ZLH.TO vs. ZCN.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Over the past 10 years, ZLH.TO returned 7.51%/yr vs 12.76%/yr for ZCN.TO. At a 0.43 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.06%/yr for ZCN.TO.
Performance
ZLH.TO vs. ZCN.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 ZCN.TO's 11.09% return. Over the past 10 years, ZLH.TO has underperformed ZCN.TO with an annualized return of 7.51%, while ZCN.TO has yielded a comparatively higher 12.76% annualized 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%
ZCN.TO
- 1D
- 0.15%
- 1M
- 0.71%
- YTD
- 11.09%
- 6M
- 10.54%
- 1Y
- 32.80%
- 3Y*
- 23.36%
- 5Y*
- 14.78%
- 10Y*
- 12.76%
ZLH.TO vs. ZCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 25.20% | -1.85% | 11.93% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 11.09% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 5.69% | 22.85% | -8.85% | 8.98% |
Correlation
The correlation between ZLH.TO and ZCN.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.43 |
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Return for Risk
ZLH.TO vs. ZCN.TO — Risk / Return Rank
ZLH.TO
ZCN.TO
ZLH.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.45 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.54 | -2.15 |
| Martin ratioReturn relative to average drawdown | 3.38 | 16.14 | -12.76 |
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Drawdowns
ZLH.TO vs. ZCN.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and ZCN.TO.
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Drawdown Indicators
| ZLH.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -37.18% | +3.84% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -9.30% | +1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -12.25% | +2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -16.25% | +1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -37.18% | +3.84% |
Current DrawdownCurrent decline from peak | -1.60% | -1.41% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -4.72% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.04% | +0.98% |
Volatility
ZLH.TO vs. ZCN.TO - Volatility Comparison
The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.18%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 4.18% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 10.73% | -3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 13.11% | -2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 13.19% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 14.98% | -1.17% |
ZLH.TO vs. ZCN.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.
Dividends
ZLH.TO vs. ZCN.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, less than ZCN.TO's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.06% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.75% | 2.86% | 3.36% |
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% | 0.00% |
Frequently Asked Questions
ZLH.TO and ZCN.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.30% for ZLH.TO.
ZLH.TO is categorized as Large Cap Blend Equities, while ZCN.TO is Canada Equities. Their fees differ too: 0.30% for ZLH.TO and 0.06% for ZCN.TO.
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