ZLE.TO vs. ZLB.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZLB.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 10.70%/yr for ZLB.TO. At a 0.19 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.39%/yr for ZLB.TO.
Performance
ZLE.TO vs. ZLB.TO - Performance Comparison
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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 ZLB.TO's 7.13% return. Over the past 10 years, ZLE.TO has underperformed ZLB.TO with an annualized return of 6.17%, while ZLB.TO has yielded a comparatively higher 10.70% 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%
ZLB.TO
- 1D
- -0.37%
- 1M
- 3.17%
- YTD
- 7.13%
- 6M
- 7.05%
- 1Y
- 13.34%
- 3Y*
- 14.99%
- 5Y*
- 11.62%
- 10Y*
- 10.70%
ZLE.TO vs. ZLB.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% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 7.13% | 20.40% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.11% |
Correlation
The correlation between ZLE.TO and ZLB.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.19 |
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Return for Risk
ZLE.TO vs. ZLB.TO — Risk / Return Rank
ZLE.TO
ZLB.TO
ZLE.TO vs. ZLB.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 Low Volatility Canadian Equity ETF (ZLB.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 | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.27 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 2.36 | +3.47 |
| Martin ratioReturn relative to average drawdown | 18.60 | 6.91 | +11.68 |
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Drawdowns
ZLE.TO vs. ZLB.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, smaller than the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and ZLB.TO.
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Drawdown Indicators
| ZLE.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -33.96% | +2.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -5.67% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -8.01% | -2.90% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -13.00% | -12.74% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -33.96% | +2.25% |
Current DrawdownCurrent decline from peak | -2.34% | -1.01% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -2.48% | -6.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 1.93% | +0.62% |
Volatility
ZLE.TO vs. ZLB.TO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.38%. This indicates that ZLE.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.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.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 2.38% | +6.39% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 6.65% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 9.30% | +7.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 9.64% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 12.22% | +2.20% |
ZLE.TO vs. ZLB.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.
Dividends
ZLE.TO vs. ZLB.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than ZLB.TO's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.84% | 1.99% | 2.37% | 2.67% | 2.66% | 2.39% | 2.83% | 2.44% | 2.76% | 2.55% | 2.94% | 2.34% |
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 ZLB.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLB.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 ZLB.TO is Canada Equities. Their fees differ too: 0.45% for ZLE.TO and 0.39% for ZLB.TO.
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