
- 1D
- -0.29%
- 1M
- 2.06%
- YTD
- 5.50%
- 6M
- 7.73%
- 1Y
- 13.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZIU.TO vs. HVOI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZIU.TO BMO S&P/TSX 60 Index ETF | 10.17% | 30.77% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 5.50% | 15.20% |
Correlation
The correlation between ZIU.TO and HVOI.TO is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025 | 0.67 |
The correlation between ZIU.TO and HVOI.TO has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
ZIU.TO vs. HVOI.TO — Risk / Return Rank
ZIU.TO
HVOI.TO
ZIU.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX 60 Index ETF (ZIU.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.
| ZIU.TO | HVOI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.31 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.99 | 2.08 | +1.92 |
| Martin ratioReturn relative to average drawdown | 19.04 | 8.33 | +10.71 |
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
| ZIU.TO | HVOI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 1.65 | +1.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.18 | 2.26 | -0.08 |
Drawdowns
ZIU.TO vs. HVOI.TO - Drawdown Comparison
The maximum ZIU.TO drawdown since its inception was -12.35%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for ZIU.TO and HVOI.TO.
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Drawdown Indicators
| ZIU.TO | HVOI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.35% | -6.72% | -5.63% |
Max Drawdown (1Y)Largest decline over 1 year | -7.88% | -6.72% | -1.16% |
Current DrawdownCurrent decline from peak | -0.14% | -1.35% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -0.97% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 1.68% | -0.03% |
Volatility
ZIU.TO vs. HVOI.TO - Volatility Comparison
BMO S&P/TSX 60 Index ETF (ZIU.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) have volatilities of 2.25% and 2.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZIU.TO | HVOI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 2.27% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 6.84% | +2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.25% | 8.47% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.42% | 8.39% | +4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 8.39% | +4.03% |
Dividends
ZIU.TO vs. HVOI.TO - Dividend Comparison
ZIU.TO's dividend yield for the trailing twelve months is around 2.10%, less than HVOI.TO's 6.97% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.97% | 4.76% | 0.00% | 0.00% |
ZIU.TO BMO S&P/TSX 60 Index ETF | 2.10% | 2.28% | 2.70% | 0.78% |
Frequently Asked Questions
ZIU.TO and HVOI.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Harvest.
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