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

ZLB.TO vs. HEWJ

Last updated Jun 13, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index. ZLB.TO is actively managed, while HEWJ is passively managed. Over the past 10 years, ZLB.TO returned 10.66%/yr vs 17.77%/yr for HEWJ. At a 0.39 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.49%/yr for HEWJ.

Performance

ZLB.TO vs. HEWJ - 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 Currency Hedged MSCI Japan ETF (HEWJ). 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 HEWJ is traded in USD. To make them comparable, the HEWJ 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 5.69% return, which is significantly lower than HEWJ's 21.77% return. Over the past 10 years, ZLB.TO has underperformed HEWJ with an annualized return of 10.66%, while HEWJ has yielded a comparatively higher 17.77% annualized return.

ZLB.TO

1D
0.11%
1M
4.51%
YTD
5.69%
6M
2.84%
1Y
13.21%
3Y*
15.21%
5Y*
11.24%
10Y*
10.66%

HEWJ

1D
1.35%
1M
3.42%
YTD
21.77%
6M
21.80%
1Y
54.62%
3Y*
29.18%
5Y*
24.77%
10Y*
17.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZLB.TO
BMO Low Volatility Canadian Equity ETF		5.69%20.40%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.11%
HEWJ
iShares Currency Hedged MSCI Japan ETF		21.77%24.30%35.36%32.97%1.66%12.74%7.67%15.81%-7.50%13.25%

Correlation

The correlation between ZLB.TO and HEWJ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.30

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

0.33

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

0.37

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.39

The correlation between ZLB.TO and HEWJ shifts across timeframes, from 0.24 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

ZLB.TO vs. HEWJ - Sectors Allocation Comparison

Sectors
ZLB.TO
HEWJ

Financial Services

23.9%
17.6%

Consumer Defensive

18.3%
3.6%

Utilities

17.6%
1.1%

Industrials

10.0%
26.0%

Communication Services

9.3%
7.9%

Consumer Cyclical

8.5%
12.2%

Basic Materials

6.2%
3.0%

Real Estate

4.3%
2.3%

Technology

1.9%
19.1%

Energy

-

1.1%

Healthcare

-

6.2%

Financial Services

ZLB.TO
23.9%
HEWJ
17.6%

Consumer Defensive

ZLB.TO
18.3%
HEWJ
3.6%

Utilities

ZLB.TO
17.6%
HEWJ
1.1%

Industrials

ZLB.TO
10.0%
HEWJ
26.0%

Communication Services

ZLB.TO
9.3%
HEWJ
7.9%

Consumer Cyclical

ZLB.TO
8.5%
HEWJ
12.2%

Basic Materials

ZLB.TO
6.2%
HEWJ
3.0%

Real Estate

ZLB.TO
4.3%
HEWJ
2.3%

Technology

ZLB.TO
1.9%
HEWJ
19.1%

Energy

ZLB.TO

-

HEWJ
1.1%

Healthcare

ZLB.TO

-

HEWJ
6.2%

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 Currency Hedged MSCI Japan 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. XEG.TO
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. BBJP

Return for Risk

ZLB.TO vs. HEWJ — 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: 4848
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4343
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4848
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 9090
Overall Rank
HEWJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8888
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9090
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9191
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. HEWJ - 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 Currency Hedged MSCI Japan ETF (HEWJ). 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.TOHEWJDifference
Sharpe ratioReturn per unit of total volatility
1.44
2.80

-1.36

Sortino ratioReturn per unit of downside risk
1.96
3.75

-1.79

Omega ratioGain probability vs. loss probability

1.27

1.48

-0.20

Calmar ratioReturn relative to maximum drawdown

2.34

5.41

-3.07

Martin ratioReturn relative to average drawdown

6.85

20.40

-13.55

ZLB.TO vs. HEWJ - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.44, which is lower than the HEWJ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of ZLB.TO and HEWJ, 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. HEWJ - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than HEWJ's maximum drawdown of -30.59%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and HEWJ.

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Drawdown Indicators

ZLB.TOHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-30.59%

-3.37%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-10.14%

+4.47%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-19.88%

+11.87%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-19.88%

+6.88%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-28.89%

-5.07%

Current Drawdown

Current decline from peak

0.00%

-0.61%

+0.61%

Average Drawdown

Average peak-to-trough decline

-2.49%

-5.85%

+3.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.69%

-0.76%

Volatility

ZLB.TO vs. HEWJ - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.63%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 6.17%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

6.17%

-3.54%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

14.97%

-7.37%

Volatility (1Y)

Calculated over the trailing 1-year period

9.26%

19.58%

-10.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

20.20%

-10.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

20.84%

-8.62%

ZLB.TO vs. HEWJ - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

ZLB.TO vs. HEWJ - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than HEWJ's 4.28% yield.

PositionTTM20252024202320222021202020192018201720162015
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.28%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%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 HEWJ have a correlation of 0.24, 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 0.49% for HEWJ.

ZLB.TO is categorized as Canada Equities, while HEWJ is Japan Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.49% for HEWJ.

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