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

ZLH.TO vs. XUH.TO

Last updated Jul 17, 2026
Documentation

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and XUH.TO (iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds. Over the past 10 years, ZLH.TO returned 7.35%/yr vs 12.78%/yr for XUH.TO. At a 0.45 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.08%/yr for XUH.TO.

Performance

ZLH.TO vs. XUH.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 Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with ZLH.TO at 9.24% and XUH.TO at 9.24%. Over the past 10 years, ZLH.TO has underperformed XUH.TO with an annualized return of 7.35%, while XUH.TO has yielded a comparatively higher 12.78% annualized return.

ZLH.TO

1D
1.38%
1M
0.91%
6M
6.33%
YTD
9.24%
1Y
9.74%
3Y*
8.69%
5Y*
6.51%
10Y*
7.35%

XUH.TO

1D
-0.40%
1M
-0.18%
6M
7.79%
YTD
9.24%
1Y
18.95%
3Y*
17.50%
5Y*
10.72%
10Y*
12.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		9.24%5.90%10.95%-2.11%0.20%22.07%2.34%25.20%-1.85%11.93%
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		9.24%15.11%22.45%24.06%-20.19%26.19%15.54%28.50%-7.50%20.14%

Correlation

The correlation between ZLH.TO and XUH.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.27

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

0.36

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

0.45

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

0.45

Over the past year, the correlation between ZLH.TO and XUH.TO has dropped to 0.23 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

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

Sectors
ZLH.TO
XUH.TO

Utilities

20.7%
2.2%

Technology

18.7%
37.0%

Healthcare

17.8%
8.6%

Consumer Defensive

12.4%
4.4%

Financial Services

11.7%
11.4%

Industrials

6.3%
9.0%

Real Estate

3.4%
2.3%

Consumer Cyclical

3.2%
10.0%

Communication Services

3.0%
10.0%

Basic Materials

2.2%
1.9%

Energy

0.7%
3.3%

Utilities

ZLH.TO
20.7%
XUH.TO
2.2%

Technology

ZLH.TO
18.7%
XUH.TO
37.0%

Healthcare

ZLH.TO
17.8%
XUH.TO
8.6%

Consumer Defensive

ZLH.TO
12.4%
XUH.TO
4.4%

Financial Services

ZLH.TO
11.7%
XUH.TO
11.4%

Industrials

ZLH.TO
6.3%
XUH.TO
9.0%

Real Estate

ZLH.TO
3.4%
XUH.TO
2.3%

Consumer Cyclical

ZLH.TO
3.2%
XUH.TO
10.0%

Communication Services

ZLH.TO
3.0%
XUH.TO
10.0%

Basic Materials

ZLH.TO
2.2%
XUH.TO
1.9%

Energy

ZLH.TO
0.7%
XUH.TO
3.3%

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 Core S&P U.S. Total Market 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 XUH.TO:
XUH.TO vs. XUU.TOXUH.TO vs. XUU-U.TOXUH.TO vs. VFV.TOXUH.TO vs. XSU.TOXUH.TO vs. VSP.TOXUH.TO vs. IUSGXUH.TO vs. VYM

Return for Risk

ZLH.TO vs. XUH.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: 2929
Overall Rank
ZLH.TO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
ZLH.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
ZLH.TO Omega Ratio Rank: 3030
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 2828
Martin Ratio Rank
XUH.TO
XUH.TO Risk / Return Rank: 5353
Overall Rank
XUH.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
XUH.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XUH.TO Omega Ratio Rank: 5151
Omega Ratio Rank
XUH.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
XUH.TO Martin Ratio Rank: 6262
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. XUH.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 Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.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.TOXUH.TODifference
Sharpe ratioReturn per unit of total volatility
0.90
1.46

-0.56

Sortino ratioReturn per unit of downside risk
1.22
2.07

-0.85

Omega ratioGain probability vs. loss probability

1.17

1.26

-0.09

Calmar ratioReturn relative to maximum drawdown

1.33

2.02

-0.69

Martin ratioReturn relative to average drawdown

3.22

8.70

-5.48

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

The current ZLH.TO Sharpe Ratio is 0.90, which is lower than the XUH.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ZLH.TO and XUH.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. XUH.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, smaller than the maximum XUH.TO drawdown of -38.37%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and XUH.TO.

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Drawdown Indicators

ZLH.TOXUH.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.34%

-38.37%

+5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-7.35%

-9.41%

+2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-10.17%

-19.32%

+9.15%

Max Drawdown (5Y)

Largest decline over 5 years

-14.66%

-26.11%

+11.45%

Max Drawdown (10Y)

Largest decline over 10 years

-33.34%

-38.37%

+5.03%

Current Drawdown

Current decline from peak

-1.98%

-0.97%

-1.01%

Average Drawdown

Average peak-to-trough decline

-3.90%

-4.94%

+1.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

2.18%

+0.85%

Volatility

ZLH.TO vs. XUH.TO - Volatility Comparison

BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a higher volatility of 4.67% compared to iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.TO) at 3.60%. This indicates that ZLH.TO's price experiences larger fluctuations and is considered to be riskier than XUH.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.TOXUH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.67%

3.60%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

7.88%

10.34%

-2.46%

Volatility (1Y)

Calculated over the trailing 1-year period

10.89%

13.04%

-2.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.29%

17.16%

-4.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.84%

18.69%

-4.85%

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

ZLH.TO has a 0.30% expense ratio, which is higher than XUH.TO's 0.08% expense ratio.

Dividends

ZLH.TO vs. XUH.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.74%, more than XUH.TO's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		0.84%0.91%1.10%1.15%1.40%0.98%1.26%1.70%1.83%1.28%1.63%1.63%
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 XUH.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUH.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUH.TO is cheaper with a 0.08% expense ratio, compared with 0.30% for ZLH.TO.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.30% for ZLH.TO and 0.08% for XUH.TO.

Portfolio Optimizer

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