ZLH.TO vs. HVOI.TO

Last updated Jul 25, 2026

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both exchange-traded funds - ZLH.TO is a Low Volatility fund actively managed by BMO, while HVOI.TO is a Derivative Income fund actively managed by Harvest. Both are actively managed. Over the past year, ZLH.TO returned 8.31% vs 19.07% for HVOI.TO. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

ZLH.TO vs. HVOI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZLH.TO achieves a 10.18% return, which is significantly lower than HVOI.TO's 10.87% return.

ZLH.TO

• 1D: 1.09%
• 1M: 2.54%
• 6M: 7.42%
• YTD: 10.18%
• 1Y: 8.31%
• 3Y*: 8.05%
• 5Y*: 6.57%
• 10Y*: 7.42%
• ALL TIME*: 8.66%

HVOI.TO

• 1D: 0.07%
• 1M: 1.48%
• 6M: 9.21%
• YTD: 10.87%
• 1Y: 19.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	CA$27.19K	CA$38.03K	CA$48.11K
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF	CA$212.50K	CA$216.28K	CA$179.19K

ZLH.TO vs. HVOI.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF	10.18%	0.60%
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	10.87%	15.49%

Correlation

The correlation between ZLH.TO and HVOI.TO is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.50

The correlation between ZLH.TO and HVOI.TO has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

ZLH.TO vs. HVOI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZLH.TO

ZLH.TO Risk / Return Rank: 31
ZLH.TO Sharpe Ratio Rank: 31
ZLH.TO Sortino Ratio Rank: 28
ZLH.TO Omega Ratio Rank: 31
ZLH.TO Calmar Ratio Rank: 33
ZLH.TO Martin Ratio Rank: 30

HVOI.TO

HVOI.TO Risk / Return Rank: 86
HVOI.TO Sharpe Ratio Rank: 90
HVOI.TO Sortino Ratio Rank: 91
HVOI.TO Omega Ratio Rank: 90
HVOI.TO Calmar Ratio Rank: 78
HVOI.TO Martin Ratio Rank: 83

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.

ZLH.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.

	ZLH.TO	HVOI.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.77	2.19	-1.42
Sortino ratio: Return per unit of downside risk	1.06	3.22	-2.16
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.14	2.85	-1.71
Martin ratio: Return relative to average drawdown	2.73	11.40	-8.67

ZLH.TO vs. HVOI.TO - Sharpe Ratio Comparison

The current ZLH.TO Sharpe Ratio is 0.77, which is lower than the HVOI.TO Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ZLH.TO and HVOI.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.

Drawdowns

ZLH.TO vs. HVOI.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and HVOI.TO.

Drawdown Indicators

	ZLH.TO	HVOI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-6.72%	-26.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-6.72%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.34%	—	—
Current Drawdown Current decline from peak	-1.14%	-0.48%	-0.66%
Average Drawdown Average peak-to-trough decline	-3.89%	-0.89%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.68%	+1.38%

Volatility

ZLH.TO vs. HVOI.TO - Volatility Comparison

BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a higher volatility of 4.01% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 1.95%. This indicates that ZLH.TO's price experiences larger fluctuations and is considered to be riskier than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLH.TO	HVOI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	1.95%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	7.06%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	10.84%	8.73%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.24%	8.29%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	8.29%	+5.56%

Dividends

ZLH.TO vs. HVOI.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.72%, less than HVOI.TO's 6.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	6.67%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF	1.72%	1.92%	2.25%	2.45%	2.12%	1.84%	1.95%	1.55%	2.00%	1.93%	2.02%

Frequently Asked Questions

Can I hold both ZLH.TO and HVOI.TO in my portfolio?

ZLH.TO and HVOI.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZLH.TO and HVOI.TO?

ZLH.TO is categorized as Low Volatility, while HVOI.TO is Derivative Income. They also come from different issuers: BMO and Harvest.