ZLD.TO vs. ZWE.TO
ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) are both Foreign Large Cap Equities funds from BMO. Over the past 10 years, ZLD.TO returned 6.30%/yr vs 8.61%/yr for ZWE.TO. At a 0.50 correlation, their price movements are largely independent. ZLD.TO charges 0.40%/yr vs 0.65%/yr for ZWE.TO.
Performance
ZLD.TO vs. ZWE.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 ZWE.TO's 6.03% return. Over the past 10 years, ZLD.TO has underperformed ZWE.TO with an annualized return of 6.30%, while ZWE.TO has yielded a comparatively higher 8.61% annualized 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%
ZWE.TO
- 1D
- -0.37%
- 1M
- 1.68%
- YTD
- 6.03%
- 6M
- 5.53%
- 1Y
- 15.98%
- 3Y*
- 10.48%
- 5Y*
- 9.50%
- 10Y*
- 8.61%
ZLD.TO vs. ZWE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.40% | 9.63% | 11.11% | 11.37% | -6.68% | 12.56% | -5.85% | 17.60% | 0.60% | 12.86% |
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF | 6.03% | 14.25% | 7.16% | 14.84% | 0.29% | 19.26% | -8.67% | 22.25% | -10.53% | 11.33% |
Correlation
The correlation between ZLD.TO and ZWE.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 | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.50 |
The correlation between ZLD.TO and ZWE.TO shifts across timeframes, from 0.37 (5 years) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZLD.TO vs. ZWE.TO — Risk / Return Rank
ZLD.TO
ZWE.TO
ZLD.TO vs. ZWE.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 Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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 | ZWE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.26 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 1.68 | -1.27 |
| Martin ratioReturn relative to average drawdown | 0.89 | 6.20 | -5.31 |
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Drawdowns
ZLD.TO vs. ZWE.TO - Drawdown Comparison
The maximum ZLD.TO drawdown since its inception was -28.97%, smaller than the maximum ZWE.TO drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and ZWE.TO.
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Drawdown Indicators
| ZLD.TO | ZWE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.97% | -35.38% | +6.41% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -9.56% | +2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -13.60% | +6.13% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -13.60% | -1.42% |
Max Drawdown (10Y)Largest decline over 10 years | -28.97% | -35.38% | +6.41% |
Current DrawdownCurrent decline from peak | -4.89% | -0.37% | -4.52% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -4.09% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.58% | +0.69% |
Volatility
ZLD.TO vs. ZWE.TO - Volatility Comparison
The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 1.67%, while BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) has a volatility of 3.32%. This indicates that ZLD.TO experiences smaller price fluctuations and is considered to be less risky than ZWE.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 | ZWE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 3.32% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 9.17% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.33% | 11.08% | -2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.98% | 12.60% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.85% | 15.22% | -2.37% |
ZLD.TO vs. ZWE.TO - Expense Ratio Comparison
ZLD.TO has a 0.40% expense ratio, which is lower than ZWE.TO's 0.65% expense ratio.
Dividends
ZLD.TO vs. ZWE.TO - Dividend Comparison
ZLD.TO's dividend yield for the trailing twelve months is around 2.26%, less than ZWE.TO's 6.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF | 6.64% | 6.81% | 7.25% | 7.25% | 6.98% | 6.30% | 7.74% | 6.68% | 7.88% | 6.59% | 6.87% | 2.35% |
Frequently Asked Questions
ZLD.TO and ZWE.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 0.65% for ZWE.TO.
Their fees differ too: 0.40% for ZLD.TO and 0.65% for ZWE.TO.
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