PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZLB.TO vs. XEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLB.TO vs. XEQT.TO

Last updated Jun 14, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while XEQT.TO is a Global Equities fund actively managed by iShares. Both are actively managed. Over the past 5 years, ZLB.TO returned 11.24%/yr vs 13.69%/yr for XEQT.TO. A 0.66 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.20%/yr for XEQT.TO.

Performance

ZLB.TO vs. XEQT.TO - 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 Core Equity ETF Portfolio (XEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZLB.TO achieves a 5.69% return, which is significantly lower than XEQT.TO's 12.26% return.

ZLB.TO

1D
0.11%
1M
3.64%
YTD
5.69%
6M
2.84%
1Y
13.46%
3Y*
15.21%
5Y*
11.24%
10Y*
10.66%

XEQT.TO

1D
0.63%
1M
2.10%
YTD
12.26%
6M
12.73%
1Y
30.96%
3Y*
21.81%
5Y*
13.69%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. XEQT.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZLB.TO
BMO Low Volatility Canadian Equity ETF		5.69%20.40%15.31%9.41%-0.35%22.93%1.51%3.04%
XEQT.TO
iShares Core Equity ETF Portfolio		12.26%20.57%24.38%17.27%-10.99%18.98%11.85%8.56%

Correlation

The correlation between ZLB.TO and XEQT.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

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

0.60

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

0.64

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2019

0.66

The correlation between ZLB.TO and XEQT.TO shifts across timeframes, from 0.51 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

ZLB.TO vs. XEQT.TO - Sectors Allocation Comparison

Sectors
ZLB.TO
XEQT.TO

Financial Services

23.9%
24.1%

Consumer Defensive

18.3%
3.4%

Utilities

17.6%
2.7%

Industrials

10.0%
9.8%

Communication Services

9.3%
5.0%

Consumer Cyclical

8.5%
6.1%

Basic Materials

6.2%
11.2%

Real Estate

4.3%
1.8%

Technology

1.9%
20.6%

Energy

-

11.7%

Healthcare

-

3.6%

Financial Services

ZLB.TO
23.9%
XEQT.TO
24.1%

Consumer Defensive

ZLB.TO
18.3%
XEQT.TO
3.4%

Utilities

ZLB.TO
17.6%
XEQT.TO
2.7%

Industrials

ZLB.TO
10.0%
XEQT.TO
9.8%

Communication Services

ZLB.TO
9.3%
XEQT.TO
5.0%

Consumer Cyclical

ZLB.TO
8.5%
XEQT.TO
6.1%

Basic Materials

ZLB.TO
6.2%
XEQT.TO
11.2%

Real Estate

ZLB.TO
4.3%
XEQT.TO
1.8%

Technology

ZLB.TO
1.9%
XEQT.TO
20.6%

Energy

ZLB.TO

-

XEQT.TO
11.7%

Healthcare

ZLB.TO

-

XEQT.TO
3.6%

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 Core Equity ETF Portfolio

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 XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

ZLB.TO vs. XEQT.TO — 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
XEQT.TO
XEQT.TO Risk / Return Rank: 8484
Overall Rank
XEQT.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 8585
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. XEQT.TO - 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 Core Equity ETF Portfolio (XEQT.TO). 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.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.43

-0.99

Sortino ratioReturn per unit of downside risk
1.96
3.31

-1.35

Omega ratioGain probability vs. loss probability

1.27

1.45

-0.18

Calmar ratioReturn relative to maximum drawdown

2.34

3.59

-1.25

Martin ratioReturn relative to average drawdown

6.85

15.41

-8.57

ZLB.TO vs. XEQT.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.44, which is lower than the XEQT.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ZLB.TO and XEQT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

ZLB.TO vs. XEQT.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and XEQT.TO.

Loading charts...

Drawdown Indicators

ZLB.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-29.74%

-4.22%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-8.25%

+2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-15.08%

+7.07%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-19.55%

+6.55%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.84%

+0.84%

Average Drawdown

Average peak-to-trough decline

-2.49%

-4.09%

+1.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.92%

+0.01%

Volatility

ZLB.TO vs. XEQT.TO - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.63%, while iShares Core Equity ETF Portfolio (XEQT.TO) has a volatility of 5.02%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than XEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZLB.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

5.02%

-2.39%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

10.06%

-2.46%

Volatility (1Y)

Calculated over the trailing 1-year period

9.26%

12.17%

-2.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

13.21%

-3.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

15.58%

-3.36%

ZLB.TO vs. XEQT.TO - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.

Dividends

ZLB.TO vs. XEQT.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, more than XEQT.TO's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.03%2.09%2.14%1.66%1.69%1.21%0.00%0.00%0.00%0.00%
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 XEQT.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while XEQT.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.20% for XEQT.TO.

Portfolio Optimizer

Find the right allocation for ZLB.TO and XEQT.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer