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

ZLB.TO vs. XSTP.TO

Last updated Jun 4, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and XSTP.TO (iShares 0-5 Year TIPS Bond Index ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while XSTP.TO is a Inflation-Protected Bonds fund tracking the Morningstar Gbl Core Bd GR CAD. ZLB.TO is actively managed, while XSTP.TO is passively managed. Over the past 3 years, ZLB.TO returned 15.17%/yr vs 6.18%/yr for XSTP.TO. At a correlation of -0.12, they often move in opposite directions. ZLB.TO charges 0.39%/yr vs 0.16%/yr for XSTP.TO.

Performance

ZLB.TO vs. XSTP.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 0-5 Year TIPS Bond Index ETF (XSTP.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 3.14% return, which is significantly lower than XSTP.TO's 3.35% return.

ZLB.TO

1D
0.03%
1M
1.40%
YTD
3.14%
6M
4.82%
1Y
14.81%
3Y*
15.17%
5Y*
11.61%
10Y*
10.67%

XSTP.TO

1D
0.51%
1M
2.16%
YTD
3.35%
6M
1.23%
1Y
5.54%
3Y*
6.18%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.14%25.29%15.31%9.41%-0.35%5.63%
XSTP.TO
iShares 0-5 Year TIPS Bond Index ETF		3.35%0.64%13.59%2.31%17.76%4.89%

Correlation

The correlation between ZLB.TO and XSTP.TO is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.02

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

-0.05

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2021

-0.12

The correlation between ZLB.TO and XSTP.TO shifts across timeframes, from -0.12 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.

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BMO Low Volatility Canadian Equity ETF

iShares 0-5 Year TIPS Bond Index ETF

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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 XSTP.TO:
XSTP.TO vs. XRB.TOXSTP.TO vs. XST.TOXSTP.TO vs. MDMG.MEXSTP.TO vs. XSB.TOXSTP.TO vs. PSA.TOXSTP.TO vs. PMIF.TOXSTP.TO vs. MFC.TO

Return for Risk

ZLB.TO vs. XSTP.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: 5454
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5858
Martin Ratio Rank
XSTP.TO
XSTP.TO Risk / Return Rank: 2828
Overall Rank
XSTP.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
XSTP.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
XSTP.TO Omega Ratio Rank: 3232
Omega Ratio Rank
XSTP.TO Calmar Ratio Rank: 2525
Calmar Ratio Rank
XSTP.TO Martin Ratio Rank: 2323
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. XSTP.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 0-5 Year TIPS Bond Index ETF (XSTP.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.

ZLB.TOXSTP.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
1.13

+0.67

Sortino ratioReturn per unit of downside risk
2.69
1.54

+1.14

Omega ratioGain probability vs. loss probability

1.32

1.22

+0.11

Calmar ratioReturn relative to maximum drawdown

2.77

1.17

+1.60

Martin ratioReturn relative to average drawdown

10.29

2.84

+7.45

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. XSTP.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.80, which is higher than the XSTP.TO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ZLB.TO and XSTP.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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Sharpe Ratios by Period

ZLB.TOXSTP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

1.13

+0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.24

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.98

+0.17

Drawdowns

ZLB.TO vs. XSTP.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than XSTP.TO's maximum drawdown of -5.68%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and XSTP.TO.

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Drawdown Indicators

ZLB.TOXSTP.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-5.68%

-28.28%

Max Drawdown (1Y)

Largest decline over 1 year

-5.36%

-4.76%

-0.60%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-5.68%

-2.33%

Max Drawdown (5Y)

Largest decline over 5 years

-13.00%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

—

—

Current Drawdown

Current decline from peak

-1.70%

-0.33%

-1.37%

Average Drawdown

Average peak-to-trough decline

-2.46%

-1.66%

-0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

1.96%

-0.51%

Volatility

ZLB.TO vs. XSTP.TO - Volatility Comparison

BMO Low Volatility Canadian Equity ETF (ZLB.TO) has a higher volatility of 2.47% compared to iShares 0-5 Year TIPS Bond Index ETF (XSTP.TO) at 0.94%. This indicates that ZLB.TO's price experiences larger fluctuations and is considered to be riskier than XSTP.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.TOXSTP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.47%

0.94%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

6.38%

3.50%

+2.88%

Volatility (1Y)

Calculated over the trailing 1-year period

8.29%

4.91%

+3.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.44%

9.13%

+0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.15%

9.13%

+3.02%

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

ZLB.TO has a 0.39% expense ratio, which is higher than XSTP.TO's 0.16% expense ratio.

Dividends

ZLB.TO vs. XSTP.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than XSTP.TO's 3.57% yield.

PositionTTM20252024202320222021202020192018201720162015
XSTP.TO
iShares 0-5 Year TIPS Bond Index ETF		3.57%4.06%2.41%3.08%5.70%2.35%0.00%0.00%0.00%0.00%0.00%0.00%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%1.93%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.52%2.94%2.34%

Frequently Asked Questions

ZLB.TO and XSTP.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSTP.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSTP.TO is cheaper with a 0.16% expense ratio, compared with 0.39% for ZLB.TO.

ZLB.TO is categorized as Canada Equities, while XSTP.TO is Inflation-Protected Bonds. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZLB.TO and 0.16% for XSTP.TO.

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