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

ZLH.TO vs. XMV.TO

Last updated Jul 25, 2026
Documentation

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and XMV.TO (iShares MSCI Min Vol Canada Index ETF) are both exchange-traded funds - ZLH.TO is a Low Volatility fund actively managed by BMO, while XMV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. ZLH.TO is actively managed, while XMV.TO is passively managed. Over the past 10 years, ZLH.TO returned 7.42%/yr vs 9.95%/yr for XMV.TO. At a 0.47 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.33%/yr for XMV.TO.

Performance

ZLH.TO vs. XMV.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 MSCI Min Vol Canada Index ETF (XMV.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 10.18% return, which is significantly lower than XMV.TO's 13.16% return. Over the past 10 years, ZLH.TO has underperformed XMV.TO with an annualized return of 7.42%, while XMV.TO has yielded a comparatively higher 9.95% annualized 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%

XMV.TO

1D
0.92%
1M
2.36%
6M
11.20%
YTD
13.16%
1Y
18.88%
3Y*
17.02%
5Y*
10.60%
10Y*
9.95%
ALL TIME*
10.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XMV.TO

iShares MSCI Min Vol Canada Index ETF
CA$225.31KCA$221.10KCA$544.03K

ZLH.TO

BMO Low Volatility US Equity Hedged to CAD ETF
CA$212.50KCA$216.28KCA$179.19K

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

2026 (YTD)202520242023202220212020201920182017
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		10.18%5.90%10.95%-2.11%0.20%22.07%2.34%25.20%-1.85%11.93%
XMV.TO
iShares MSCI Min Vol Canada Index ETF		13.16%17.98%15.85%11.14%-1.46%21.73%-1.41%23.69%-7.37%7.14%

Correlation

The correlation between ZLH.TO and XMV.TO is 0.57, 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

0.57

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

0.51

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

0.52

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

The correlation between ZLH.TO and XMV.TO shifts across timeframes, from 0.47 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZLH.TO
XMV.TO

Technology

19.6%
3.7%

Utilities

19.6%
7.5%

Healthcare

17.4%

-

Consumer Defensive

11.3%
9.1%

Financial Services

11.1%
36.2%

Industrials

7.8%
11.9%

Communication Services

4.3%
4.8%

Consumer Cyclical

3.9%
5.3%

Real Estate

3.9%
0.4%

Basic Materials

0.7%
7.5%

Energy

0.4%
13.6%

Technology

ZLH.TO
19.6%
XMV.TO
3.7%

Utilities

ZLH.TO
19.6%
XMV.TO
7.5%

Healthcare

ZLH.TO
17.4%
XMV.TO

-

Consumer Defensive

ZLH.TO
11.3%
XMV.TO
9.1%

Financial Services

ZLH.TO
11.1%
XMV.TO
36.2%

Industrials

ZLH.TO
7.8%
XMV.TO
11.9%

Communication Services

ZLH.TO
4.3%
XMV.TO
4.8%

Consumer Cyclical

ZLH.TO
3.9%
XMV.TO
5.3%

Real Estate

ZLH.TO
3.9%
XMV.TO
0.4%

Basic Materials

ZLH.TO
0.7%
XMV.TO
7.5%

Energy

ZLH.TO
0.4%
XMV.TO
13.6%

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 MSCI Min Vol Canada Index ETF

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Often compared with XMV.TO:
XMV.TO vs. XIC.TOXMV.TO vs. VEQT.TOXMV.TO vs. XMU.TOXMV.TO vs. XMW.TOXMV.TO vs. XMI.TOXMV.TO vs. XEQT.TOXMV.TO vs. VCE.TO

Return for Risk

ZLH.TO vs. XMV.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: 3131
Overall Rank
ZLH.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
ZLH.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
ZLH.TO Omega Ratio Rank: 3131
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 3030
Martin Ratio Rank
XMV.TO
XMV.TO Risk / Return Rank: 8484
Overall Rank
XMV.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XMV.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
XMV.TO Omega Ratio Rank: 8686
Omega Ratio Rank
XMV.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XMV.TO Martin Ratio Rank: 8383
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. XMV.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 Min Vol Canada Index ETF (XMV.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.TOXMV.TODifference
Sharpe ratioReturn per unit of total volatility
0.77
1.99

-1.22

Sortino ratioReturn per unit of downside risk
1.06
2.71

-1.66

Omega ratioGain probability vs. loss probability

1.15

1.38

-0.23

Calmar ratioReturn relative to maximum drawdown

1.14

3.22

-2.09

Martin ratioReturn relative to average drawdown

2.73

11.39

-8.66

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

The current ZLH.TO Sharpe Ratio is 0.77, which is lower than the XMV.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ZLH.TO and XMV.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. XMV.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, smaller than the maximum XMV.TO drawdown of -38.65%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and XMV.TO.

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Drawdown Indicators

ZLH.TOXMV.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.34%

-38.65%

+5.31%

Max Drawdown (1Y)

Largest decline over 1 year

-7.35%

-5.88%

-1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-9.92%

-9.72%

-0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-14.66%

-17.56%

+2.90%

Max Drawdown (10Y)

Largest decline over 10 years

-33.34%

-38.65%

+5.31%

Current Drawdown

Current decline from peak

-1.14%

-0.29%

-0.85%

Average Drawdown

Average peak-to-trough decline

-3.89%

-6.55%

+2.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

1.66%

+1.40%

Volatility

ZLH.TO vs. XMV.TO - Volatility Comparison

BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a higher volatility of 4.01% compared to iShares MSCI Min Vol Canada Index ETF (XMV.TO) at 2.39%. This indicates that ZLH.TO's price experiences larger fluctuations and is considered to be riskier than XMV.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.TOXMV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

2.39%

+1.62%

Volatility (6M)

Calculated over the trailing 6-month period

7.93%

6.80%

+1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

10.84%

9.54%

+1.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.24%

17.82%

-5.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.85%

27.69%

-13.84%

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

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

Dividends

ZLH.TO vs. XMV.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.72%, less than XMV.TO's 2.06% yield.

PositionTTM20252024202320222021202020192018201720162015
XMV.TO
iShares MSCI Min Vol Canada Index ETF		2.06%2.28%2.49%2.83%2.59%2.28%3.04%2.72%3.25%2.79%2.38%2.72%
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%0.00%

Frequently Asked Questions

ZLH.TO and XMV.TO have a correlation of 0.57, 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 XMV.TO.

ZLH.TO is categorized as Low Volatility, while XMV.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.30% for ZLH.TO and 0.33% for XMV.TO.

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