ZLE.TO vs. ZCN.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 12.76%/yr for ZCN.TO. At a 0.27 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.06%/yr for ZCN.TO.
Performance
ZLE.TO vs. ZCN.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZLE.TO achieves a 34.50% return, which is significantly higher than ZCN.TO's 11.09% return. Over the past 10 years, ZLE.TO has underperformed ZCN.TO with an annualized return of 6.17%, while ZCN.TO has yielded a comparatively higher 12.76% annualized return.
ZLE.TO
- 1D
- 1.49%
- 1M
- 6.37%
- YTD
- 34.50%
- 6M
- 31.59%
- 1Y
- 47.27%
- 3Y*
- 24.48%
- 5Y*
- 10.16%
- 10Y*
- 6.17%
ZCN.TO
- 1D
- 0.15%
- 1M
- 0.71%
- YTD
- 11.09%
- 6M
- 10.54%
- 1Y
- 32.80%
- 3Y*
- 23.36%
- 5Y*
- 14.78%
- 10Y*
- 12.76%
ZLE.TO vs. ZCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 34.50% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 11.00% | -7.15% | 14.79% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 11.09% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 5.69% | 22.85% | -8.85% | 8.98% |
Correlation
The correlation between ZLE.TO and ZCN.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.27 |
The correlation between ZLE.TO and ZCN.TO shifts across timeframes, from 0.24 (5 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZLE.TO vs. ZCN.TO — Risk / Return Rank
ZLE.TO
ZCN.TO
ZLE.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.
| ZLE.TO | ZCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.45 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 3.54 | +2.29 |
| Martin ratioReturn relative to average drawdown | 18.60 | 16.14 | +2.46 |
Loading charts...
Drawdowns
ZLE.TO vs. ZCN.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and ZCN.TO.
Loading charts...
Drawdown Indicators
| ZLE.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -37.18% | +5.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -9.30% | +1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -12.25% | +1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -16.25% | -9.49% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -37.18% | +5.47% |
Current DrawdownCurrent decline from peak | -2.34% | -1.41% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -4.72% | -4.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 2.04% | +0.51% |
Volatility
ZLE.TO vs. ZCN.TO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 4.18%. This indicates that ZLE.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZLE.TO | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 4.18% | +4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 10.73% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 13.11% | +3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 13.19% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 14.98% | -0.56% |
ZLE.TO vs. ZCN.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.
Dividends
ZLE.TO vs. ZCN.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than ZCN.TO's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.06% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.75% | 2.86% | 3.36% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 2.33% | 3.13% | 3.61% | 3.54% | 3.62% | 2.21% | 2.11% | 1.82% | 2.13% | 1.39% | 0.76% | 0.00% |
Frequently Asked Questions
ZLE.TO and ZCN.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.45% for ZLE.TO.
ZLE.TO is categorized as Emerging Markets Equities, while ZCN.TO is Canada Equities. Their fees differ too: 0.45% for ZLE.TO and 0.06% for ZCN.TO.
Find the right allocation for ZLE.TO and ZCN.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer