ZLB.TO vs. DGRO
ZLB.TO (BMO Low Volatility Canadian Equity ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. ZLB.TO is actively managed, while DGRO is passively managed. Over the past 10 years, ZLB.TO returned 10.42%/yr vs 14.30%/yr for DGRO. A 0.52 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.08%/yr for DGRO.
Performance
ZLB.TO vs. DGRO - Performance Comparison
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Different Trading Currencies
ZLB.TO is traded in CAD, while DGRO is traded in USD. To make them comparable, the DGRO values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZLB.TO achieves a 3.94% return, which is significantly lower than DGRO's 10.45% return. Over the past 10 years, ZLB.TO has underperformed DGRO with an annualized return of 10.42%, while DGRO has yielded a comparatively higher 14.30% annualized return.
ZLB.TO
- 1D
- -0.71%
- 1M
- 1.46%
- YTD
- 3.94%
- 6M
- 1.44%
- 1Y
- 12.65%
- 3Y*
- 14.61%
- 5Y*
- 10.98%
- 10Y*
- 10.42%
DGRO
- 1D
- -0.02%
- 1M
- 4.80%
- YTD
- 10.45%
- 6M
- 10.14%
- 1Y
- 24.38%
- 3Y*
- 18.31%
- 5Y*
- 13.80%
- 10Y*
- 14.30%
ZLB.TO vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLB.TO BMO Low Volatility Canadian Equity ETF | 3.94% | 20.40% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.11% |
DGRO iShares Core Dividend Growth ETF | 10.45% | 10.41% | 26.49% | 7.84% | -2.07% | 26.58% | 6.90% | 24.51% | 5.83% | 14.67% |
Correlation
The correlation between ZLB.TO and DGRO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014 | 0.52 |
The correlation between ZLB.TO and DGRO has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.
ZLB.TO vs. DGRO - Sectors Allocation Comparison
Sectors
ZLB.TO
DGRO
Financial Services
Consumer Defensive
Utilities
Industrials
Communication Services
Consumer Cyclical
Basic Materials
Real Estate
-
Technology
Energy
-
Healthcare
-
Financial Services
ZLB.TO
DGRO
Consumer Defensive
ZLB.TO
DGRO
Utilities
ZLB.TO
DGRO
Industrials
ZLB.TO
DGRO
Communication Services
ZLB.TO
DGRO
Consumer Cyclical
ZLB.TO
DGRO
Basic Materials
ZLB.TO
DGRO
Real Estate
ZLB.TO
DGRO
-
Technology
ZLB.TO
DGRO
Energy
ZLB.TO
-
DGRO
Healthcare
ZLB.TO
-
DGRO
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Return for Risk
ZLB.TO vs. DGRO — Risk / Return Rank
ZLB.TO
DGRO
ZLB.TO vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and iShares Core Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.97 | -1.73 |
| Martin ratioReturn relative to average drawdown | 6.56 | 14.69 | -8.13 |
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
| ZLB.TO | DGRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 2.36 | -0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.15 | 0.92 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.81 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.84 | +0.27 |
Drawdowns
ZLB.TO vs. DGRO - Drawdown Comparison
The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than DGRO's maximum drawdown of -29.39%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and DGRO.
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Drawdown Indicators
| ZLB.TO | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -29.39% | -4.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -6.16% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -8.01% | -15.15% | +7.14% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -16.54% | +3.54% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | -29.39% | -4.57% |
Current DrawdownCurrent decline from peak | -0.94% | -0.70% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -3.06% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.66% | +0.27% |
Volatility
ZLB.TO vs. DGRO - Volatility Comparison
BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a higher volatility of 2.74% compared to iShares Core Dividend Growth ETF (DGRO) at 2.57%. This indicates that ZLB.TO's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLB.TO | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 2.57% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 7.54% | 7.87% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.23% | 10.38% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.62% | 15.06% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.22% | 17.75% | -5.53% |
ZLB.TO vs. DGRO - Expense Ratio Comparison
ZLB.TO has a 0.39% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
ZLB.TO vs. DGRO - Dividend Comparison
ZLB.TO's dividend yield for the trailing twelve months is around 1.91%, less than DGRO's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.96% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.91% | 1.99% | 2.37% | 2.67% | 2.66% | 2.39% | 2.83% | 2.44% | 2.76% | 2.55% | 2.94% | 2.34% |
Frequently Asked Questions
ZLB.TO and DGRO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DGRO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.39% for ZLB.TO.
ZLB.TO is categorized as Canada Equities, while DGRO is Large Cap Growth Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.08% for DGRO.
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