ZLH.TO vs. VGG.TO

Last updated Jul 1, 2026

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and VGG.TO (Vanguard U.S. Dividend Appreciation Index ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while VGG.TO is a Dividend fund tracking the S&P U.S. Dividend Growers Index. Over the past 10 years, ZLH.TO returned 7.51%/yr vs 13.62%/yr for VGG.TO. At a 0.47 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.31%/yr for VGG.TO.

Performance

ZLH.TO vs. VGG.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 Vanguard U.S. Dividend Appreciation Index ETF (VGG.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 9.49% return, which is significantly lower than VGG.TO's 11.85% return. Over the past 10 years, ZLH.TO has underperformed VGG.TO with an annualized return of 7.51%, while VGG.TO has yielded a comparatively higher 13.62% 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%

VGG.TO

• 1D: -0.28%
• 1M: 4.20%
• YTD: 11.85%
• 6M: 11.27%
• 1Y: 21.82%
• 3Y*: 17.44%
• 5Y*: 13.32%
• 10Y*: 13.62%

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

ZLH.TO vs. VGG.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%
VGG.TO Vanguard U.S. Dividend Appreciation Index ETF	11.85%	8.61%	26.49%	11.58%	-4.21%	22.23%	12.67%	23.32%	5.20%	13.99%

Correlation

The correlation between ZLH.TO and VGG.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016	0.47

Return for Risk

ZLH.TO vs. VGG.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: 29
ZLH.TO Sharpe Ratio Rank: 30
ZLH.TO Sortino Ratio Rank: 26
ZLH.TO Omega Ratio Rank: 31
ZLH.TO Calmar Ratio Rank: 31
ZLH.TO Martin Ratio Rank: 27

VGG.TO

VGG.TO Risk / Return Rank: 77
VGG.TO Sharpe Ratio Rank: 79
VGG.TO Sortino Ratio Rank: 82
VGG.TO Omega Ratio Rank: 77
VGG.TO Calmar Ratio Rank: 72
VGG.TO Martin Ratio Rank: 73

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. VGG.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 Vanguard U.S. Dividend Appreciation Index ETF (VGG.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	VGG.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.14	-1.16
Sortino ratio: Return per unit of downside risk	1.32	3.08	-1.76
Omega ratio: Gain probability vs. loss probability	1.19	1.38	-0.19
Calmar ratio: Return relative to maximum drawdown	1.39	3.10	-1.71
Martin ratio: Return relative to average drawdown	3.38	11.56	-8.18

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

The current ZLH.TO Sharpe Ratio is 0.98, which is lower than the VGG.TO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ZLH.TO and VGG.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. VGG.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than VGG.TO's maximum drawdown of -24.58%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and VGG.TO.

Drawdown Indicators

	ZLH.TO	VGG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-24.58%	-8.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-7.07%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	-15.56%	+5.39%
Max Drawdown (5Y) Largest decline over 5 years	-14.66%	-18.52%	+3.86%
Max Drawdown (10Y) Largest decline over 10 years	-33.34%	-24.58%	-8.76%
Current Drawdown Current decline from peak	-1.60%	-0.28%	-1.32%
Average Drawdown Average peak-to-trough decline	-3.91%	-2.92%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	1.89%	+1.13%

Volatility

ZLH.TO vs. VGG.TO - Volatility Comparison

BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a higher volatility of 3.30% compared to Vanguard U.S. Dividend Appreciation Index ETF (VGG.TO) at 2.63%. This indicates that ZLH.TO's price experiences larger fluctuations and is considered to be riskier than VGG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLH.TO	VGG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	2.63%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	7.97%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	10.23%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	12.67%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	14.97%	-1.16%

ZLH.TO vs. VGG.TO - Expense Ratio Comparison

ZLH.TO has a 0.30% expense ratio, which is lower than VGG.TO's 0.31% expense ratio.

Dividends

ZLH.TO vs. VGG.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than VGG.TO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGG.TO Vanguard U.S. Dividend Appreciation Index ETF	1.03%	1.16%	1.23%	1.37%	1.35%	1.21%	1.25%	1.24%	1.50%	1.45%	1.63%	1.70%
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%	0.00%

Frequently Asked Questions

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

ZLH.TO and VGG.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZLH.TO or VGG.TO?

On fees, ZLH.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLH.TO or VGG.TO?

ZLH.TO is cheaper with a 0.30% expense ratio, compared with 0.31% for VGG.TO.

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

ZLH.TO is categorized as Large Cap Blend Equities, while VGG.TO is Dividend. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.30% for ZLH.TO and 0.31% for VGG.TO.