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

ZLB.TO vs. XMV.TO

Last updated Jun 24, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and XMV.TO (iShares MSCI Min Vol Canada Index ETF) are both Canada Equities funds. ZLB.TO is actively managed, while XMV.TO is passively managed. Over the past 10 years, ZLB.TO returned 10.82%/yr vs 10.16%/yr for XMV.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.33%/yr for XMV.TO.

Performance

ZLB.TO vs. XMV.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 MSCI Min Vol Canada Index ETF (XMV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZLB.TO achieves a 6.82% return, which is significantly lower than XMV.TO's 10.39% return. Over the past 10 years, ZLB.TO has outperformed XMV.TO with an annualized return of 10.82%, while XMV.TO has yielded a comparatively lower 10.16% annualized return.

ZLB.TO

1D
0.88%
1M
2.60%
YTD
6.82%
6M
2.65%
1Y
13.79%
3Y*
16.32%
5Y*
11.51%
10Y*
10.82%

XMV.TO

1D
0.63%
1M
1.72%
YTD
10.39%
6M
6.19%
1Y
17.95%
3Y*
17.62%
5Y*
11.77%
10Y*
10.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLB.TO
BMO Low Volatility Canadian Equity ETF		6.82%20.40%15.31%9.41%-0.35%22.93%1.51%21.92%-2.76%11.11%
XMV.TO
iShares MSCI Min Vol Canada Index ETF		10.39%17.98%15.85%11.14%-1.46%21.73%-1.41%23.69%-7.37%7.14%

Correlation

The correlation between ZLB.TO and XMV.TO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.86

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

0.88

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

0.84

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

0.77

Correlation (All Time)
Calculated using the full available price history since Jul 31, 2012

0.63

Over the past year, ZLB.TO and XMV.TO have become more correlated (0.86) than their long-term average of 0.63, meaning their price movements have been converging.

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

Sectors
ZLB.TO
XMV.TO

Financial Services

24.4%
34.1%

Consumer Defensive

18.2%
8.9%

Utilities

17.6%
7.3%

Communication Services

9.9%
5.6%

Industrials

9.4%
11.9%

Consumer Cyclical

8.2%
5.1%

Basic Materials

6.1%
8.6%

Real Estate

4.2%
0.4%

Technology

1.9%
3.9%

Energy

-

14.3%

Healthcare

-

-

Financial Services

ZLB.TO
24.4%
XMV.TO
34.1%

Consumer Defensive

ZLB.TO
18.2%
XMV.TO
8.9%

Utilities

ZLB.TO
17.6%
XMV.TO
7.3%

Communication Services

ZLB.TO
9.9%
XMV.TO
5.6%

Industrials

ZLB.TO
9.4%
XMV.TO
11.9%

Consumer Cyclical

ZLB.TO
8.2%
XMV.TO
5.1%

Basic Materials

ZLB.TO
6.1%
XMV.TO
8.6%

Real Estate

ZLB.TO
4.2%
XMV.TO
0.4%

Technology

ZLB.TO
1.9%
XMV.TO
3.9%

Energy

ZLB.TO

-

XMV.TO
14.3%

Healthcare

ZLB.TO

-

XMV.TO

-

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 MSCI Min Vol Canada Index ETF

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Often compared with XMV.TO:
XMV.TO vs. XIC.TOXMV.TO vs. VEQT.TOXMV.TO vs. XMU.TOXMV.TO vs. XMW.TOXMV.TO vs. XMI.TOXMV.TO vs. XEQT.TOXMV.TO vs. VCE.TO

Return for Risk

ZLB.TO vs. XMV.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: 4545
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4545
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4545
Martin Ratio Rank
XMV.TO
XMV.TO Risk / Return Rank: 6363
Overall Rank
XMV.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XMV.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XMV.TO Omega Ratio Rank: 6565
Omega Ratio Rank
XMV.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XMV.TO Martin Ratio Rank: 6363
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. XMV.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 MSCI Min Vol Canada Index ETF (XMV.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.TOXMV.TODifference
Sharpe ratioReturn per unit of total volatility
1.50
1.92

-0.43

Sortino ratioReturn per unit of downside risk
2.03
2.62

-0.59

Omega ratioGain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.44

3.06

-0.62

Martin ratioReturn relative to average drawdown

7.15

10.85

-3.70

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

The current ZLB.TO Sharpe Ratio is 1.50, which is comparable to the XMV.TO Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of ZLB.TO and XMV.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.

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Drawdowns

ZLB.TO vs. XMV.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum XMV.TO drawdown of -38.65%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and XMV.TO.

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Drawdown Indicators

ZLB.TOXMV.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-38.65%

+4.69%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-5.88%

+0.21%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-9.72%

+1.71%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

-17.56%

+4.56%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

-38.65%

+4.69%

Current Drawdown

Current decline from peak

0.00%

-0.08%

+0.08%

Average Drawdown

Average peak-to-trough decline

-2.48%

-6.59%

+4.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.66%

+0.27%

Volatility

ZLB.TO vs. XMV.TO - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a higher volatility of 2.47% compared to iShares MSCI Min Vol Canada Index ETF (XMV.TO) at 2.23%. This indicates that ZLB.TO's price experiences larger fluctuations and is considered to be riskier than XMV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLB.TOXMV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.47%

2.23%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

7.69%

7.72%

-0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

9.29%

9.38%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.63%

18.11%

-8.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

27.70%

-15.48%

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

ZLB.TO has a 0.39% expense ratio, which is higher than XMV.TO's 0.33% expense ratio.

Dividends

ZLB.TO vs. XMV.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.86%, less than XMV.TO's 2.11% yield.

PositionTTM20252024202320222021202020192018201720162015
XMV.TO
iShares MSCI Min Vol Canada Index ETF		2.11%2.28%2.49%2.83%2.59%2.28%3.04%2.72%3.25%2.79%2.38%2.72%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.86%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 XMV.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMV.TO is cheaper with a 0.33% expense ratio, compared with 0.39% for ZLB.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.33% for XMV.TO.

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