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ZLH.TO vs. XHD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLH.TO vs. XHD.TO

Last updated Jul 18, 2026
Documentation

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds. Over the past 10 years, ZLH.TO returned 7.32%/yr vs 5.65%/yr for XHD.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZLH.TO charges 0.30%/yr vs 0.33%/yr for XHD.TO.

Performance

ZLH.TO vs. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZLH.TO achieves a 8.99% return, which is significantly lower than XHD.TO's 16.33% return. Over the past 10 years, ZLH.TO has outperformed XHD.TO with an annualized return of 7.32%, while XHD.TO has yielded a comparatively lower 5.65% annualized return.

ZLH.TO

1D
-0.23%
1M
3.07%
6M
6.09%
YTD
8.99%
1Y
8.78%
3Y*
8.70%
5Y*
6.47%
10Y*
7.32%

XHD.TO

1D
-0.30%
1M
4.54%
6M
11.52%
YTD
16.33%
1Y
7.15%
3Y*
8.69%
5Y*
6.78%
10Y*
5.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		8.99%5.90%10.95%-2.11%0.20%22.07%2.34%25.20%-1.85%11.93%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		16.33%-1.36%9.56%0.00%4.27%17.97%-9.44%18.01%-5.54%11.80%

Correlation

The correlation between ZLH.TO and XHD.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2016

0.63

The correlation between ZLH.TO and XHD.TO has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

ZLH.TO vs. XHD.TO - Sectors Allocation Comparison

Sectors
ZLH.TO
XHD.TO

Utilities

20.7%
8.2%

Technology

18.7%
0.2%

Healthcare

17.8%
23.7%

Consumer Defensive

12.4%
24.5%

Financial Services

11.7%
4.8%

Industrials

6.3%
3.6%

Real Estate

3.4%

-

Consumer Cyclical

3.2%
9.2%

Communication Services

3.0%
5.2%

Basic Materials

2.2%
0.8%

Energy

0.7%
19.6%

Utilities

ZLH.TO
20.7%
XHD.TO
8.2%

Technology

ZLH.TO
18.7%
XHD.TO
0.2%

Healthcare

ZLH.TO
17.8%
XHD.TO
23.7%

Consumer Defensive

ZLH.TO
12.4%
XHD.TO
24.5%

Financial Services

ZLH.TO
11.7%
XHD.TO
4.8%

Industrials

ZLH.TO
6.3%
XHD.TO
3.6%

Real Estate

ZLH.TO
3.4%
XHD.TO

-

Consumer Cyclical

ZLH.TO
3.2%
XHD.TO
9.2%

Communication Services

ZLH.TO
3.0%
XHD.TO
5.2%

Basic Materials

ZLH.TO
2.2%
XHD.TO
0.8%

Energy

ZLH.TO
0.7%
XHD.TO
19.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Low Volatility US Equity Hedged to CAD ETF

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

Often compared with ZLH.TO:
ZLH.TO vs. ESGY.TOZLH.TO vs. TULV.TOZLH.TO vs. ZLU.TOZLH.TO vs. XTOT.TOZLH.TO vs. TPU.TOZLH.TO vs. XMS.TOZLH.TO vs. SMVP.TO
Often compared with XHD.TO:
XHD.TO vs. SCHDXHD.TO vs. VDY.TOXHD.TO vs. XDIV.TOXHD.TO vs. XEQT.TOXHD.TO vs. XDGH.TOXHD.TO vs. XDU.TOXHD.TO vs. HDIVX

Return for Risk

ZLH.TO vs. XHD.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: 2828
Overall Rank
ZLH.TO Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
ZLH.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
ZLH.TO Omega Ratio Rank: 2929
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 2828
Martin Ratio Rank
XHD.TO
XHD.TO Risk / Return Rank: 1919
Overall Rank
XHD.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 1515
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 2323
Martin Ratio Rank
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. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.TOXHD.TODifference
Sharpe ratioReturn per unit of total volatility
0.81
0.44

+0.37

Sortino ratioReturn per unit of downside risk
1.11
0.64

+0.47

Omega ratioGain probability vs. loss probability

1.16

1.11

+0.04

Calmar ratioReturn relative to maximum drawdown

1.20

0.64

+0.56

Martin ratioReturn relative to average drawdown

2.90

2.22

+0.68

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

The current ZLH.TO Sharpe Ratio is 0.81, which is higher than the XHD.TO Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of ZLH.TO and XHD.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.

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Drawdowns

ZLH.TO vs. XHD.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and XHD.TO.

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Drawdown Indicators

ZLH.TOXHD.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.34%

-38.71%

+5.37%

Max Drawdown (1Y)

Largest decline over 1 year

-7.35%

-11.29%

+3.94%

Max Drawdown (3Y)

Largest decline over 3 years

-10.17%

-12.74%

+2.57%

Max Drawdown (5Y)

Largest decline over 5 years

-14.66%

-16.37%

+1.71%

Max Drawdown (10Y)

Largest decline over 10 years

-33.34%

-38.71%

+5.37%

Current Drawdown

Current decline from peak

-2.20%

-0.30%

-1.90%

Average Drawdown

Average peak-to-trough decline

-3.90%

-3.94%

+0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

3.23%

-0.19%

Volatility

ZLH.TO vs. XHD.TO - Volatility Comparison

The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.96%, while iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) has a volatility of 4.77%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than XHD.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.TOXHD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.96%

4.77%

-0.81%

Volatility (6M)

Calculated over the trailing 6-month period

7.88%

8.63%

-0.75%

Volatility (1Y)

Calculated over the trailing 1-year period

10.88%

16.39%

-5.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.29%

14.69%

-2.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.84%

16.42%

-2.58%

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

ZLH.TO has a 0.30% expense ratio, which is lower than XHD.TO's 0.33% expense ratio.

Dividends

ZLH.TO vs. XHD.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.74%, less than XHD.TO's 2.35% yield.

PositionTTM20252024202320222021202020192018201720162015
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.35%2.74%3.06%3.16%2.75%2.87%3.51%2.51%2.87%2.41%2.54%3.07%
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		1.74%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

ZLH.TO and XHD.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZLH.TO is cheaper with a 0.30% expense ratio, compared with 0.33% for XHD.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.30% for ZLH.TO and 0.33% for XHD.TO.

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