ZLB.TO vs. ZEO.TO
ZLB.TO (BMO Low Volatility Canadian Equity ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index. ZLB.TO is actively managed, while ZEO.TO is passively managed. Over the past 10 years, ZLB.TO returned 10.79%/yr vs 10.56%/yr for ZEO.TO. At a 0.36 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.60%/yr for ZEO.TO.
Performance
ZLB.TO vs. ZEO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLB.TO achieves a 4.04% return, which is significantly lower than ZEO.TO's 39.02% return. Both investments have delivered pretty close results over the past 10 years, with ZLB.TO having a 10.79% annualized return and ZEO.TO not far behind at 10.56%.
ZLB.TO
- 1D
- 0.87%
- 1M
- 1.80%
- YTD
- 4.04%
- 6M
- 4.91%
- 1Y
- 16.44%
- 3Y*
- 15.72%
- 5Y*
- 11.81%
- 10Y*
- 10.79%
ZEO.TO
- 1D
- 0.94%
- 1M
- 3.20%
- YTD
- 39.02%
- 6M
- 33.05%
- 1Y
- 53.94%
- 3Y*
- 27.67%
- 5Y*
- 25.66%
- 10Y*
- 10.56%
ZLB.TO vs. ZEO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLB.TO BMO Low Volatility Canadian Equity ETF | 4.04% | 25.29% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.07% |
ZEO.TO BMO Equal Weight Oil & Gas Index ETF | 39.02% | 12.35% | 21.51% | 5.98% | 39.67% | 63.65% | -28.56% | 16.50% | -25.62% | -12.74% |
Correlation
The correlation between ZLB.TO and ZEO.TO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.36 |
The correlation between ZLB.TO and ZEO.TO shifts across timeframes, from -0.04 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
ZLB.TO vs. ZEO.TO - Sectors Allocation Comparison
Sectors
ZLB.TO
ZEO.TO
Financial Services
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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
-
Technology
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Energy
-
Healthcare
-
-
Financial Services
ZLB.TO
ZEO.TO
-
Consumer Defensive
ZLB.TO
ZEO.TO
-
Utilities
ZLB.TO
ZEO.TO
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Industrials
ZLB.TO
ZEO.TO
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Communication Services
ZLB.TO
ZEO.TO
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Consumer Cyclical
ZLB.TO
ZEO.TO
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Basic Materials
ZLB.TO
ZEO.TO
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Real Estate
ZLB.TO
ZEO.TO
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Technology
ZLB.TO
ZEO.TO
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Energy
ZLB.TO
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ZEO.TO
Healthcare
ZLB.TO
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ZEO.TO
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Return for Risk
ZLB.TO vs. ZEO.TO — Risk / Return Rank
ZLB.TO
ZEO.TO
ZLB.TO vs. ZEO.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 Oil & Gas Index ETF (ZEO.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 | ZEO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.55 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 5.68 | -2.60 |
| Martin ratioReturn relative to average drawdown | 11.43 | 18.32 | -6.89 |
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 | ZEO.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 3.22 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.26 | 1.22 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.39 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 0.00 | +1.15 |
Drawdowns
ZLB.TO vs. ZEO.TO - Drawdown Comparison
The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum ZEO.TO drawdown of -77.71%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and ZEO.TO.
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Drawdown Indicators
| ZLB.TO | ZEO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -77.71% | +43.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -9.54% | +4.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.01% | -17.62% | +9.61% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -22.59% | +9.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | -72.03% | +38.07% |
Current DrawdownCurrent decline from peak | -0.84% | -2.02% | +1.18% |
Average DrawdownAverage peak-to-trough decline | -2.46% | -21.97% | +19.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 2.95% | -1.51% |
Volatility
ZLB.TO vs. ZEO.TO - Volatility Comparison
The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.57%, while BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a volatility of 7.04%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than ZEO.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 | ZEO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 7.04% | -4.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 14.52% | -8.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.31% | 16.89% | -8.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.44% | 21.17% | -11.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.15% | 27.27% | -15.12% |
ZLB.TO vs. ZEO.TO - Expense Ratio Comparison
ZLB.TO has a 0.39% expense ratio, which is lower than ZEO.TO's 0.60% expense ratio.
Dividends
ZLB.TO vs. ZEO.TO - Dividend Comparison
ZLB.TO's dividend yield for the trailing twelve months is around 1.87%, less than ZEO.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZEO.TO BMO Equal Weight Oil & Gas Index ETF | 2.56% | 3.42% | 3.86% | 4.82% | 4.69% | 3.27% | 5.54% | 3.55% | 3.57% | 2.46% | 2.50% | 4.09% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.87% | 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 ZEO.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for ZEO.TO.
ZLB.TO is categorized as Canada Equities, while ZEO.TO is Energy Equities. Their fees differ too: 0.39% for ZLB.TO and 0.60% for ZEO.TO.
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