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

ZLD.TO vs. XML.TO

Last updated Jul 25, 2026
Documentation

ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and XML.TO (iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)) are both Foreign Large Cap Equities funds. ZLD.TO is actively managed, while XML.TO is passively managed. Over the past 10 years, ZLD.TO returned 6.46%/yr vs 7.49%/yr for XML.TO. A 0.53 correlation means they provide meaningful diversification when combined. ZLD.TO charges 0.45%/yr vs 0.40%/yr for XML.TO.

Performance

ZLD.TO vs. XML.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 iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.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 XML.TO's 9.26% return. Over the past 10 years, ZLD.TO has underperformed XML.TO with an annualized return of 6.46%, while XML.TO has yielded a comparatively higher 7.49% 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%

XML.TO

1D
0.42%
1M
4.75%
6M
8.26%
YTD
9.26%
1Y
15.77%
3Y*
14.42%
5Y*
9.44%
10Y*
7.49%
ALL TIME*
7.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

XML.TO

iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)
CA$12.85KCA$7.78KCA$9.01K

ZLD.TO

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

ZLD.TO vs. XML.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%
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		9.26%17.56%14.13%11.69%-6.94%13.27%-5.87%16.26%-4.34%15.14%

Correlation

The correlation between ZLD.TO and XML.TO is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.53

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

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

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

0.53

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2016

0.53

The correlation between ZLD.TO and XML.TO has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

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

Sectors
ZLD.TO
XML.TO

Financial Services

16.8%
19.7%

Consumer Defensive

14.8%
12.6%

Communication Services

14.0%
9.1%

Healthcare

13.0%
12.2%

Industrials

12.5%
15.7%

Utilities

11.7%
9.0%

Real Estate

6.2%
2.9%

Technology

4.8%
4.4%

Consumer Cyclical

3.3%
5.1%

Basic Materials

2.0%
1.6%

Energy

0.9%
7.7%

Financial Services

ZLD.TO
16.8%
XML.TO
19.7%

Consumer Defensive

ZLD.TO
14.8%
XML.TO
12.6%

Communication Services

ZLD.TO
14.0%
XML.TO
9.1%

Healthcare

ZLD.TO
13.0%
XML.TO
12.2%

Industrials

ZLD.TO
12.5%
XML.TO
15.7%

Utilities

ZLD.TO
11.7%
XML.TO
9.0%

Real Estate

ZLD.TO
6.2%
XML.TO
2.9%

Technology

ZLD.TO
4.8%
XML.TO
4.4%

Consumer Cyclical

ZLD.TO
3.3%
XML.TO
5.1%

Basic Materials

ZLD.TO
2.0%
XML.TO
1.6%

Energy

ZLD.TO
0.9%
XML.TO
7.7%

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

iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)

Often compared with ZLD.TO:
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 XML.TO:
XML.TO vs. XIN.TOXML.TO vs. XSP.TOXML.TO vs. XEQT.TOXML.TO vs. XMI.TOXML.TO vs. HXQ.TOXML.TO vs. XMW.TOXML.TO vs. XMU.TO

Return for Risk

ZLD.TO vs. XML.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
XML.TO
XML.TO Risk / Return Rank: 7373
Overall Rank
XML.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XML.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XML.TO Omega Ratio Rank: 8484
Omega Ratio Rank
XML.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
XML.TO Martin Ratio Rank: 6363
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. XML.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 iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.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.TOXML.TODifference
Sharpe ratioReturn per unit of total volatility
0.74
1.71

-0.98

Sortino ratioReturn per unit of downside risk
1.08
2.43

-1.35

Omega ratioGain probability vs. loss probability

1.13

1.36

-0.23

Calmar ratioReturn relative to maximum drawdown

0.88

2.45

-1.57

Martin ratioReturn relative to average drawdown

1.88

7.64

-5.76

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

The current ZLD.TO Sharpe Ratio is 0.74, which is lower than the XML.TO Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ZLD.TO and XML.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. XML.TO - Drawdown Comparison

The maximum ZLD.TO drawdown since its inception was -28.97%, roughly equal to the maximum XML.TO drawdown of -28.62%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and XML.TO.

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Drawdown Indicators

ZLD.TOXML.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.97%

-28.62%

-0.35%

Max Drawdown (1Y)

Largest decline over 1 year

-7.09%

-6.46%

-0.63%

Max Drawdown (3Y)

Largest decline over 3 years

-7.47%

-7.46%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-15.02%

-12.34%

-2.68%

Max Drawdown (10Y)

Largest decline over 10 years

-28.97%

-28.62%

-0.35%

Current Drawdown

Current decline from peak

-1.32%

0.00%

-1.32%

Average Drawdown

Average peak-to-trough decline

-3.68%

-3.43%

-0.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

2.07%

+1.25%

Volatility

ZLD.TO vs. XML.TO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 2.32%, while iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) has a volatility of 2.68%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than XML.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.TOXML.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

2.68%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

6.50%

7.79%

-1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

8.50%

9.27%

-0.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.99%

9.81%

+0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.81%

11.92%

+0.89%

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

ZLD.TO has a 0.45% expense ratio, which is higher than XML.TO's 0.40% expense ratio.

Dividends

ZLD.TO vs. XML.TO - Dividend Comparison

ZLD.TO's dividend yield for the trailing twelve months is around 2.18%, less than XML.TO's 2.66% yield.

PositionTTM2025202420232022202120202019201820172016
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		2.66%2.76%2.67%2.56%2.02%1.92%1.11%3.62%2.79%1.91%3.33%
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 XML.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XML.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XML.TO is cheaper with a 0.40% expense ratio, compared with 0.45% for ZLD.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZLD.TO and 0.40% for XML.TO.

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