ZLH.TO vs. ZDY.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while ZDY.TO is a Dividend fund actively managed by BMO. Over the past 10 years, ZLH.TO returned 7.51%/yr vs 10.34%/yr for ZDY.TO. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.
Performance
ZLH.TO vs. ZDY.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 ZDY.TO's 18.83% return. Over the past 10 years, ZLH.TO has underperformed ZDY.TO with an annualized return of 7.51%, while ZDY.TO has yielded a comparatively higher 10.34% 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%
ZDY.TO
- 1D
- -0.08%
- 1M
- 1.78%
- YTD
- 18.83%
- 6M
- 18.12%
- 1Y
- 17.66%
- 3Y*
- 16.00%
- 5Y*
- 12.12%
- 10Y*
- 10.34%
ZLH.TO vs. ZDY.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% |
ZDY.TO BMO US Dividend ETF (CAD) | 18.83% | -0.87% | 26.24% | 4.58% | 1.64% | 22.92% | -5.18% | 16.94% | 3.23% | 6.74% |
Correlation
The correlation between ZLH.TO and ZDY.TO is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.51 |
The correlation between ZLH.TO and ZDY.TO has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
ZLH.TO vs. ZDY.TO — Risk / Return Rank
ZLH.TO
ZDY.TO
ZLH.TO vs. ZDY.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 US Dividend ETF (CAD) (ZDY.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 | ZDY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.54 | -0.15 |
| Martin ratioReturn relative to average drawdown | 3.38 | 3.94 | -0.57 |
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Drawdowns
ZLH.TO vs. ZDY.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, roughly equal to the maximum ZDY.TO drawdown of -32.99%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and ZDY.TO.
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Drawdown Indicators
| ZLH.TO | ZDY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -32.99% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -11.53% | +4.18% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -15.33% | +5.16% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -15.33% | +0.67% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -32.99% | -0.35% |
Current DrawdownCurrent decline from peak | -1.60% | -0.23% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -3.41% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 4.49% | -1.47% |
Volatility
ZLH.TO vs. ZDY.TO - Volatility Comparison
BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) and BMO US Dividend ETF (CAD) (ZDY.TO) have volatilities of 3.30% and 3.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLH.TO | ZDY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 3.44% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 8.63% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 12.90% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 12.43% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 15.28% | -1.47% |
ZLH.TO vs. ZDY.TO - Expense Ratio Comparison
Both ZLH.TO and ZDY.TO have an expense ratio of 0.30%.
Dividends
ZLH.TO vs. ZDY.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than ZDY.TO's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDY.TO BMO US Dividend ETF (CAD) | 1.49% | 1.80% | 1.97% | 2.43% | 2.48% | 2.33% | 3.65% | 3.02% | 2.80% | 2.63% | 2.46% | 2.54% |
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 ZDY.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZLH.TO and ZDY.TO have the same expense ratio: 0.30% per year.
ZLH.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend.
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