ZLB.TO vs. FDLO

Last updated Jun 9, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index. ZLB.TO is actively managed, while FDLO is passively managed. Over the past 5 years, ZLB.TO returned 10.98%/yr vs 12.98%/yr for FDLO. A 0.53 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.29%/yr for FDLO.

Performance

ZLB.TO vs. FDLO - 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 Fidelity Low Volatility Factor ETF (FDLO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZLB.TO is traded in CAD, while FDLO is traded in USD. To make them comparable, the FDLO 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 FDLO's 5.77% 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%

FDLO

• 1D: -0.40%
• 1M: 2.11%
• YTD: 5.77%
• 6M: 4.69%
• 1Y: 15.62%
• 3Y*: 15.56%
• 5Y*: 12.98%
• 10Y*: —

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

ZLB.TO vs. FDLO - 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%
FDLO Fidelity Low Volatility Factor ETF	5.77%	6.67%	25.89%	13.61%	-4.70%	23.94%	9.52%	25.70%	8.12%	12.29%

Correlation

The correlation between ZLB.TO and FDLO 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	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.53

The correlation between ZLB.TO and FDLO has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

ZLB.TO vs. FDLO - Sectors Allocation Comparison

Sectors	ZLB.TO	FDLO
Financial Services	23.9%	12.1%
Consumer Defensive	18.3%	4.7%
Utilities	17.6%	2.3%
Industrials	10.0%	9.2%
Communication Services	9.3%	10.8%
Consumer Cyclical	8.5%	10.1%
Basic Materials	6.2%	1.7%
Real Estate	4.3%	2.2%
Technology	1.9%	33.8%
Energy	-	3.2%
Healthcare	-	9.7%

Return for Risk

ZLB.TO vs. FDLO — 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: 45
ZLB.TO Sharpe Ratio Rank: 43
ZLB.TO Sortino Ratio Rank: 40
ZLB.TO Omega Ratio Rank: 45
ZLB.TO Calmar Ratio Rank: 50
ZLB.TO Martin Ratio Rank: 45

FDLO

FDLO Risk / Return Rank: 48
FDLO Sharpe Ratio Rank: 48
FDLO Sortino Ratio Rank: 49
FDLO Omega Ratio Rank: 47
FDLO Calmar Ratio Rank: 42
FDLO Martin Ratio Rank: 52

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. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Fidelity Low Volatility Factor ETF (FDLO). 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	FDLO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.64	-0.26
Sortino ratio: Return per unit of downside risk	1.89	2.36	-0.47
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	2.24	2.26	-0.02
Martin ratio: Return relative to average drawdown	6.56	7.70	-1.14
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. FDLO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.38, which is comparable to the FDLO Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ZLB.TO and FDLO, 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	FDLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.64	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.91	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.80	+0.30

Drawdowns

ZLB.TO vs. FDLO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than FDLO's maximum drawdown of -28.37%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and FDLO.

Drawdown Indicators

	ZLB.TO	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-33.96%	-28.37%	-5.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-6.94%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.01%	-15.12%	+7.11%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	-18.14%	+5.14%
Max Drawdown (10Y) Largest decline over 10 years	-33.96%	—	—
Current Drawdown Current decline from peak	-0.94%	-1.23%	+0.29%
Average Drawdown Average peak-to-trough decline	-2.49%	-3.15%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.03%	-0.10%

Volatility

ZLB.TO vs. FDLO - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a higher volatility of 2.74% compared to Fidelity Low Volatility Factor ETF (FDLO) at 2.43%. This indicates that ZLB.TO's price experiences larger fluctuations and is considered to be riskier than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLB.TO	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.43%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	7.36%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.23%	9.61%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.62%	14.35%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.22%	16.66%	-4.44%

ZLB.TO vs. FDLO - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than FDLO's 0.29% expense ratio.

Dividends

ZLB.TO vs. FDLO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.91%, more than FDLO's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDLO Fidelity Low Volatility Factor ETF	1.38%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%
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

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

ZLB.TO and FDLO 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.

Which ETF is better, ZLB.TO or FDLO?

On fees, FDLO is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLB.TO or FDLO?

FDLO is cheaper with a 0.29% expense ratio, compared with 0.39% for ZLB.TO.

What is the main difference between ZLB.TO and FDLO?

ZLB.TO is categorized as Canada Equities, while FDLO is Volatility Hedged Equity. They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.39% for ZLB.TO and 0.29% for FDLO.