PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZLH.TO vs. ZEQT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLH.TO vs. ZEQT.TO

Last updated Jul 1, 2026
See Documentation

ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and ZEQT.TO (BMO All-Equity ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while ZEQT.TO is a Global Equities fund actively managed by BMO. Over the past 3 years, ZLH.TO returned 9.04%/yr vs 25.46%/yr for ZEQT.TO. At a 0.35 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.18%/yr for ZEQT.TO.

Performance

ZLH.TO vs. ZEQT.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 BMO All-Equity ETF (ZEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZLH.TO achieves a 9.49% return, which is significantly lower than ZEQT.TO's 14.64% 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%

ZEQT.TO

1D
0.56%
1M
2.12%
YTD
14.64%
6M
14.14%
1Y
30.15%
3Y*
25.46%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
ZLH.TO
BMO Low Volatility US Equity Hedged to CAD ETF		9.49%5.90%10.95%-2.11%4.32%
ZEQT.TO
BMO All-Equity ETF		14.64%21.71%30.06%22.28%-0.83%

Correlation

The correlation between ZLH.TO and ZEQT.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.31

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2022

0.35

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

BMO All-Equity ETF

Often compared with ZEQT.TO:
ZEQT.TO vs. XEQT.TOZEQT.TO vs. VEQT.TOZEQT.TO vs. ZSP.TOZEQT.TO vs. VFV.TOZEQT.TO vs. HEQT.TOZEQT.TO vs. CAGE.TOZEQT.TO vs. VGRO.TO

Return for Risk

ZLH.TO vs. ZEQT.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: 3131
Omega Ratio Rank
ZLH.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZLH.TO Martin Ratio Rank: 2727
Martin Ratio Rank
ZEQT.TO
ZEQT.TO Risk / Return Rank: 8383
Overall Rank
ZEQT.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZEQT.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
ZEQT.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZEQT.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZEQT.TO Martin Ratio Rank: 8484
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. ZEQT.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 All-Equity ETF (ZEQT.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.TOZEQT.TODifference
Sharpe ratioReturn per unit of total volatility
0.98
2.28

-1.30

Sortino ratioReturn per unit of downside risk
1.32
3.16

-1.84

Omega ratioGain probability vs. loss probability

1.19

1.42

-0.23

Calmar ratioReturn relative to maximum drawdown

1.39

3.47

-2.08

Martin ratioReturn relative to average drawdown

3.38

14.27

-10.89

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

The current ZLH.TO Sharpe Ratio is 0.98, which is lower than the ZEQT.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZLH.TO and ZEQT.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.

Loading charts...

Drawdowns

ZLH.TO vs. ZEQT.TO - Drawdown Comparison

The maximum ZLH.TO drawdown since its inception was -33.34%, which is greater than ZEQT.TO's maximum drawdown of -15.18%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and ZEQT.TO.

Loading charts...

Drawdown Indicators

ZLH.TOZEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.34%

-15.18%

-18.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.35%

-8.72%

+1.37%

Max Drawdown (3Y)

Largest decline over 3 years

-10.17%

-14.62%

+4.45%

Max Drawdown (5Y)

Largest decline over 5 years

-14.66%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.34%

—

—

Current Drawdown

Current decline from peak

-1.60%

-0.53%

-1.07%

Average Drawdown

Average peak-to-trough decline

-3.91%

-2.57%

-1.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.12%

+0.90%

Volatility

ZLH.TO vs. ZEQT.TO - Volatility Comparison

The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while BMO All-Equity ETF (ZEQT.TO) has a volatility of 4.49%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than ZEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZLH.TOZEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.30%

4.49%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

7.33%

11.10%

-3.77%

Volatility (1Y)

Calculated over the trailing 1-year period

10.39%

13.29%

-2.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.21%

13.49%

-1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.81%

13.49%

+0.32%

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

ZLH.TO has a 0.30% expense ratio, which is higher than ZEQT.TO's 0.18% expense ratio.

Dividends

ZLH.TO vs. ZEQT.TO - Dividend Comparison

ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than ZEQT.TO's 1.27% yield.

PositionTTM2025202420232022202120202019201820172016
ZEQT.TO
BMO All-Equity ETF		1.27%2.89%5.08%6.40%7.31%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 ZEQT.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEQT.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEQT.TO is cheaper with a 0.18% expense ratio, compared with 0.30% for ZLH.TO.

ZLH.TO is categorized as Large Cap Blend Equities, while ZEQT.TO is Global Equities. Their fees differ too: 0.30% for ZLH.TO and 0.18% for ZEQT.TO.

Portfolio Optimizer

Find the right allocation for ZLH.TO and ZEQT.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