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

ZLB.TO vs. IVLU

Last updated Jun 14, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and IVLU (iShares MSCI International Value Factor ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index. ZLB.TO is actively managed, while IVLU is passively managed. Over the past 10 years, ZLB.TO returned 10.66%/yr vs 12.59%/yr for IVLU. At a 0.43 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.30%/yr for IVLU.

Performance

ZLB.TO vs. IVLU - 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 International Value Factor ETF (IVLU). 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 IVLU is traded in USD. To make them comparable, the IVLU 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 IVLU's 15.25% return. Over the past 10 years, ZLB.TO has underperformed IVLU with an annualized return of 10.66%, while IVLU has yielded a comparatively higher 12.59% annualized return.

ZLB.TO

1D
0.11%
1M
4.05%
YTD
5.69%
6M
2.84%
1Y
13.46%
3Y*
15.21%
5Y*
11.24%
10Y*
10.66%

IVLU

1D
0.75%
1M
2.62%
YTD
15.25%
6M
15.97%
1Y
39.06%
3Y*
25.38%
5Y*
17.40%
10Y*
12.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. IVLU - 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%
IVLU
iShares MSCI International Value Factor ETF		15.25%39.42%15.81%17.21%0.24%15.55%-6.76%10.84%-7.97%14.76%

Correlation

The correlation between ZLB.TO and IVLU is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.47

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

0.47

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

0.45

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2015

0.43

The correlation between ZLB.TO and IVLU shifts across timeframes, from 0.37 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

ZLB.TO vs. IVLU - Sectors Allocation Comparison

Sectors
ZLB.TO
IVLU

Financial Services

23.9%
26.5%

Consumer Defensive

18.3%
6.0%

Utilities

17.6%
3.6%

Industrials

10.0%
18.8%

Communication Services

9.3%
3.7%

Consumer Cyclical

8.5%
7.6%

Basic Materials

6.2%
7.4%

Real Estate

4.3%
1.4%

Technology

1.9%
10.6%

Energy

-

5.5%

Healthcare

-

9.0%

Financial Services

ZLB.TO
23.9%
IVLU
26.5%

Consumer Defensive

ZLB.TO
18.3%
IVLU
6.0%

Utilities

ZLB.TO
17.6%
IVLU
3.6%

Industrials

ZLB.TO
10.0%
IVLU
18.8%

Communication Services

ZLB.TO
9.3%
IVLU
3.7%

Consumer Cyclical

ZLB.TO
8.5%
IVLU
7.6%

Basic Materials

ZLB.TO
6.2%
IVLU
7.4%

Real Estate

ZLB.TO
4.3%
IVLU
1.4%

Technology

ZLB.TO
1.9%
IVLU
10.6%

Energy

ZLB.TO

-

IVLU
5.5%

Healthcare

ZLB.TO

-

IVLU
9.0%

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 International Value 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. XEG.TO
Often compared with IVLU:
IVLU vs. DFIVIVLU vs. FIVAIVLU vs. VXUSIVLU vs. IDMOIVLU vs. IEFAIVLU vs. DISVIVLU vs. SFNNX

Return for Risk

ZLB.TO vs. IVLU — 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
IVLU
IVLU Risk / Return Rank: 7373
Overall Rank
IVLU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IVLU Sortino Ratio Rank: 7777
Sortino Ratio Rank
IVLU Omega Ratio Rank: 7676
Omega Ratio Rank
IVLU Calmar Ratio Rank: 6767
Calmar Ratio Rank
IVLU Martin Ratio Rank: 6969
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. IVLU - 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 International Value Factor ETF (IVLU). 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.TOIVLUDifference
Sharpe ratioReturn per unit of total volatility
1.44
2.30

-0.86

Sortino ratioReturn per unit of downside risk
1.96
3.14

-1.18

Omega ratioGain probability vs. loss probability

1.27

1.40

-0.13

Calmar ratioReturn relative to maximum drawdown

2.34

3.22

-0.89

Martin ratioReturn relative to average drawdown

6.85

12.32

-5.48

ZLB.TO vs. IVLU - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.44, which is lower than the IVLU Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ZLB.TO and IVLU, 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. IVLU - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, roughly equal to the maximum IVLU drawdown of -34.14%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and IVLU.

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Drawdown Indicators

ZLB.TOIVLUDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-34.14%

+0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-11.47%

+5.80%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-15.85%

+7.84%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-20.32%

+7.32%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-34.14%

+0.18%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.49%

-6.55%

+4.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

3.01%

-1.08%

Volatility

ZLB.TO vs. IVLU - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.63%, while iShares MSCI International Value Factor ETF (IVLU) has a volatility of 5.61%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOIVLUDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

5.61%

-2.98%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

13.20%

-5.60%

Volatility (1Y)

Calculated over the trailing 1-year period

9.26%

16.06%

-6.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

17.64%

-8.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

18.66%

-6.44%

ZLB.TO vs. IVLU - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than IVLU's 0.30% expense ratio.

Dividends

ZLB.TO vs. IVLU - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than IVLU's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
IVLU
iShares MSCI International Value Factor ETF		3.28%3.71%4.46%4.69%3.59%3.47%2.05%3.53%2.82%2.87%2.53%0.93%
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 IVLU have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IVLU is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IVLU is cheaper with a 0.30% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while IVLU is Foreign Large Cap Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.30% for IVLU.

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