ZLB.TO vs. ZEB.TO
ZLB.TO (BMO Low Volatility Canadian Equity ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. ZLB.TO is actively managed, while ZEB.TO is passively managed. Over the past 10 years, ZLB.TO returned 10.67%/yr vs 15.82%/yr for ZEB.TO. A 0.59 correlation means they provide meaningful diversification when combined. ZLB.TO charges 0.39%/yr vs 0.25%/yr for ZEB.TO.
Performance
ZLB.TO vs. ZEB.TO - Performance Comparison
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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 ZEB.TO's 19.22% return. Over the past 10 years, ZLB.TO has underperformed ZEB.TO with an annualized return of 10.67%, while ZEB.TO has yielded a comparatively higher 15.82% annualized 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%
ZEB.TO
- 1D
- -0.43%
- 1M
- 5.51%
- YTD
- 19.22%
- 6M
- 24.72%
- 1Y
- 60.22%
- 3Y*
- 32.73%
- 5Y*
- 18.18%
- 10Y*
- 15.82%
ZLB.TO vs. ZEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLB.TO BMO Low Volatility Canadian Equity ETF | 3.14% | 25.29% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.07% |
ZEB.TO BMO Equal Weight Banks Index ETF | 19.22% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
Correlation
The correlation between ZLB.TO and ZEB.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.59 |
The correlation between ZLB.TO and ZEB.TO shifts across timeframes, from 0.49 (1 year) to 0.61 (3 years), reflecting how their relationship changes across market environments.
ZLB.TO vs. ZEB.TO - Sectors Allocation Comparison
Sectors
ZLB.TO
ZEB.TO
Financial Services
Consumer Defensive
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Utilities
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Industrials
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Communication Services
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Consumer Cyclical
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Basic Materials
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Real Estate
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Technology
-
Energy
-
-
Healthcare
-
-
Financial Services
ZLB.TO
ZEB.TO
Consumer Defensive
ZLB.TO
ZEB.TO
-
Utilities
ZLB.TO
ZEB.TO
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Industrials
ZLB.TO
ZEB.TO
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Communication Services
ZLB.TO
ZEB.TO
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Consumer Cyclical
ZLB.TO
ZEB.TO
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Basic Materials
ZLB.TO
ZEB.TO
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Real Estate
ZLB.TO
ZEB.TO
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Technology
ZLB.TO
ZEB.TO
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Energy
ZLB.TO
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ZEB.TO
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Healthcare
ZLB.TO
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ZEB.TO
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Return for Risk
ZLB.TO vs. ZEB.TO — Risk / Return Rank
ZLB.TO
ZEB.TO
ZLB.TO vs. ZEB.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 BMO Equal Weight Banks Index ETF (ZEB.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.TO | ZEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.00 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.90 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 7.17 | -4.40 |
| Martin ratioReturn relative to average drawdown | 10.29 | 30.84 | -20.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZLB.TO | ZEB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 4.79 | -3.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.24 | 1.35 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.94 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.88 | +0.26 |
Drawdowns
ZLB.TO vs. ZEB.TO - Drawdown Comparison
The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and ZEB.TO.
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Drawdown Indicators
| ZLB.TO | ZEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -39.69% | +5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -8.44% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -8.01% | -14.80% | +6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -25.97% | +12.97% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | -39.69% | +5.73% |
Current DrawdownCurrent decline from peak | -1.70% | -2.00% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -2.46% | -5.65% | +3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.96% | -0.51% |
Volatility
ZLB.TO vs. ZEB.TO - Volatility Comparison
The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.47%, while BMO Equal Weight Banks Index ETF (ZEB.TO) has a volatility of 4.89%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than ZEB.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.TO | ZEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 4.89% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.38% | 11.14% | -4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.29% | 12.62% | -4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.44% | 13.52% | -4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.15% | 16.91% | -4.76% |
ZLB.TO vs. ZEB.TO - Expense Ratio Comparison
ZLB.TO has a 0.39% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.
Dividends
ZLB.TO vs. ZEB.TO - Dividend Comparison
ZLB.TO's dividend yield for the trailing twelve months is around 1.88%, less than ZEB.TO's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 2.54% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
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 ZEB.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.39% for ZLB.TO.
ZLB.TO is categorized as Canada Equities, while ZEB.TO is Financials Equities. Their fees differ too: 0.39% for ZLB.TO and 0.25% for ZEB.TO.
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