ZLE.TO vs. ZDV.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 12.20%/yr for ZDV.TO. At a 0.23 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZLE.TO vs. ZDV.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 ZDV.TO's 19.50% return. Over the past 10 years, ZLE.TO has underperformed ZDV.TO with an annualized return of 6.17%, while ZDV.TO has yielded a comparatively higher 12.20% 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%
ZDV.TO
- 1D
- -0.09%
- 1M
- 1.72%
- YTD
- 19.50%
- 6M
- 19.28%
- 1Y
- 40.41%
- 3Y*
- 23.52%
- 5Y*
- 15.82%
- 10Y*
- 12.20%
ZLE.TO vs. ZDV.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% |
ZDV.TO BMO Canadian Dividend ETF | 19.50% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 7.46% |
Correlation
The correlation between ZLE.TO and ZDV.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.23 |
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. ZDV.TO — Risk / Return Rank
ZLE.TO
ZDV.TO
ZLE.TO vs. ZDV.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 Canadian Dividend ETF (ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.92 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 7.49 | -1.66 |
| Martin ratioReturn relative to average drawdown | 18.60 | 38.44 | -19.85 |
Loading charts...
Drawdowns
ZLE.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, smaller than the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and ZDV.TO.
Loading charts...
Drawdown Indicators
| ZLE.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -43.20% | +11.49% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -5.42% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -9.04% | -1.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -16.61% | -9.13% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -43.20% | +11.49% |
Current DrawdownCurrent decline from peak | -2.34% | -0.97% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -4.92% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 1.05% | +1.50% |
Volatility
ZLE.TO vs. ZDV.TO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.81%. This indicates that ZLE.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZLE.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 2.81% | +5.96% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 7.29% | +7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 8.65% | +7.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 10.59% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 14.93% | -0.51% |
ZLE.TO vs. ZDV.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.
Dividends
ZLE.TO vs. ZDV.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, less than ZDV.TO's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.69% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
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 ZDV.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.45% for ZLE.TO.
ZLE.TO is categorized as Emerging Markets Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.45% for ZLE.TO and 0.39% for ZDV.TO.
Find the right allocation for ZLE.TO and ZDV.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