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ZLE.TO vs. ZEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLE.TO vs. ZEQT.TO

Last updated Jul 1, 2026
See Documentation

ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZEQT.TO (BMO All-Equity ETF) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZEQT.TO is a Global Equities fund actively managed by BMO. Over the past 3 years, ZLE.TO returned 24.48%/yr vs 25.46%/yr for ZEQT.TO. At a 0.37 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.18%/yr for ZEQT.TO.

Performance

ZLE.TO vs. ZEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) and BMO All-Equity ETF (ZEQT.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, ZLE.TO achieves a 34.50% return, which is significantly higher than ZEQT.TO's 14.64% 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%

ZEQT.TO

1D
0.56%
1M
2.12%
YTD
14.64%
6M
14.14%
1Y
30.15%
3Y*
25.46%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLE.TO vs. ZEQT.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		34.50%18.71%15.26%6.15%-8.41%
ZEQT.TO
BMO All-Equity ETF		14.64%21.71%30.06%22.28%-0.83%

Correlation

The correlation between ZLE.TO and ZEQT.TO is 0.57, 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

0.57

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

0.40

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2022

0.37

Over the past year, ZLE.TO and ZEQT.TO have become more correlated (0.57) than their long-term average of 0.37, meaning their price movements have been converging.

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BMO Low Volatility Emerging Markets Equity ETF

BMO All-Equity ETF

Often compared with ZEQT.TO:
ZEQT.TO vs. XEQT.TOZEQT.TO vs. VEQT.TOZEQT.TO vs. ZSP.TOZEQT.TO vs. VFV.TOZEQT.TO vs. HEQT.TOZEQT.TO vs. CAGE.TOZEQT.TO vs. VGRO.TO

Return for Risk

ZLE.TO vs. ZEQT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZLE.TO
ZLE.TO Risk / Return Rank: 9292
Overall Rank
ZLE.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 9191
Martin Ratio Rank
ZEQT.TO
ZEQT.TO Risk / Return Rank: 8383
Overall Rank
ZEQT.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZEQT.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
ZEQT.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZEQT.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZEQT.TO Martin Ratio Rank: 8484
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.

ZLE.TO vs. ZEQT.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 All-Equity ETF (ZEQT.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.TOZEQT.TODifference
Sharpe ratioReturn per unit of total volatility
2.87
2.28

+0.59

Sortino ratioReturn per unit of downside risk
3.78
3.16

+0.62

Omega ratioGain probability vs. loss probability

1.54

1.42

+0.12

Calmar ratioReturn relative to maximum drawdown

5.83

3.47

+2.36

Martin ratioReturn relative to average drawdown

18.60

14.27

+4.33

ZLE.TO vs. ZEQT.TO - Sharpe Ratio Comparison

The current ZLE.TO Sharpe Ratio is 2.87, which is comparable to the ZEQT.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZLE.TO and ZEQT.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

ZLE.TO vs. ZEQT.TO - Drawdown Comparison

The maximum ZLE.TO drawdown since its inception was -31.71%, which is greater than ZEQT.TO's maximum drawdown of -15.18%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and ZEQT.TO.

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Drawdown Indicators

ZLE.TOZEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.71%

-15.18%

-16.53%

Max Drawdown (1Y)

Largest decline over 1 year

-8.15%

-8.72%

+0.57%

Max Drawdown (3Y)

Largest decline over 3 years

-10.91%

-14.62%

+3.71%

Max Drawdown (5Y)

Largest decline over 5 years

-25.74%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-31.71%

—

—

Current Drawdown

Current decline from peak

-2.34%

-0.53%

-1.81%

Average Drawdown

Average peak-to-trough decline

-9.40%

-2.57%

-6.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

2.12%

+0.43%

Volatility

ZLE.TO vs. ZEQT.TO - Volatility Comparison

BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to BMO All-Equity ETF (ZEQT.TO) at 4.49%. This indicates that ZLE.TO's price experiences larger fluctuations and is considered to be riskier than ZEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLE.TOZEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.77%

4.49%

+4.28%

Volatility (6M)

Calculated over the trailing 6-month period

14.43%

11.10%

+3.33%

Volatility (1Y)

Calculated over the trailing 1-year period

16.54%

13.29%

+3.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.52%

13.49%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.42%

13.49%

+0.93%

ZLE.TO vs. ZEQT.TO - Expense Ratio Comparison

ZLE.TO has a 0.45% expense ratio, which is higher than ZEQT.TO's 0.18% expense ratio.

Dividends

ZLE.TO vs. ZEQT.TO - Dividend Comparison

ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than ZEQT.TO's 1.27% yield.

PositionTTM2025202420232022202120202019201820172016
ZEQT.TO
BMO All-Equity ETF		1.27%2.89%5.08%6.40%7.31%0.00%0.00%0.00%0.00%0.00%0.00%
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%

Frequently Asked Questions

ZLE.TO and ZEQT.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEQT.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEQT.TO is cheaper with a 0.18% expense ratio, compared with 0.45% for ZLE.TO.

ZLE.TO is categorized as Emerging Markets Equities, while ZEQT.TO is Global Equities. Their fees differ too: 0.45% for ZLE.TO and 0.18% for ZEQT.TO.

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