ZLH.TO vs. ZDV.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZLH.TO returned 7.51%/yr vs 12.20%/yr for ZDV.TO. At a 0.47 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZLH.TO vs. ZDV.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 ZDV.TO's 19.50% return. Over the past 10 years, ZLH.TO has underperformed ZDV.TO with an annualized return of 7.51%, while ZDV.TO has yielded a comparatively higher 12.20% 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%
ZDV.TO
- 1D
- -0.09%
- 1M
- 1.72%
- YTD
- 19.50%
- 6M
- 19.28%
- 1Y
- 40.41%
- 3Y*
- 23.52%
- 5Y*
- 15.82%
- 10Y*
- 12.20%
ZLH.TO vs. ZDV.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% |
ZDV.TO BMO Canadian Dividend ETF | 19.50% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 7.46% |
Correlation
The correlation between ZLH.TO and ZDV.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
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 ZDV.TO has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.
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. ZDV.TO — Risk / Return Rank
ZLH.TO
ZDV.TO
ZLH.TO vs. ZDV.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 Canadian Dividend ETF (ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.71 | ||
| Sortino ratioReturn per unit of downside risk | -5.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.92 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 7.49 | -6.10 |
| Martin ratioReturn relative to average drawdown | 3.38 | 38.44 | -35.07 |
Loading charts...
Drawdowns
ZLH.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, smaller than the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and ZDV.TO.
Loading charts...
Drawdown Indicators
| ZLH.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -43.20% | +9.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -5.42% | -1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -9.04% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -16.61% | +1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -43.20% | +9.86% |
Current DrawdownCurrent decline from peak | -1.60% | -0.97% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -4.92% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 1.05% | +1.97% |
Volatility
ZLH.TO vs. ZDV.TO - Volatility Comparison
BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) has a higher volatility of 3.30% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.81%. This indicates that ZLH.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZLH.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 2.81% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 7.29% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 8.65% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 10.59% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 14.93% | -1.12% |
ZLH.TO vs. ZDV.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZLH.TO vs. ZDV.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, less than ZDV.TO's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.69% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
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 ZDV.TO have a correlation of 0.48, 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 0.39% for ZDV.TO.
ZLH.TO is categorized as Large Cap Blend Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.30% for ZLH.TO and 0.39% for ZDV.TO.
Find the right allocation for ZLH.TO and ZDV.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