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ZLD.TO vs. TPE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLD.TO vs. TPE.TO

Last updated Jul 25, 2026
Documentation

ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and TPE.TO (TD International Equity Index ETF) are both Foreign Large Cap Equities funds. ZLD.TO is actively managed, while TPE.TO is passively managed. Over the past 10 years, ZLD.TO returned 6.46%/yr vs 9.98%/yr for TPE.TO. At a 0.43 correlation, their price movements are largely independent. ZLD.TO charges 0.45%/yr vs 0.19%/yr for TPE.TO.

Performance

ZLD.TO vs. TPE.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 TD International Equity Index ETF (TPE.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, ZLD.TO achieves a 6.24% return, which is significantly lower than TPE.TO's 12.42% return. Over the past 10 years, ZLD.TO has underperformed TPE.TO with an annualized return of 6.46%, while TPE.TO has yielded a comparatively higher 9.98% annualized 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%

TPE.TO

1D
0.73%
1M
0.40%
6M
7.95%
YTD
12.42%
1Y
21.99%
3Y*
17.96%
5Y*
11.15%
10Y*
9.98%
ALL TIME*
9.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

TPE.TO

TD International Equity Index ETF
CA$856.78KCA$1.12MCA$1.23M

ZLD.TO

BMO Low Volatility International Equity Hedged to CAD ETF
CA$27.40KCA$45.76KCA$88.31K

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

2026 (YTD)202520242023202220212020201920182017
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%0.60%12.86%
TPE.TO
TD International Equity Index ETF		12.42%25.30%12.36%15.65%-9.18%10.41%6.19%16.38%-6.44%17.27%

Correlation

The correlation between ZLD.TO and TPE.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

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Mar 30, 2016

0.43

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

Sectors
ZLD.TO
TPE.TO

Financial Services

16.8%
24.4%

Consumer Defensive

14.8%
4.4%

Communication Services

14.0%
3.6%

Healthcare

13.0%
9.8%

Industrials

12.5%
18.2%

Utilities

11.7%
3.1%

Real Estate

6.2%
1.7%

Technology

4.8%
11.4%

Consumer Cyclical

3.3%
5.7%

Basic Materials

2.0%
5.9%

Energy

0.9%
2.5%

Financial Services

ZLD.TO
16.8%
TPE.TO
24.4%

Consumer Defensive

ZLD.TO
14.8%
TPE.TO
4.4%

Communication Services

ZLD.TO
14.0%
TPE.TO
3.6%

Healthcare

ZLD.TO
13.0%
TPE.TO
9.8%

Industrials

ZLD.TO
12.5%
TPE.TO
18.2%

Utilities

ZLD.TO
11.7%
TPE.TO
3.1%

Real Estate

ZLD.TO
6.2%
TPE.TO
1.7%

Technology

ZLD.TO
4.8%
TPE.TO
11.4%

Consumer Cyclical

ZLD.TO
3.3%
TPE.TO
5.7%

Basic Materials

ZLD.TO
2.0%
TPE.TO
5.9%

Energy

ZLD.TO
0.9%
TPE.TO
2.5%

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 International Equity Hedged to CAD ETF

TD International Equity Index ETF

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ZLD.TO vs. VIDY.TOZLD.TO vs. QDX.TOZLD.TO vs. ESGE.TOZLD.TO vs. ZMMK.TOZLD.TO vs. FCRI.TOZLD.TO vs. FLUR.NEOZLD.TO vs. XSEA.TO
Often compared with TPE.TO:
TPE.TO vs. VIU.TOTPE.TO vs. XEF.TOTPE.TO vs. ZEA.TOTPE.TO vs. TPU.TOTPE.TO vs. VIDY.TOTPE.TO vs. GSIDTPE.TO vs. AVDV

Return for Risk

ZLD.TO vs. TPE.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: 2727
Overall Rank
ZLD.TO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
ZLD.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
ZLD.TO Omega Ratio Rank: 2727
Omega Ratio Rank
ZLD.TO Calmar Ratio Rank: 2727
Calmar Ratio Rank
ZLD.TO Martin Ratio Rank: 2424
Martin Ratio Rank
TPE.TO
TPE.TO Risk / Return Rank: 6161
Overall Rank
TPE.TO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
TPE.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
TPE.TO Omega Ratio Rank: 6363
Omega Ratio Rank
TPE.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
TPE.TO Martin Ratio Rank: 6161
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.

ZLD.TO vs. TPE.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 TD International Equity Index ETF (TPE.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.TOTPE.TODifference
Sharpe ratioReturn per unit of total volatility
0.74
1.44

-0.70

Sortino ratioReturn per unit of downside risk
1.08
2.09

-1.00

Omega ratioGain probability vs. loss probability

1.13

1.27

-0.14

Calmar ratioReturn relative to maximum drawdown

0.88

1.95

-1.07

Martin ratioReturn relative to average drawdown

1.88

7.26

-5.37

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

The current ZLD.TO Sharpe Ratio is 0.74, which is lower than the TPE.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ZLD.TO and TPE.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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Drawdowns

ZLD.TO vs. TPE.TO - Drawdown Comparison

The maximum ZLD.TO drawdown since its inception was -28.97%, which is greater than TPE.TO's maximum drawdown of -27.42%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and TPE.TO.

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Drawdown Indicators

ZLD.TOTPE.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.97%

-27.42%

-1.55%

Max Drawdown (1Y)

Largest decline over 1 year

-7.09%

-11.35%

+4.26%

Max Drawdown (3Y)

Largest decline over 3 years

-7.47%

-14.41%

+6.94%

Max Drawdown (5Y)

Largest decline over 5 years

-15.02%

-24.81%

+9.79%

Max Drawdown (10Y)

Largest decline over 10 years

-28.97%

-27.42%

-1.55%

Current Drawdown

Current decline from peak

-1.32%

-2.50%

+1.18%

Average Drawdown

Average peak-to-trough decline

-3.68%

-4.36%

+0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

3.04%

+0.28%

Volatility

ZLD.TO vs. TPE.TO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 2.32%, while TD International Equity Index ETF (TPE.TO) has a volatility of 3.69%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than TPE.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.TOTPE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

3.69%

-1.37%

Volatility (6M)

Calculated over the trailing 6-month period

6.50%

13.33%

-6.83%

Volatility (1Y)

Calculated over the trailing 1-year period

8.50%

15.36%

-6.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.99%

14.14%

-4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.81%

14.70%

-1.89%

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

ZLD.TO has a 0.45% expense ratio, which is higher than TPE.TO's 0.19% expense ratio.

Dividends

ZLD.TO vs. TPE.TO - Dividend Comparison

ZLD.TO's dividend yield for the trailing twelve months is around 2.18%, more than TPE.TO's 2.13% yield.

PositionTTM2025202420232022202120202019201820172016
TPE.TO
TD International Equity Index ETF		2.13%2.30%2.37%2.66%2.89%2.41%2.42%2.60%2.93%2.35%2.21%
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

ZLD.TO and TPE.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.

On fees, TPE.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TPE.TO is cheaper with a 0.19% expense ratio, compared with 0.45% for ZLD.TO.

They also come from different issuers: BMO and TD. Their fees differ too: 0.45% for ZLD.TO and 0.19% for TPE.TO.

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