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ZLB.TO vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLB.TO vs. EFAV

Last updated Jul 21, 2026
Documentation

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. ZLB.TO is actively managed, while EFAV is passively managed. Over the past 10 years, ZLB.TO returned 10.38%/yr vs 6.98%/yr for EFAV. At a 0.47 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.20%/yr for EFAV.

Performance

ZLB.TO vs. EFAV - 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 iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZLB.TO is traded in CAD, while EFAV is traded in USD. To make them comparable, the EFAV 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 8.10% return, which is significantly lower than EFAV's 9.59% return. Over the past 10 years, ZLB.TO has outperformed EFAV with an annualized return of 10.38%, while EFAV has yielded a comparatively lower 6.98% annualized return.

ZLB.TO

1D
-0.56%
1M
1.61%
6M
6.81%
YTD
8.10%
1Y
13.29%
3Y*
15.10%
5Y*
11.48%
10Y*
10.38%
ALL TIME*
12.64%

EFAV

1D
-0.59%
1M
3.12%
6M
6.68%
YTD
9.59%
1Y
15.33%
3Y*
15.53%
5Y*
8.74%
10Y*
6.98%
ALL TIME*
9.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZLB.TO
BMO Low Volatility Canadian Equity ETF		8.10%20.40%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.11%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.59%20.25%14.22%9.84%-9.73%7.15%-2.43%11.87%2.19%13.97%

Correlation

The correlation between ZLB.TO and EFAV is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.49

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

0.49

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

0.47

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2011

0.47

The correlation between ZLB.TO and EFAV shifts across timeframes, from 0.35 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

ZLB.TO vs. EFAV - Sectors Allocation Comparison

Sectors
ZLB.TO
EFAV

Financial Services

25.9%
19.9%

Utilities

17.7%
8.8%

Consumer Defensive

17.5%
12.2%

Communication Services

9.6%
8.9%

Consumer Cyclical

8.4%
5.0%

Industrials

8.4%
15.5%

Basic Materials

5.3%
1.6%

Real Estate

4.2%
2.9%

Energy

2.0%
8.1%

Technology

1.1%
4.5%

Healthcare

-

11.8%

Financial Services

ZLB.TO
25.9%
EFAV
19.9%

Utilities

ZLB.TO
17.7%
EFAV
8.8%

Consumer Defensive

ZLB.TO
17.5%
EFAV
12.2%

Communication Services

ZLB.TO
9.6%
EFAV
8.9%

Consumer Cyclical

ZLB.TO
8.4%
EFAV
5.0%

Industrials

ZLB.TO
8.4%
EFAV
15.5%

Basic Materials

ZLB.TO
5.3%
EFAV
1.6%

Real Estate

ZLB.TO
4.2%
EFAV
2.9%

Energy

ZLB.TO
2.0%
EFAV
8.1%

Technology

ZLB.TO
1.1%
EFAV
4.5%

Healthcare

ZLB.TO

-

EFAV
11.8%

Compare stocks, funds, or ETFs

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

BMO Low Volatility Canadian Equity ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XDIV.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. ZWC.TO
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

ZLB.TO vs. EFAV — 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: 5757
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5858
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5454
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 4545
Overall Rank
EFAV Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 4646
Sortino Ratio Rank
EFAV Omega Ratio Rank: 4545
Omega Ratio Rank
EFAV Calmar Ratio Rank: 5151
Calmar Ratio Rank
EFAV Martin Ratio Rank: 3939
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.

ZLB.TO vs. EFAV - 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 MSCI EAFE Min Vol Factor ETF (EFAV). 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.

ZLB.TOEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.33

+0.11

Sortino ratioReturn per unit of downside risk
1.96
1.93

+0.03

Omega ratioGain probability vs. loss probability

1.27

1.24

+0.03

Calmar ratioReturn relative to maximum drawdown

2.35

2.54

-0.19

Martin ratioReturn relative to average drawdown

6.87

6.62

+0.25

ZLB.TO vs. EFAV - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.43, which is comparable to the EFAV Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of ZLB.TO and EFAV, 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

ZLB.TO vs. EFAV - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than EFAV's maximum drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and EFAV.

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Drawdown Indicators

ZLB.TOEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-24.54%

-9.42%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-6.05%

+0.38%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-8.27%

+0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-21.95%

+8.95%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-24.54%

-9.42%

Current Drawdown

Current decline from peak

-0.75%

-0.59%

-0.16%

Average Drawdown

Average peak-to-trough decline

-2.47%

-3.98%

+1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

2.32%

-0.38%

Volatility

ZLB.TO vs. EFAV - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.21%, while iShares MSCI EAFE Min Vol Factor ETF (EFAV) has a volatility of 2.82%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.21%

2.82%

-0.61%

Volatility (6M)

Calculated over the trailing 6-month period

6.69%

9.39%

-2.70%

Volatility (1Y)

Calculated over the trailing 1-year period

9.33%

11.62%

-2.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.64%

13.30%

-3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

14.59%

-2.37%

ZLB.TO vs. EFAV - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

ZLB.TO vs. EFAV - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.82%, less than EFAV's 3.15% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.15%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.82%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 EFAV have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EFAV is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while EFAV is Foreign Large Cap Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.20% for EFAV.

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