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

ZLB.TO vs. ZWEN.TO

Last updated Jun 5, 2026

ZLB.TO (BMO Low Volatility Canadian Equity ETF) and ZWEN.TO (BMO Covered Call Energy ETF) are both exchange-traded funds - ZLB.TO is a Canada Equities fund actively managed by BMO, while ZWEN.TO is a Energy Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZLB.TO returned 15.72%/yr vs 19.60%/yr for ZWEN.TO. At a 0.08 correlation, their price movements are largely independent. ZLB.TO charges 0.39%/yr vs 0.88%/yr for ZWEN.TO.

Performance

ZLB.TO vs. ZWEN.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 Covered Call Energy ETF (ZWEN.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 4.04% return, which is significantly lower than ZWEN.TO's 30.35% return.

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%

ZWEN.TO

1D
1.16%
1M
0.91%
YTD
30.35%
6M
25.89%
1Y
41.26%
3Y*
19.60%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZLB.TO
BMO Low Volatility Canadian Equity ETF		4.04%25.29%15.31%4.33%
ZWEN.TO
BMO Covered Call Energy ETF		30.35%6.74%10.43%2.68%

Correlation

The correlation between ZLB.TO and ZWEN.TO is -0.09, 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

-0.09

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

0.06

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2023

0.08

The correlation between ZLB.TO and ZWEN.TO shifts across timeframes, from -0.09 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZLB.TO
ZWEN.TO

Financial Services

23.7%

-

Consumer Defensive

18.2%

-

Utilities

17.6%

-

Industrials

9.8%

-

Communication Services

9.2%

-

Consumer Cyclical

8.6%

-

Basic Materials

6.6%

-

Real Estate

4.3%

-

Technology

2.0%

-

Energy

-

100.0%

Healthcare

-

-

Financial Services

ZLB.TO
23.7%
ZWEN.TO

-

Consumer Defensive

ZLB.TO
18.2%
ZWEN.TO

-

Utilities

ZLB.TO
17.6%
ZWEN.TO

-

Industrials

ZLB.TO
9.8%
ZWEN.TO

-

Communication Services

ZLB.TO
9.2%
ZWEN.TO

-

Consumer Cyclical

ZLB.TO
8.6%
ZWEN.TO

-

Basic Materials

ZLB.TO
6.6%
ZWEN.TO

-

Real Estate

ZLB.TO
4.3%
ZWEN.TO

-

Technology

ZLB.TO
2.0%
ZWEN.TO

-

Energy

ZLB.TO

-

ZWEN.TO
100.0%

Healthcare

ZLB.TO

-

ZWEN.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

BMO Covered Call Energy ETF

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Often compared with ZWEN.TO:
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Return for Risk

ZLB.TO vs. ZWEN.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: 6262
Overall Rank
ZLB.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 6060
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 6464
Martin Ratio Rank
ZWEN.TO
ZWEN.TO Risk / Return Rank: 7474
Overall Rank
ZWEN.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZWEN.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZWEN.TO Omega Ratio Rank: 6868
Omega Ratio Rank
ZWEN.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
ZWEN.TO Martin Ratio Rank: 7575
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. ZWEN.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 Covered Call Energy ETF (ZWEN.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.TOZWEN.TODifference
Sharpe ratioReturn per unit of total volatility
1.99
2.49

-0.50

Sortino ratioReturn per unit of downside risk
2.97
3.18

-0.21

Omega ratioGain probability vs. loss probability

1.36

1.41

-0.05

Calmar ratioReturn relative to maximum drawdown

3.08

4.37

-1.29

Martin ratioReturn relative to average drawdown

11.43

14.22

-2.79

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. ZWEN.TO - Sharpe Ratio Comparison

The current ZLB.TO Sharpe Ratio is 1.99, which is comparable to the ZWEN.TO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of ZLB.TO and ZWEN.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.TOZWEN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

2.49

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

0.81

+0.34

Drawdowns

ZLB.TO vs. ZWEN.TO - Drawdown Comparison

The maximum ZLB.TO drawdown since its inception was -33.96%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for ZLB.TO and ZWEN.TO.

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Drawdown Indicators

ZLB.TOZWEN.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-18.75%

-15.21%

Max Drawdown (1Y)

Largest decline over 1 year

-5.36%

-9.50%

+4.14%

Max Drawdown (3Y)

Largest decline over 3 years

-8.01%

-18.75%

+10.74%

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

-0.84%

-2.09%

+1.25%

Average Drawdown

Average peak-to-trough decline

-2.46%

-4.38%

+1.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

2.91%

-1.47%

Volatility

ZLB.TO vs. ZWEN.TO - Volatility Comparison

The current volatility for BMO Low Volatility Canadian Equity ETF (ZLB.TO) is 2.57%, while BMO Covered Call Energy ETF (ZWEN.TO) has a volatility of 7.08%. This indicates that ZLB.TO experiences smaller price fluctuations and is considered to be less risky than ZWEN.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.TOZWEN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

7.08%

-4.51%

Volatility (6M)

Calculated over the trailing 6-month period

6.39%

13.73%

-7.34%

Volatility (1Y)

Calculated over the trailing 1-year period

8.31%

16.69%

-8.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.44%

18.11%

-8.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.15%

18.11%

-5.96%

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

ZLB.TO has a 0.39% expense ratio, which is lower than ZWEN.TO's 0.88% expense ratio.

Dividends

ZLB.TO vs. ZWEN.TO - Dividend Comparison

ZLB.TO's dividend yield for the trailing twelve months is around 1.87%, less than ZWEN.TO's 7.56% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWEN.TO
BMO Covered Call Energy ETF		7.56%9.53%9.09%8.27%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZLB.TO and ZWEN.TO have a correlation of -0.09, 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 0.88% for ZWEN.TO.

ZLB.TO is categorized as Canada Equities, while ZWEN.TO is Energy Equities. Their fees differ too: 0.39% for ZLB.TO and 0.88% for ZWEN.TO.

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