ZLH.TO vs. XUSC.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both Large Cap Blend Equities funds. Over the past year, ZLH.TO returned 10.17% vs 27.79% for XUSC.TO. At a 0.30 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.12%/yr for XUSC.TO.
Performance
ZLH.TO vs. XUSC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLH.TO achieves a 9.49% return, which is significantly lower than XUSC.TO's 15.71% 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%
XUSC.TO
- 1D
- 0.64%
- 1M
- 3.62%
- YTD
- 15.71%
- 6M
- 15.13%
- 1Y
- 27.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZLH.TO vs. XUSC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZLH.TO BMO Low Volatility US Equity Hedged to CAD ETF | 9.49% | 5.90% | 1.73% |
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units) | 15.71% | 11.40% | 10.66% |
Correlation
The correlation between ZLH.TO and XUSC.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.30 |
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Return for Risk
ZLH.TO vs. XUSC.TO — Risk / Return Rank
ZLH.TO
XUSC.TO
ZLH.TO vs. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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 | XUSC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.43 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.67 | -2.28 |
| Martin ratioReturn relative to average drawdown | 3.38 | 13.32 | -9.95 |
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Drawdowns
ZLH.TO vs. XUSC.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than XUSC.TO's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and XUSC.TO.
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Drawdown Indicators
| ZLH.TO | XUSC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -18.31% | -15.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -7.60% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | — | — |
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% | -2.63% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.09% | +0.93% |
Volatility
ZLH.TO vs. XUSC.TO - Volatility Comparison
The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) has a volatility of 4.22%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than XUSC.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.TO | XUSC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 4.22% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 9.23% | -1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 11.87% | -1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 15.69% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 15.69% | -1.88% |
ZLH.TO vs. XUSC.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is higher than XUSC.TO's 0.12% expense ratio.
Dividends
ZLH.TO vs. XUSC.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than XUSC.TO's 0.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units) | 0.92% | 0.94% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 XUSC.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUSC.TO is cheaper with a 0.12% 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 0.12% for XUSC.TO.
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