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

ZLB.TO vs. ZWC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Low Volatility Canadian Equity ETF (ZLB.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO).

ZLB.TO and ZWC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZLB.TO is an actively managed fund by BMO. It was launched on Oct 21, 2011. ZWC.TO is an actively managed fund by BMO. It was launched on Feb 3, 2017.

Performance

ZLB.TO vs. ZWC.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 BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.42%20.31%15.20%9.29%-0.46%22.81%1.39%21.80%-2.87%9.41%
ZWC.TO
BMO CA High Dividend Covered Call ETF		6.38%22.79%12.00%7.54%-3.54%25.39%-6.92%17.32%-10.05%7.34%

Returns By Period

In the year-to-date period, ZLB.TO achieves a 1.42% return, which is significantly lower than ZWC.TO's 6.38% return.

ZLB.TO

1D
1.23%
1M
-2.74%
YTD
1.42%
6M
2.74%
1Y
15.44%
3Y*
12.86%
5Y*
11.57%
10Y*
10.13%

ZWC.TO

1D
1.51%
1M
-1.96%
YTD
6.38%
6M
12.84%
1Y
27.26%
3Y*
15.07%
5Y*
11.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Low Volatility Canadian Equity ETF

BMO CA High Dividend Covered Call 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 ZWC.TO:
ZWC.TO vs. ZWB.TOZWC.TO vs. VDY.TOZWC.TO vs. HDIV.TOZWC.TO vs. XEI.TOZWC.TO vs. ZDV.TOZWC.TO vs. ZWH.TOZWC.TO vs. HMAX.TO

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

ZLB.TO has a 0.39% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

ZWC.TO
BMO CA High Dividend Covered Call ETF
ZLB.TO
BMO Low Volatility Canadian Equity ETF

Return for Risk

ZLB.TO vs. ZWC.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: 8282
Overall Rank
ZLB.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 8282
Martin Ratio Rank
ZWC.TO
ZWC.TO Risk / Return Rank: 9696
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9696
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. ZWC.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 CA High Dividend Covered Call ETF (ZWC.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.TOZWC.TODifference

Sharpe ratio

Return per unit of total volatility

1.48

2.70

-1.21

Sortino ratio

Return per unit of downside risk

1.99

3.45

-1.46

Omega ratio

Gain probability vs. loss probability

1.30

1.58

-0.28

Calmar ratio

Return relative to maximum drawdown

2.57

3.15

-0.58

Martin ratio

Return relative to average drawdown

8.71

16.47

-7.76

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. ZWC.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.48, which is lower than the ZWC.TO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ZLB.TO and ZWC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZLB.TOZWC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

2.70

-1.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.22

1.16

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.12

0.53

+0.59

Correlation

The correlation between ZLB.TO and ZWC.TO is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZLB.TO vs. ZWC.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.92%, less than ZWC.TO's 5.72% yield.

TTM20252024202320222021202020192018201720162015
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.92%1.93%2.28%2.56%2.56%2.29%2.72%2.34%2.65%2.42%2.82%2.25%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.72%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%0.00%0.00%

Drawdowns

ZLB.TO vs. ZWC.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and ZWC.TO.

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Drawdown Indicators

ZLB.TOZWC.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-40.57%

+6.61%

Max Drawdown (1Y)

Largest decline over 1 year

-6.53%

-8.93%

+2.40%

Max Drawdown (5Y)

Largest decline over 5 years

-13.04%

-16.43%

+3.39%

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

—

—

Current Drawdown

Current decline from peak

-3.08%

-2.63%

-0.45%

Average Drawdown

Average peak-to-trough decline

-2.51%

-4.76%

+2.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.71%

+0.22%

Volatility

ZLB.TO vs. ZWC.TO - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 3.64%, while BMO CA High Dividend Covered Call ETF (ZWC.TO) has a volatility of 3.93%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than ZWC.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.TOZWC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

3.93%

-0.29%

Volatility (6M)

Calculated over the trailing 6-month period

7.64%

6.60%

+1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

10.52%

10.17%

+0.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.57%

10.09%

-0.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.19%

15.04%

-2.85%