ZLB.TO vs. LVHI

Last updated Jun 9, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and LVHI (Franklin International Low Volatility High Dividend Index ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while LVHI is a Volatility Hedged Equity fund tracking the Franklin International Low Volatility High Dividend Hedged Index-NR. ZLB.TO is actively managed, while LVHI is passively managed. Over the past 5 years, ZLB.TO returned 10.98%/yr vs 18.97%/yr for LVHI. At a 0.42 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.40%/yr for LVHI.

Performance

ZLB.TO vs. LVHI - 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 Franklin International Low Volatility High Dividend Index ETF (LVHI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZLB.TO is traded in CAD, while LVHI is traded in USD. To make them comparable, the LVHI 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 LVHI's 13.44% 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%

LVHI

• 1D: 0.62%
• 1M: 2.83%
• YTD: 13.44%
• 6M: 14.41%
• 1Y: 31.85%
• 3Y*: 22.69%
• 5Y*: 18.97%
• 10Y*: —

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

ZLB.TO vs. LVHI - 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%
LVHI Franklin International Low Volatility High Dividend Index ETF	13.48%	21.32%	24.53%	14.66%	10.42%	18.13%	-10.92%	13.47%	2.75%	4.66%

Correlation

The correlation between ZLB.TO and LVHI 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	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 29, 2016	0.42

ZLB.TO vs. LVHI - Sectors Allocation Comparison

Sectors	ZLB.TO	LVHI
Financial Services	23.9%	23.6%
Consumer Defensive	18.3%	8.7%
Utilities	17.6%	10.4%
Industrials	10.0%	13.4%
Communication Services	9.3%	5.8%
Consumer Cyclical	8.5%	5.3%
Basic Materials	6.2%	6.1%
Real Estate	4.3%	1.9%
Technology	1.9%	0.1%
Energy	-	17.4%
Healthcare	-	7.4%

Return for Risk

ZLB.TO vs. LVHI — 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

LVHI

LVHI Risk / Return Rank: 92
LVHI Sharpe Ratio Rank: 93
LVHI Sortino Ratio Rank: 93
LVHI Omega Ratio Rank: 93
LVHI Calmar Ratio Rank: 89
LVHI Martin Ratio Rank: 91

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. LVHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Franklin International Low Volatility High Dividend Index ETF (LVHI). 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	LVHI	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.09	-1.71
Sortino ratio: Return per unit of downside risk	1.89	4.34	-2.45
Omega ratio: Gain probability vs. loss probability	1.26	1.55	-0.29
Calmar ratio: Return relative to maximum drawdown	2.24	5.65	-3.41
Martin ratio: Return relative to average drawdown	6.56	19.22	-12.66
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. LVHI - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.38, which is lower than the LVHI Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of ZLB.TO and LVHI, 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	LVHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	3.09	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	1.48	-0.34
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	0.77	+0.33

Drawdowns

ZLB.TO vs. LVHI - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than LVHI's maximum drawdown of -29.52%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and LVHI.

Drawdown Indicators

	ZLB.TO	LVHI	Difference
Max Drawdown Largest peak-to-trough decline	-33.96%	-29.52%	-4.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-5.66%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-8.01%	-12.48%	+4.47%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	-12.48%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	-33.96%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.53%	-0.41%
Average Drawdown Average peak-to-trough decline	-2.49%	-4.54%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.66%	+0.27%

Volatility

ZLB.TO vs. LVHI - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) and Franklin International Low Volatility High Dividend Index ETF (LVHI) have volatilities of 2.74% and 2.66%, 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.

Volatility by Period

	ZLB.TO	LVHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.66%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	8.42%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	9.23%	10.37%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.62%	12.84%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.22%	15.36%	-3.14%

ZLB.TO vs. LVHI - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is lower than LVHI's 0.40% expense ratio.

Dividends

ZLB.TO vs. LVHI - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.91%, less than LVHI's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHI Franklin International Low Volatility High Dividend Index ETF	4.79%	4.92%	3.98%	8.12%	7.74%	4.13%	3.97%	6.67%	10.67%	3.38%	2.02%	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 LVHI in my portfolio?

ZLB.TO and LVHI 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.

Which ETF is better, ZLB.TO or LVHI?

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.

Which ETF is cheaper, ZLB.TO or LVHI?

ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.40% for LVHI.

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

ZLB.TO is categorized as Canada Equities, while LVHI is Volatility Hedged Equity. They also come from different issuers: BMO and Franklin Templeton. Their fees differ too: 0.39% for ZLB.TO and 0.40% for LVHI.