ZLD.TO vs. HXDM.TO

Last updated Jul 25, 2026

ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and HXDM.TO (Global X Intl Developed Markets Equity Index Corporate Class ETF) are both Foreign Large Cap Equities funds. ZLD.TO is actively managed, while HXDM.TO is passively managed. Over the past 5 years, ZLD.TO returned 6.55%/yr vs 10.43%/yr for HXDM.TO. A 0.50 correlation means they provide meaningful diversification when combined. ZLD.TO charges 0.45%/yr vs 0.20%/yr for HXDM.TO.

Performance

ZLD.TO vs. HXDM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) and Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZLD.TO achieves a 6.24% return, which is significantly lower than HXDM.TO's 11.88% return.

ZLD.TO

• 1D: 1.07%
• 1M: 4.00%
• 6M: 6.03%
• YTD: 6.24%
• 1Y: 6.23%
• 3Y*: 10.00%
• 5Y*: 6.55%
• 10Y*: 6.46%
• ALL TIME*: 7.25%

HXDM.TO

• 1D: 0.63%
• 1M: -0.05%
• 6M: 7.72%
• YTD: 11.88%
• 1Y: 20.39%
• 3Y*: 16.83%
• 5Y*: 10.43%
• 10Y*: —
• ALL TIME*: 8.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HXDM.TO Global X Intl Developed Markets Equity Index Corporate Class ETF	CA$1.59M	CA$1.72M	CA$1.71M
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF	CA$27.40K	CA$45.76K	CA$88.31K

ZLD.TO vs. HXDM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF	6.24%	9.63%	11.11%	11.37%	-6.68%	12.56%	-5.85%	17.60%	-1.21%
HXDM.TO Global X Intl Developed Markets Equity Index Corporate Class ETF	11.88%	24.06%	11.07%	15.09%	-8.78%	10.16%	4.59%	15.19%	-8.61%

Correlation

The correlation between ZLD.TO and HXDM.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 9, 2018	0.50

The correlation between ZLD.TO and HXDM.TO has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

ZLD.TO vs. HXDM.TO - Sectors Allocation Comparison

Sectors	ZLD.TO	HXDM.TO
Financial Services	16.8%	16.0%
Consumer Defensive	14.8%	11.8%
Communication Services	14.0%	6.2%
Healthcare	13.0%	14.4%
Industrials	12.5%	14.7%
Utilities	11.7%	3.9%
Real Estate	6.2%	3.1%
Technology	4.8%	8.8%
Consumer Cyclical	3.3%	10.2%
Basic Materials	2.0%	7.5%
Energy	0.9%	3.4%

Return for Risk

ZLD.TO vs. HXDM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZLD.TO

ZLD.TO Risk / Return Rank: 27
ZLD.TO Sharpe Ratio Rank: 30
ZLD.TO Sortino Ratio Rank: 28
ZLD.TO Omega Ratio Rank: 27
ZLD.TO Calmar Ratio Rank: 27
ZLD.TO Martin Ratio Rank: 24

HXDM.TO

HXDM.TO Risk / Return Rank: 55
HXDM.TO Sharpe Ratio Rank: 56
HXDM.TO Sortino Ratio Rank: 54
HXDM.TO Omega Ratio Rank: 55
HXDM.TO Calmar Ratio Rank: 51
HXDM.TO Martin Ratio Rank: 57

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.

ZLD.TO vs. HXDM.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 Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.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	HXDM.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.31	-0.58
Sortino ratio: Return per unit of downside risk	1.08	1.89	-0.81
Omega ratio: Gain probability vs. loss probability	1.13	1.24	-0.11
Calmar ratio: Return relative to maximum drawdown	0.88	1.80	-0.92
Martin ratio: Return relative to average drawdown	1.88	6.71	-4.83

ZLD.TO vs. HXDM.TO - Sharpe Ratio Comparison

The current ZLD.TO Sharpe Ratio is 0.74, which is lower than the HXDM.TO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of ZLD.TO and HXDM.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.

Drawdowns

ZLD.TO vs. HXDM.TO - Drawdown Comparison

The maximum ZLD.TO drawdown since its inception was -28.97%, roughly equal to the maximum HXDM.TO drawdown of -28.43%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and HXDM.TO.

Drawdown Indicators

	ZLD.TO	HXDM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.97%	-28.43%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-11.40%	+4.31%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	-14.65%	+7.18%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-23.87%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	-28.97%	—	—
Current Drawdown Current decline from peak	-1.32%	-3.04%	+1.72%
Average Drawdown Average peak-to-trough decline	-3.68%	-4.77%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.04%	+0.28%

Volatility

ZLD.TO vs. HXDM.TO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 2.32%, while Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.TO) has a volatility of 3.92%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than HXDM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLD.TO	HXDM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	3.92%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	6.50%	13.39%	-6.89%
Volatility (1Y) Calculated over the trailing 1-year period	8.50%	15.64%	-7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.99%	14.27%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.81%	15.43%	-2.62%

ZLD.TO vs. HXDM.TO - Expense Ratio Comparison

ZLD.TO has a 0.45% expense ratio, which is higher than HXDM.TO's 0.20% expense ratio.

Dividends

ZLD.TO vs. HXDM.TO - Dividend Comparison

ZLD.TO's dividend yield for the trailing twelve months is around 2.18%, while HXDM.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HXDM.TO Global X Intl Developed Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF	2.18%	2.29%	2.45%	2.66%	2.62%	2.31%	2.62%	2.17%	2.36%	2.23%	1.96%

Frequently Asked Questions

Can I hold both ZLD.TO and HXDM.TO in my portfolio?

ZLD.TO and HXDM.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZLD.TO or HXDM.TO?

On fees, HXDM.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLD.TO or HXDM.TO?

HXDM.TO is cheaper with a 0.20% expense ratio, compared with 0.45% for ZLD.TO.

What is the main difference between ZLD.TO and HXDM.TO?

They also come from different issuers: BMO and Global X. Their fees differ too: 0.45% for ZLD.TO and 0.20% for HXDM.TO.