ZLB.TO vs. IYW
ZLB.TO (BMO Low Volatility Canadian Equity ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. ZLB.TO is actively managed, while IYW is passively managed. Over the past 10 years, ZLB.TO returned 10.66%/yr vs 26.73%/yr for IYW. At a 0.42 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.38%/yr for IYW.
Performance
ZLB.TO vs. IYW - Performance Comparison
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Different Trading Currencies
ZLB.TO is traded in CAD, while IYW is traded in USD. To make them comparable, the IYW 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 IYW's 25.27% return. Over the past 10 years, ZLB.TO has underperformed IYW with an annualized return of 10.66%, while IYW has yielded a comparatively higher 26.73% 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%
IYW
- 1D
- 0.90%
- 1M
- 3.88%
- YTD
- 25.27%
- 6M
- 25.29%
- 1Y
- 51.42%
- 3Y*
- 34.09%
- 5Y*
- 24.77%
- 10Y*
- 26.73%
ZLB.TO vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IYW iShares U.S. Technology ETF | 25.27% | 19.66% | 41.28% | 61.50% | -30.70% | 35.37% | 43.95% | 40.60% | 7.40% | 27.35% |
Correlation
The correlation between ZLB.TO and IYW is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011 | 0.42 |
Over the past year, the correlation between ZLB.TO and IYW has dropped to 0.13 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
ZLB.TO vs. IYW — Risk / Return Rank
ZLB.TO
IYW
ZLB.TO vs. IYW - 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 U.S. Technology ETF (IYW). 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.TO | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.39 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.86 | -0.53 |
| Martin ratioReturn relative to average drawdown | 6.85 | 8.41 | -1.56 |
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Drawdowns
ZLB.TO vs. IYW - Drawdown Comparison
The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum IYW drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and IYW.
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Drawdown Indicators
| ZLB.TO | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -42.37% | +8.41% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -18.04% | +12.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.01% | -27.02% | +19.01% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -35.52% | +22.52% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | -35.52% | +1.56% |
Current DrawdownCurrent decline from peak | 0.00% | -4.81% | +4.81% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -8.86% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 6.14% | -4.21% |
Volatility
ZLB.TO vs. IYW - Volatility Comparison
The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.63%, while iShares U.S. Technology ETF (IYW) has a volatility of 9.45%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLB.TO | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 9.45% | -6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 7.60% | 17.83% | -10.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 21.57% | -12.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.62% | 26.74% | -17.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.22% | 26.08% | -13.86% |
ZLB.TO vs. IYW - Expense Ratio Comparison
ZLB.TO has a 0.39% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
ZLB.TO vs. IYW - Dividend Comparison
ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
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 IYW have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IYW is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IYW is cheaper with a 0.38% expense ratio, compared with 0.39% for ZLB.TO.
ZLB.TO is categorized as Canada Equities, while IYW is Technology Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.38% for IYW.
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