ZLB.TO vs. CROP.TO

Last updated Jun 5, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and CROP.TO (Purpose Credit Opportunities Fund) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while CROP.TO is a fund fund. Over the past 3 years, ZLB.TO returned 15.72%/yr vs 10.06%/yr for CROP.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

ZLB.TO vs. CROP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Purpose Credit Opportunities Fund (CROP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZLB.TO achieves a 4.04% return, which is significantly higher than CROP.TO's 2.90% return.

ZLB.TO

• 1D: 0.87%
• 1M: 1.80%
• YTD: 4.04%
• 6M: 4.91%
• 1Y: 16.44%
• 3Y*: 15.72%
• 5Y*: 11.81%
• 10Y*: 10.79%

CROP.TO

• 1D: -0.26%
• 1M: 0.72%
• YTD: 2.90%
• 6M: 2.94%
• 1Y: 10.51%
• 3Y*: 10.06%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. CROP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZLB.TO BMO Low Volatility Canadian Equity ETF	4.04%	25.29%	15.31%	9.41%	-0.35%	5.50%
CROP.TO Purpose Credit Opportunities Fund	2.90%	8.10%	12.74%	6.36%	-5.82%	-0.03%

Correlation

The correlation between ZLB.TO and CROP.TO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.22

The correlation between ZLB.TO and CROP.TO shifts across timeframes, from -0.07 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZLB.TO vs. CROP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZLB.TO

ZLB.TO Risk / Return Rank: 62
ZLB.TO Sharpe Ratio Rank: 60
ZLB.TO Sortino Ratio Rank: 65
ZLB.TO Omega Ratio Rank: 60
ZLB.TO Calmar Ratio Rank: 63
ZLB.TO Martin Ratio Rank: 64

CROP.TO

CROP.TO Risk / Return Rank: 94
CROP.TO Sharpe Ratio Rank: 91
CROP.TO Sortino Ratio Rank: 94
CROP.TO Omega Ratio Rank: 92
CROP.TO Calmar Ratio Rank: 97
CROP.TO Martin Ratio Rank: 95

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.

ZLB.TO vs. CROP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Purpose Credit Opportunities Fund (CROP.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.

	ZLB.TO	CROP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.17	-1.18
Sortino ratio: Return per unit of downside risk	2.97	4.77	-1.80
Omega ratio: Gain probability vs. loss probability	1.36	1.61	-0.25
Calmar ratio: Return relative to maximum drawdown	3.08	11.56	-8.48
Martin ratio: Return relative to average drawdown	11.43	31.64	-20.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZLB.TO vs. CROP.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.99, which is lower than the CROP.TO Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of ZLB.TO and CROP.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.

Sharpe Ratios by Period

	ZLB.TO	CROP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	3.17	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.12	+0.03

Drawdowns

ZLB.TO vs. CROP.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than CROP.TO's maximum drawdown of -8.68%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and CROP.TO.

Drawdown Indicators

	ZLB.TO	CROP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.96%	-8.68%	-25.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-0.91%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-8.01%	-4.10%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.96%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.26%	-0.58%
Average Drawdown Average peak-to-trough decline	-2.46%	-2.49%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.33%	+1.11%

Volatility

ZLB.TO vs. CROP.TO - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a higher volatility of 2.57% compared to Purpose Credit Opportunities Fund (CROP.TO) at 0.73%. This indicates that ZLB.TO's price experiences larger fluctuations and is considered to be riskier than CROP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLB.TO	CROP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	0.73%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	6.39%	1.99%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.31%	3.33%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.44%	4.47%	+4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.15%	4.47%	+7.68%

Dividends

ZLB.TO vs. CROP.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.87%, less than CROP.TO's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CROP.TO Purpose Credit Opportunities Fund	5.45%	5.48%	5.61%	5.96%	5.97%	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.87%	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

Can I hold both ZLB.TO and CROP.TO in my portfolio?

ZLB.TO and CROP.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.