ZLD.TO vs. FCIV.TO
ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and FCIV.TO (Fidelity International Value ETF) are both Foreign Large Cap Equities funds. Over the past 5 years, ZLD.TO returned 6.03%/yr vs 15.86%/yr for FCIV.TO. At a 0.36 correlation, their price movements are largely independent. ZLD.TO charges 0.40%/yr vs 0.45%/yr for FCIV.TO.
Performance
ZLD.TO vs. FCIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLD.TO achieves a 2.40% return, which is significantly lower than FCIV.TO's 15.63% return.
ZLD.TO
- 1D
- -0.20%
- 1M
- 1.10%
- YTD
- 2.40%
- 6M
- 2.20%
- 1Y
- 2.90%
- 3Y*
- 8.86%
- 5Y*
- 6.03%
- 10Y*
- 6.30%
FCIV.TO
- 1D
- -0.19%
- 1M
- 3.14%
- YTD
- 15.63%
- 6M
- 15.48%
- 1Y
- 32.20%
- 3Y*
- 21.91%
- 5Y*
- 15.86%
- 10Y*
- —
ZLD.TO vs. FCIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.40% | 9.63% | 11.11% | 11.37% | -6.68% | 12.56% | 2.49% |
FCIV.TO Fidelity International Value ETF | 15.63% | 33.60% | 6.89% | 22.75% | -0.22% | 14.15% | 4.49% |
Correlation
The correlation between ZLD.TO and FCIV.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020 | 0.36 |
The correlation between ZLD.TO and FCIV.TO shifts across timeframes, from 0.35 (5 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZLD.TO vs. FCIV.TO — Risk / Return Rank
ZLD.TO
FCIV.TO
ZLD.TO vs. FCIV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) and Fidelity International Value ETF (FCIV.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZLD.TO | FCIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.40 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 3.77 | -3.36 |
| Martin ratioReturn relative to average drawdown | 0.89 | 14.14 | -13.25 |
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Drawdowns
ZLD.TO vs. FCIV.TO - Drawdown Comparison
The maximum ZLD.TO drawdown since its inception was -28.97%, which is greater than FCIV.TO's maximum drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and FCIV.TO.
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Drawdown Indicators
| ZLD.TO | FCIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.97% | -24.27% | -4.70% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -8.59% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -16.59% | +9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -24.27% | +9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -28.97% | — | — |
Current DrawdownCurrent decline from peak | -4.89% | -0.19% | -4.70% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -4.06% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.28% | +0.99% |
Volatility
ZLD.TO vs. FCIV.TO - Volatility Comparison
The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 1.67%, while Fidelity International Value ETF (FCIV.TO) has a volatility of 3.41%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than FCIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLD.TO | FCIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 3.41% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 11.16% | -4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.33% | 14.61% | -6.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.98% | 15.21% | -5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.85% | 15.50% | -2.65% |
ZLD.TO vs. FCIV.TO - Expense Ratio Comparison
ZLD.TO has a 0.40% expense ratio, which is lower than FCIV.TO's 0.45% expense ratio.
Dividends
ZLD.TO vs. FCIV.TO - Dividend Comparison
ZLD.TO's dividend yield for the trailing twelve months is around 2.26%, more than FCIV.TO's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FCIV.TO Fidelity International Value ETF | 2.16% | 2.09% | 2.80% | 3.64% | 3.45% | 2.97% | 0.90% | 0.00% | 0.00% | 0.00% | 0.00% |
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.26% | 2.29% | 2.45% | 2.66% | 2.62% | 2.31% | 2.62% | 2.17% | 2.36% | 2.23% | 1.96% |
Frequently Asked Questions
ZLD.TO and FCIV.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLD.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLD.TO is cheaper with a 0.40% expense ratio, compared with 0.45% for FCIV.TO.
They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.40% for ZLD.TO and 0.45% for FCIV.TO.
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