ZLE.TO vs. ZQQ.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 19.81%/yr for ZQQ.TO. At a 0.27 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.39%/yr for ZQQ.TO.
Performance
ZLE.TO vs. ZQQ.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 ZQQ.TO's 18.49% return. Over the past 10 years, ZLE.TO has underperformed ZQQ.TO with an annualized return of 6.17%, while ZQQ.TO has yielded a comparatively higher 19.81% 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%
ZQQ.TO
- 1D
- 1.60%
- 1M
- -0.35%
- YTD
- 18.49%
- 6M
- 17.55%
- 1Y
- 26.82%
- 3Y*
- 22.92%
- 5Y*
- 13.78%
- 10Y*
- 19.81%
ZLE.TO vs. ZQQ.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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 18.49% | 14.59% | 24.00% | 52.52% | -33.75% | 26.68% | 45.33% | 37.08% | -2.29% | 31.51% |
Correlation
The correlation between ZLE.TO and ZQQ.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 | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
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 |
Over the past year, ZLE.TO and ZQQ.TO have become more correlated (0.57) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
ZLE.TO vs. ZQQ.TO — Risk / Return Rank
ZLE.TO
ZQQ.TO
ZLE.TO vs. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.27 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 1.72 | +4.11 |
| Martin ratioReturn relative to average drawdown | 18.60 | 5.44 | +13.16 |
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Drawdowns
ZLE.TO vs. ZQQ.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and ZQQ.TO.
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Drawdown Indicators
| ZLE.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -36.39% | +4.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -15.65% | +7.50% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -22.79% | +11.88% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -36.39% | +10.65% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -36.39% | +4.68% |
Current DrawdownCurrent decline from peak | -2.34% | -1.39% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -5.46% | -3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 4.94% | -2.39% |
Volatility
ZLE.TO vs. ZQQ.TO - Volatility Comparison
The current volatility for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) is 8.77%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 9.57%. This indicates that ZLE.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 9.57% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 14.82% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 18.32% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 22.94% | -9.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 22.54% | -8.12% |
ZLE.TO vs. ZQQ.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than ZQQ.TO's 0.39% expense ratio.
Dividends
ZLE.TO vs. ZQQ.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than ZQQ.TO's 0.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 0.22% | 0.27% | 0.37% | 0.32% | 0.45% | 0.14% | 0.41% | 0.51% | 0.64% | 0.57% | 1.60% | 0.81% |
Frequently Asked Questions
ZLE.TO and ZQQ.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, ZQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZQQ.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 ZQQ.TO is Nasdaq-100. Their fees differ too: 0.45% for ZLE.TO and 0.39% for ZQQ.TO.
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