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

ZLD.TO vs. ZLH.TO

Last updated Jul 25, 2026
Documentation

ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) are both exchange-traded funds - ZLD.TO is a Foreign Large Cap Equities fund actively managed by BMO, while ZLH.TO is a Low Volatility fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZLD.TO returned 6.46%/yr vs 7.42%/yr for ZLH.TO. At a 0.38 correlation, their price movements are largely independent. ZLD.TO charges 0.45%/yr vs 0.30%/yr for ZLH.TO.

Performance

ZLD.TO vs. ZLH.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 BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.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 ZLH.TO's 10.18% return. Over the past 10 years, ZLD.TO has underperformed ZLH.TO with an annualized return of 6.46%, while ZLH.TO has yielded a comparatively higher 7.42% 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%

ZLH.TO

1D
1.09%
1M
2.54%
6M
7.42%
YTD
10.18%
1Y
8.31%
3Y*
8.05%
5Y*
6.57%
10Y*
7.42%
ALL TIME*
8.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ZLD.TO

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

ZLH.TO

BMO Low Volatility US Equity Hedged to CAD ETF
CA$212.50KCA$216.28KCA$179.19K

ZLD.TO vs. ZLH.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%
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		10.18%5.90%10.95%-2.11%0.20%22.07%2.34%25.20%-1.85%11.93%

Correlation

The correlation between ZLD.TO and ZLH.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.34

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

0.34

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

0.39

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2016

0.38

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

Sectors
ZLD.TO
ZLH.TO

Financial Services

16.8%
11.1%

Consumer Defensive

14.8%
11.3%

Communication Services

14.0%
4.3%

Healthcare

13.0%
17.4%

Industrials

12.5%
7.8%

Utilities

11.7%
19.6%

Real Estate

6.2%
3.9%

Technology

4.8%
19.6%

Consumer Cyclical

3.3%
3.9%

Basic Materials

2.0%
0.7%

Energy

0.9%
0.4%

Financial Services

ZLD.TO
16.8%
ZLH.TO
11.1%

Consumer Defensive

ZLD.TO
14.8%
ZLH.TO
11.3%

Communication Services

ZLD.TO
14.0%
ZLH.TO
4.3%

Healthcare

ZLD.TO
13.0%
ZLH.TO
17.4%

Industrials

ZLD.TO
12.5%
ZLH.TO
7.8%

Utilities

ZLD.TO
11.7%
ZLH.TO
19.6%

Real Estate

ZLD.TO
6.2%
ZLH.TO
3.9%

Technology

ZLD.TO
4.8%
ZLH.TO
19.6%

Consumer Cyclical

ZLD.TO
3.3%
ZLH.TO
3.9%

Basic Materials

ZLD.TO
2.0%
ZLH.TO
0.7%

Energy

ZLD.TO
0.9%
ZLH.TO
0.4%

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

BMO Low Volatility US Equity Hedged to CAD 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 ZLH.TO:
ZLH.TO vs. ESGY.TOZLH.TO vs. MULC.TOZLH.TO vs. FLUS.TOZLH.TO vs. TULV.TOZLH.TO vs. XTOT.TOZLH.TO vs. ZLU.TOZLH.TO vs. FCQH.TO

Return for Risk

ZLD.TO vs. ZLH.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
ZLH.TO
ZLH.TO Risk / Return Rank: 3131
Overall Rank
ZLH.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
ZLH.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
ZLH.TO Omega Ratio Rank: 3131
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 3030
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. ZLH.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 BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.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.TOZLH.TODifference
Sharpe ratioReturn per unit of total volatility
0.74
0.77

-0.03

Sortino ratioReturn per unit of downside risk
1.08
1.06

+0.03

Omega ratioGain probability vs. loss probability

1.13

1.15

-0.02

Calmar ratioReturn relative to maximum drawdown

0.88

1.14

-0.25

Martin ratioReturn relative to average drawdown

1.88

2.73

-0.85

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

The current ZLD.TO Sharpe Ratio is 0.74, which is comparable to the ZLH.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ZLD.TO and ZLH.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. ZLH.TO - Drawdown Comparison

The maximum ZLD.TO drawdown since its inception was -28.97%, smaller than the maximum ZLH.TO drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and ZLH.TO.

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Drawdown Indicators

ZLD.TOZLH.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.97%

-33.34%

+4.37%

Max Drawdown (1Y)

Largest decline over 1 year

-7.09%

-7.35%

+0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-7.47%

-9.92%

+2.45%

Max Drawdown (5Y)

Largest decline over 5 years

-15.02%

-14.66%

-0.36%

Max Drawdown (10Y)

Largest decline over 10 years

-28.97%

-33.34%

+4.37%

Current Drawdown

Current decline from peak

-1.32%

-1.14%

-0.18%

Average Drawdown

Average peak-to-trough decline

-3.68%

-3.89%

+0.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

3.06%

+0.26%

Volatility

ZLD.TO vs. ZLH.TO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 2.32%, while BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a volatility of 4.01%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than ZLH.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.TOZLH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

4.01%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

6.50%

7.93%

-1.43%

Volatility (1Y)

Calculated over the trailing 1-year period

8.50%

10.84%

-2.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.99%

12.24%

-2.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.81%

13.85%

-1.04%

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

ZLD.TO has a 0.45% expense ratio, which is higher than ZLH.TO's 0.30% expense ratio.

Dividends

ZLD.TO vs. ZLH.TO - Dividend Comparison

ZLD.TO's dividend yield for the trailing twelve months is around 2.18%, more than ZLH.TO's 1.72% yield.

PositionTTM2025202420232022202120202019201820172016
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%
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		1.72%1.92%2.25%2.45%2.12%1.84%1.95%1.55%2.00%1.93%2.02%

Frequently Asked Questions

ZLD.TO and ZLH.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZLH.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLH.TO is cheaper with a 0.30% expense ratio, compared with 0.45% for ZLD.TO.

ZLD.TO is categorized as Foreign Large Cap Equities, while ZLH.TO is Low Volatility. Their fees differ too: 0.45% for ZLD.TO and 0.30% for ZLH.TO.

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