ZLH.TO vs. TPU.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and TPU.TO (TD U.S. Equity Index ETF) are both Large Cap Blend Equities funds. Over the past 10 years, ZLH.TO returned 7.51%/yr vs 16.35%/yr for TPU.TO. At a 0.35 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.06%/yr for TPU.TO.
Performance
ZLH.TO vs. TPU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLH.TO achieves a 9.49% return, which is significantly lower than TPU.TO's 14.03% return. Over the past 10 years, ZLH.TO has underperformed TPU.TO with an annualized return of 7.51%, while TPU.TO has yielded a comparatively higher 16.35% annualized return.
ZLH.TO
- 1D
- -0.10%
- 1M
- 1.61%
- YTD
- 9.49%
- 6M
- 8.95%
- 1Y
- 10.17%
- 3Y*
- 9.04%
- 5Y*
- 7.12%
- 10Y*
- 7.51%
TPU.TO
- 1D
- 0.75%
- 1M
- 1.91%
- YTD
- 14.03%
- 6M
- 13.44%
- 1Y
- 27.26%
- 3Y*
- 23.66%
- 5Y*
- 15.91%
- 10Y*
- 16.35%
ZLH.TO vs. TPU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 9.49% | 5.90% | 10.95% | -2.11% | 0.20% | 22.07% | 2.34% | 25.20% | -1.85% | 11.93% |
TPU.TO TD U.S. Equity Index ETF | 14.03% | 12.69% | 35.78% | 24.25% | -14.31% | 26.02% | 18.73% | 25.02% | 3.03% | 13.31% |
Correlation
The correlation between ZLH.TO and TPU.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016 | 0.35 |
The correlation between ZLH.TO and TPU.TO shifts across timeframes, from 0.20 (3 years) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZLH.TO vs. TPU.TO — Risk / Return Rank
ZLH.TO
TPU.TO
ZLH.TO vs. TPU.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 TD U.S. Equity Index ETF (TPU.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 | TPU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.40 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.15 | -1.76 |
| Martin ratioReturn relative to average drawdown | 3.38 | 11.58 | -8.21 |
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Drawdowns
ZLH.TO vs. TPU.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than TPU.TO's maximum drawdown of -27.96%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and TPU.TO.
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Drawdown Indicators
| ZLH.TO | TPU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -27.96% | -5.38% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -8.68% | +1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -19.30% | +9.13% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -23.73% | +9.07% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -27.96% | -5.38% |
Current DrawdownCurrent decline from peak | -1.60% | 0.00% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -3.95% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.36% | +0.66% |
Volatility
ZLH.TO vs. TPU.TO - Volatility Comparison
The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while TD U.S. Equity Index ETF (TPU.TO) has a volatility of 4.90%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than TPU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLH.TO | TPU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 4.90% | -1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 9.76% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 12.40% | -2.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 15.46% | -3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 16.77% | -2.96% |
ZLH.TO vs. TPU.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is higher than TPU.TO's 0.06% expense ratio.
Dividends
ZLH.TO vs. TPU.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than TPU.TO's 0.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TPU.TO TD U.S. Equity Index ETF | 0.83% | 0.96% | 0.90% | 1.23% | 1.34% | 0.99% | 1.23% | 1.23% | 1.57% | 1.59% | 1.33% |
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 1.73% | 1.92% | 2.25% | 2.45% | 2.12% | 1.84% | 1.95% | 1.55% | 2.00% | 1.93% | 2.02% |
Frequently Asked Questions
ZLH.TO and TPU.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.30% for ZLH.TO.
They also come from different issuers: BMO and TD. Their fees differ too: 0.30% for ZLH.TO and 0.06% for TPU.TO.
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