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

ZLB.TO vs. RWO

Last updated Jun 9, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and RWO (SPDR Dow Jones Global Real Estate ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities Index. ZLB.TO is actively managed, while RWO is passively managed. Over the past 10 years, ZLB.TO returned 10.42%/yr vs 4.44%/yr for RWO. At a 0.50 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.50%/yr for RWO.

Performance

ZLB.TO vs. RWO - 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 SPDR Dow Jones Global Real Estate ETF (RWO). 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 RWO is traded in USD. To make them comparable, the RWO 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 RWO's 10.20% return. Over the past 10 years, ZLB.TO has outperformed RWO with an annualized return of 10.42%, while RWO has yielded a comparatively lower 4.44% annualized 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%

RWO

1D
-0.67%
1M
-0.41%
YTD
10.20%
6M
9.89%
1Y
14.64%
3Y*
10.87%
5Y*
4.48%
10Y*
4.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. RWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RWO
SPDR Dow Jones Global Real Estate ETF		10.20%3.90%10.38%8.28%-20.37%30.96%-12.56%16.18%1.86%0.50%

Correlation

The correlation between ZLB.TO and RWO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.50

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 Oct 28, 2011

0.50

The correlation between ZLB.TO and RWO has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

ZLB.TO vs. RWO - Sectors Allocation Comparison

Sectors
ZLB.TO
RWO

Financial Services

23.9%
0.8%

Consumer Defensive

18.3%

-

Utilities

17.6%
0.0%

Industrials

10.0%
0.2%

Communication Services

9.3%

-

Consumer Cyclical

8.5%
0.8%

Basic Materials

6.2%

-

Real Estate

4.3%
89.0%

Technology

1.9%
0.7%

Energy

-

0.3%

Healthcare

-

0.4%

Financial Services

ZLB.TO
23.9%
RWO
0.8%

Consumer Defensive

ZLB.TO
18.3%
RWO

-

Utilities

ZLB.TO
17.6%
RWO
0.0%

Industrials

ZLB.TO
10.0%
RWO
0.2%

Communication Services

ZLB.TO
9.3%
RWO

-

Consumer Cyclical

ZLB.TO
8.5%
RWO
0.8%

Basic Materials

ZLB.TO
6.2%
RWO

-

Real Estate

ZLB.TO
4.3%
RWO
89.0%

Technology

ZLB.TO
1.9%
RWO
0.7%

Energy

ZLB.TO

-

RWO
0.3%

Healthcare

ZLB.TO

-

RWO
0.4%

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

SPDR Dow Jones Global Real Estate 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. XUU-U.TO
Often compared with RWO:
RWO vs. REETRWO vs. RWXRWO vs. VNQIRWO vs. VNQRWO vs. GQRERWO vs. DFARRWO vs. SCHD

Return for Risk

ZLB.TO vs. RWO — 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: 4545
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4545
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4545
Martin Ratio Rank
RWO
RWO Risk / Return Rank: 3030
Overall Rank
RWO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
RWO Sortino Ratio Rank: 2828
Sortino Ratio Rank
RWO Omega Ratio Rank: 2828
Omega Ratio Rank
RWO Calmar Ratio Rank: 2929
Calmar Ratio Rank
RWO Martin Ratio Rank: 3636
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. RWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and SPDR Dow Jones Global Real Estate ETF (RWO). 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.TORWODifference
Sharpe ratioReturn per unit of total volatility
1.38
1.10

+0.28

Sortino ratioReturn per unit of downside risk
1.89
1.54

+0.35

Omega ratioGain probability vs. loss probability

1.26

1.19

+0.07

Calmar ratioReturn relative to maximum drawdown

2.24

1.76

+0.48

Martin ratioReturn relative to average drawdown

6.56

5.87

+0.69

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. RWO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.38, which is comparable to the RWO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of ZLB.TO and RWO, 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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Sharpe Ratios by Period

ZLB.TORWODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.38

1.10

+0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.15

0.25

+0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.23

+0.62

Sharpe Ratio (All Time)

Calculated using the full available price history

1.11

0.26

+0.85

Drawdowns

ZLB.TO vs. RWO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum RWO drawdown of -58.60%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and RWO.

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Drawdown Indicators

ZLB.TORWODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-58.60%

+24.64%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-8.35%

+2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-14.50%

+6.49%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-27.52%

+14.52%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-38.16%

+4.20%

Current Drawdown

Current decline from peak

-0.94%

-1.90%

+0.96%

Average Drawdown

Average peak-to-trough decline

-2.49%

-11.10%

+8.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

2.50%

-0.57%

Volatility

ZLB.TO vs. RWO - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.74%, while SPDR Dow Jones Global Real Estate ETF (RWO) has a volatility of 3.91%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than RWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TORWODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.74%

3.91%

-1.17%

Volatility (6M)

Calculated over the trailing 6-month period

7.54%

9.75%

-2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

9.23%

13.43%

-4.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

17.91%

-8.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

18.99%

-6.77%

ZLB.TO vs. RWO - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is lower than RWO's 0.50% expense ratio.

Dividends

ZLB.TO vs. RWO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.91%, less than RWO's 3.34% yield.

PositionTTM20252024202320222021202020192018201720162015
RWO
SPDR Dow Jones Global Real Estate ETF		3.34%3.62%3.68%3.53%3.69%2.79%3.25%3.97%3.90%3.26%3.77%2.97%
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

ZLB.TO and RWO have a correlation of 0.46, 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 0.50% for RWO.

ZLB.TO is categorized as Canada Equities, while RWO is REIT. They also come from different issuers: BMO and State Street. Their fees differ too: 0.39% for ZLB.TO and 0.50% for RWO.

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