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

ZLB.TO vs. HAL.TO

Last updated Jun 4, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and HAL.TO (Global X Active Canadian Dividend ETF) are both Canada Equities funds. Both are actively managed. Over the past 10 years, ZLB.TO returned 10.67%/yr vs 11.69%/yr for HAL.TO. A 0.57 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.67%/yr for HAL.TO.

Performance

ZLB.TO vs. HAL.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 Global X Active Canadian Dividend ETF (HAL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZLB.TO achieves a 3.14% return, which is significantly lower than HAL.TO's 17.28% return. Over the past 10 years, ZLB.TO has underperformed HAL.TO with an annualized return of 10.67%, while HAL.TO has yielded a comparatively higher 11.69% annualized return.

ZLB.TO

1D
0.03%
1M
1.40%
YTD
3.14%
6M
4.82%
1Y
14.81%
3Y*
15.17%
5Y*
11.61%
10Y*
10.67%

HAL.TO

1D
1.49%
1M
3.85%
YTD
17.28%
6M
20.97%
1Y
42.29%
3Y*
21.26%
5Y*
14.92%
10Y*
11.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.14%25.29%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.07%
HAL.TO
Global X Active Canadian Dividend ETF		17.28%24.60%21.69%-0.73%3.43%21.17%-2.64%25.04%-6.22%7.10%

Correlation

The correlation between ZLB.TO and HAL.TO is 0.59, 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

0.59

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

0.64

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

0.63

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

0.64

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.57

The correlation between ZLB.TO and HAL.TO has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

ZLB.TO vs. HAL.TO - Sectors Allocation Comparison

Sectors
ZLB.TO
HAL.TO

Financial Services

23.7%
24.9%

Consumer Defensive

18.2%
4.0%

Utilities

17.6%
12.6%

Industrials

9.8%
15.3%

Communication Services

9.2%

-

Consumer Cyclical

8.6%
1.8%

Basic Materials

6.6%
12.9%

Real Estate

4.3%
3.2%

Technology

2.0%

-

Energy

-

25.2%

Healthcare

-

-

Financial Services

ZLB.TO
23.7%
HAL.TO
24.9%

Consumer Defensive

ZLB.TO
18.2%
HAL.TO
4.0%

Utilities

ZLB.TO
17.6%
HAL.TO
12.6%

Industrials

ZLB.TO
9.8%
HAL.TO
15.3%

Communication Services

ZLB.TO
9.2%
HAL.TO

-

Consumer Cyclical

ZLB.TO
8.6%
HAL.TO
1.8%

Basic Materials

ZLB.TO
6.6%
HAL.TO
12.9%

Real Estate

ZLB.TO
4.3%
HAL.TO
3.2%

Technology

ZLB.TO
2.0%
HAL.TO

-

Energy

ZLB.TO

-

HAL.TO
25.2%

Healthcare

ZLB.TO

-

HAL.TO

-

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

Global X Active Canadian Dividend 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. XUU-U.TO
Often compared with HAL.TO:
HAL.TO vs. HXH.TOHAL.TO vs. HCA.TOHAL.TO vs. CASH.TOHAL.TO vs. CFOU.TOHAL.TO vs. CBIL.TOHAL.TO vs. HBNK.TOHAL.TO vs. HEWB.TO

Return for Risk

ZLB.TO vs. HAL.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: 5454
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5858
Martin Ratio Rank
HAL.TO
HAL.TO Risk / Return Rank: 9696
Overall Rank
HAL.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HAL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HAL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HAL.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HAL.TO Martin Ratio Rank: 9696
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. HAL.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 Global X Active Canadian Dividend ETF (HAL.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.TOHAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
4.46

-2.66

Sortino ratioReturn per unit of downside risk
2.69
6.04

-3.35

Omega ratioGain probability vs. loss probability

1.32

1.93

-0.61

Calmar ratioReturn relative to maximum drawdown

2.77

8.26

-5.48

Martin ratioReturn relative to average drawdown

10.29

37.67

-27.38

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. HAL.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.80, which is lower than the HAL.TO Sharpe Ratio of 4.46. The chart below compares the historical Sharpe Ratios of ZLB.TO and HAL.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.

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Sharpe Ratios by Period

ZLB.TOHAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

4.46

-2.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.24

1.21

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

0.79

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.79

+0.35

Drawdowns

ZLB.TO vs. HAL.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum HAL.TO drawdown of -39.70%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and HAL.TO.

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Drawdown Indicators

ZLB.TOHAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-39.70%

+5.74%

Max Drawdown (1Y)

Largest decline over 1 year

-5.36%

-5.15%

-0.21%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-12.44%

+4.43%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-16.43%

+3.43%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-39.70%

+5.74%

Current Drawdown

Current decline from peak

-1.70%

0.00%

-1.70%

Average Drawdown

Average peak-to-trough decline

-2.46%

-4.19%

+1.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

1.13%

+0.32%

Volatility

ZLB.TO vs. HAL.TO - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Global X Active Canadian Dividend ETF (HAL.TO) have volatilities of 2.47% and 2.48%, 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

ZLB.TOHAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.47%

2.48%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

6.38%

7.85%

-1.47%

Volatility (1Y)

Calculated over the trailing 1-year period

8.29%

9.53%

-1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.44%

12.36%

-2.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.15%

14.85%

-2.70%

ZLB.TO vs. HAL.TO - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is lower than HAL.TO's 0.67% expense ratio.

Dividends

ZLB.TO vs. HAL.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than HAL.TO's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
HAL.TO
Global X Active Canadian Dividend ETF		1.97%2.37%2.79%3.60%4.84%2.99%3.56%2.96%3.43%3.17%2.84%3.19%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%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

ZLB.TO and HAL.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.67% for HAL.TO.

They also come from different issuers: BMO and Global X. Their fees differ too: 0.39% for ZLB.TO and 0.67% for HAL.TO.

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