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

ZLB.TO vs. XLK

Last updated Jun 9, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. ZLB.TO is actively managed, while XLK is passively managed. Over the past 10 years, ZLB.TO returned 10.42%/yr vs 26.18%/yr for XLK. At a 0.44 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.08%/yr for XLK.

Performance

ZLB.TO vs. XLK - 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 State Street Technology Select Sector SPDR ETF (XLK). 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 XLK is traded in USD. To make them comparable, the XLK 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 XLK's 30.38% return. Over the past 10 years, ZLB.TO has underperformed XLK with an annualized return of 10.42%, while XLK has yielded a comparatively higher 26.18% 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%

XLK

1D
2.40%
1M
7.07%
YTD
30.38%
6M
26.05%
1Y
58.52%
3Y*
33.20%
5Y*
25.75%
10Y*
26.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLB.TO vs. XLK - 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%
XLK
State Street Technology Select Sector SPDR ETF		30.42%18.92%31.93%52.31%-23.15%34.68%40.21%43.68%6.59%25.17%

Correlation

The correlation between ZLB.TO and XLK 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

0.27

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

0.38

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

0.42

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.44

Over the past year, the correlation between ZLB.TO and XLK has dropped to 0.13 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

ZLB.TO vs. XLK - Sectors Allocation Comparison

Sectors
ZLB.TO
XLK

Financial Services

23.9%

-

Consumer Defensive

18.3%

-

Utilities

17.6%

-

Industrials

10.0%
0.1%

Communication Services

9.3%

-

Consumer Cyclical

8.5%

-

Basic Materials

6.2%

-

Real Estate

4.3%

-

Technology

1.9%
99.7%

Energy

-

0.2%

Healthcare

-

-

Financial Services

ZLB.TO
23.9%
XLK

-

Consumer Defensive

ZLB.TO
18.3%
XLK

-

Utilities

ZLB.TO
17.6%
XLK

-

Industrials

ZLB.TO
10.0%
XLK
0.1%

Communication Services

ZLB.TO
9.3%
XLK

-

Consumer Cyclical

ZLB.TO
8.5%
XLK

-

Basic Materials

ZLB.TO
6.2%
XLK

-

Real Estate

ZLB.TO
4.3%
XLK

-

Technology

ZLB.TO
1.9%
XLK
99.7%

Energy

ZLB.TO

-

XLK
0.2%

Healthcare

ZLB.TO

-

XLK

-

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

State Street Technology Select Sector SPDR 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 XLK:
XLK vs. QQQXLK vs. VGTXLK vs. SMHXLK vs. SPYXLK vs. FTECXLK vs. IYWXLK vs. XLE

Return for Risk

ZLB.TO vs. XLK — 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
XLK
XLK Risk / Return Rank: 7777
Overall Rank
XLK Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XLK Sortino Ratio Rank: 7676
Sortino Ratio Rank
XLK Omega Ratio Rank: 7979
Omega Ratio Rank
XLK Calmar Ratio Rank: 7676
Calmar Ratio Rank
XLK Martin Ratio Rank: 6969
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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Canadian Equity ETF (ZLB.TO) and State Street Technology Select Sector SPDR ETF (XLK). 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.TOXLKDifference
Sharpe ratioReturn per unit of total volatility
1.38
2.65

-1.27

Sortino ratioReturn per unit of downside risk
1.89
3.23

-1.34

Omega ratioGain probability vs. loss probability

1.26

1.43

-0.17

Calmar ratioReturn relative to maximum drawdown

2.24

3.64

-1.40

Martin ratioReturn relative to average drawdown

6.56

10.89

-4.33

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. XLK - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.38, which is lower than the XLK Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ZLB.TO and XLK, 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.TOXLKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.38

2.65

-1.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.15

1.00

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

1.03

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

1.11

0.69

+0.42

Drawdowns

ZLB.TO vs. XLK - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum XLK drawdown of -38.68%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and XLK.

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Drawdown Indicators

ZLB.TOXLKDifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-38.68%

+4.72%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-16.16%

+10.49%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-26.35%

+18.34%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-29.64%

+16.64%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-29.64%

-4.32%

Current Drawdown

Current decline from peak

-0.94%

-6.41%

+5.47%

Average Drawdown

Average peak-to-trough decline

-2.49%

-7.57%

+5.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

5.39%

-3.46%

Volatility

ZLB.TO vs. XLK - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.74%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 10.45%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOXLKDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.74%

10.45%

-7.71%

Volatility (6M)

Calculated over the trailing 6-month period

7.54%

18.52%

-10.98%

Volatility (1Y)

Calculated over the trailing 1-year period

9.23%

22.22%

-12.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

25.83%

-16.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

25.53%

-13.31%

ZLB.TO vs. XLK - Expense Ratio Comparison

ZLB.TO has a 0.39% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

ZLB.TO vs. XLK - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.91%, more than XLK's 0.41% yield.

PositionTTM20252024202320222021202020192018201720162015
XLK
State Street Technology Select Sector SPDR ETF		0.41%0.54%0.66%0.76%1.04%0.65%0.92%1.16%1.60%1.37%1.74%1.79%
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 XLK 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, XLK is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLK is cheaper with a 0.08% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while XLK is Technology Equities. They also come from different issuers: BMO and State Street. Their fees differ too: 0.39% for ZLB.TO and 0.08% for XLK.

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