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

ZLB.TO vs. REET

Last updated Jun 13, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and REET (iShares Global REIT ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while REET is a REIT fund tracking the FTSE EPRA/NAREIT Global REIT Index. ZLB.TO is actively managed, while REET is passively managed. Over the past 10 years, ZLB.TO returned 10.66%/yr vs 5.41%/yr for REET. A 0.50 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.14%/yr for REET.

Performance

ZLB.TO vs. REET - 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 Global REIT ETF (REET). 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 REET is traded in USD. To make them comparable, the REET 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 REET's 14.81% return. Over the past 10 years, ZLB.TO has outperformed REET with an annualized return of 10.66%, while REET has yielded a comparatively lower 5.41% 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%

REET

1D
1.05%
1M
4.55%
YTD
14.81%
6M
15.15%
1Y
17.74%
3Y*
12.03%
5Y*
5.54%
10Y*
5.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. REET - 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%
REET
iShares Global REIT ETF		14.81%3.04%11.34%7.66%-19.29%32.37%-12.61%19.29%2.69%0.20%

Correlation

The correlation between ZLB.TO and REET is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.51

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

0.54

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

0.52

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2014

0.50

The correlation between ZLB.TO and REET has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

ZLB.TO vs. REET - Sectors Allocation Comparison

Sectors
ZLB.TO
REET

Financial Services

23.9%
0.2%

Consumer Defensive

18.3%

-

Utilities

17.6%

-

Industrials

10.0%

-

Communication Services

9.3%

-

Consumer Cyclical

8.5%

-

Basic Materials

6.2%

-

Real Estate

4.3%
99.8%

Technology

1.9%

-

Energy

-

-

Healthcare

-

-

Financial Services

ZLB.TO
23.9%
REET
0.2%

Consumer Defensive

ZLB.TO
18.3%
REET

-

Utilities

ZLB.TO
17.6%
REET

-

Industrials

ZLB.TO
10.0%
REET

-

Communication Services

ZLB.TO
9.3%
REET

-

Consumer Cyclical

ZLB.TO
8.5%
REET

-

Basic Materials

ZLB.TO
6.2%
REET

-

Real Estate

ZLB.TO
4.3%
REET
99.8%

Technology

ZLB.TO
1.9%
REET

-

Energy

ZLB.TO

-

REET

-

Healthcare

ZLB.TO

-

REET

-

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 Global REIT 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 REET:
REET vs. VNQREET vs. VNQIREET vs. XLREREET vs. USRTREET vs. SCHHREET vs. RWOREET vs. FREL

Return for Risk

ZLB.TO vs. REET — 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
REET
REET Risk / Return Rank: 3939
Overall Rank
REET Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
REET Sortino Ratio Rank: 3737
Sortino Ratio Rank
REET Omega Ratio Rank: 3737
Omega Ratio Rank
REET Calmar Ratio Rank: 3838
Calmar Ratio Rank
REET Martin Ratio Rank: 4242
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. REET - 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 Global REIT ETF (REET). 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.TOREETDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.38

+0.06

Sortino ratioReturn per unit of downside risk
1.96
1.91

+0.05

Omega ratioGain probability vs. loss probability

1.27

1.24

+0.03

Calmar ratioReturn relative to maximum drawdown

2.34

2.26

+0.07

Martin ratioReturn relative to average drawdown

6.85

6.86

-0.01

ZLB.TO vs. REET - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.44, which is comparable to the REET Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ZLB.TO and REET, 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. REET - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum REET drawdown of -39.60%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and REET.

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Drawdown Indicators

ZLB.TOREETDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-39.60%

+5.64%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-7.87%

+2.20%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-15.39%

+7.38%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-26.50%

+13.50%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-39.60%

+5.64%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.49%

-8.34%

+5.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.60%

-0.67%

Volatility

ZLB.TO vs. REET - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.63%, while iShares Global REIT ETF (REET) has a volatility of 4.40%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than REET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOREETDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

4.40%

-1.77%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

9.23%

-1.63%

Volatility (1Y)

Calculated over the trailing 1-year period

9.26%

12.95%

-3.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

17.85%

-8.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

19.64%

-7.42%

ZLB.TO vs. REET - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than REET's 0.14% expense ratio.

Dividends

ZLB.TO vs. REET - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than REET's 3.29% yield.

PositionTTM20252024202320222021202020192018201720162015
REET
iShares Global REIT ETF		3.29%3.67%3.64%3.27%2.43%3.18%2.65%5.25%5.73%3.84%5.37%3.56%
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 REET have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, REET is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

REET is cheaper with a 0.14% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while REET is REIT. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.14% for REET.

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