ZLH.TO vs. XMTM.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Over the past 5 years, ZLH.TO returned 7.12%/yr vs 18.33%/yr for XMTM.TO. At a 0.18 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.31%/yr for XMTM.TO.
Performance
ZLH.TO vs. XMTM.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZLH.TO achieves a 9.49% return, which is significantly lower than XMTM.TO's 41.73% 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%
XMTM.TO
- 1D
- 2.46%
- 1M
- 12.16%
- YTD
- 41.73%
- 6M
- 41.00%
- 1Y
- 46.79%
- 3Y*
- 37.02%
- 5Y*
- 18.33%
- 10Y*
- —
ZLH.TO vs. XMTM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 3.34% |
XMTM.TO iShares MSCI USA Momentum Factor Index ETF | 41.73% | 14.03% | 43.59% | 6.48% | -14.53% | 15.00% | 25.77% | 3.26% |
Correlation
The correlation between ZLH.TO and XMTM.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019 | 0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZLH.TO vs. XMTM.TO — Risk / Return Rank
ZLH.TO
XMTM.TO
ZLH.TO vs. XMTM.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 MSCI USA Momentum Factor Index ETF (XMTM.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 | XMTM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.38 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 4.12 | -2.73 |
| Martin ratioReturn relative to average drawdown | 3.38 | 11.52 | -8.14 |
Loading charts...
Drawdowns
ZLH.TO vs. XMTM.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than XMTM.TO's maximum drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and XMTM.TO.
Loading charts...
Drawdown Indicators
| ZLH.TO | XMTM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -29.01% | -4.33% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -11.42% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -20.64% | +10.47% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -29.01% | +14.35% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | 0.00% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -7.90% | +3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 4.07% | -1.05% |
Volatility
ZLH.TO vs. XMTM.TO - Volatility Comparison
The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a volatility of 12.19%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than XMTM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZLH.TO | XMTM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 12.19% | -8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 19.07% | -11.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 21.79% | -11.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 19.50% | -7.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 20.48% | -6.67% |
ZLH.TO vs. XMTM.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is lower than XMTM.TO's 0.31% expense ratio.
Dividends
ZLH.TO vs. XMTM.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than XMTM.TO's 0.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XMTM.TO iShares MSCI USA Momentum Factor Index ETF | 0.45% | 0.71% | 0.62% | 0.84% | 1.66% | 0.32% | 0.64% | 1.24% | 0.00% | 0.00% | 0.00% |
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 XMTM.TO have a correlation of 0.12, 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 0.31% for XMTM.TO.
ZLH.TO is categorized as Large Cap Blend Equities, while XMTM.TO is Momentum. They also come from different issuers: BMO and iShares. Their fees differ too: 0.30% for ZLH.TO and 0.31% for XMTM.TO.
Find the right allocation for ZLH.TO and XMTM.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer