ZLH.TO vs. ZNQ.TO
ZLH.TO (BMO Low Volatility US Equity Hedged to CAD ETF) and ZNQ.TO (BMO NASDAQ 100 Equity Index ETF) are both exchange-traded funds - ZLH.TO is a Large Cap Blend Equities fund managed by BMO, while ZNQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, ZLH.TO returned 7.12%/yr vs 19.23%/yr for ZNQ.TO. At a 0.20 correlation, their price movements are largely independent. ZLH.TO charges 0.30%/yr vs 0.39%/yr for ZNQ.TO.
Performance
ZLH.TO vs. ZNQ.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 ZNQ.TO's 23.99% 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%
ZNQ.TO
- 1D
- 1.63%
- 1M
- 2.62%
- YTD
- 23.99%
- 6M
- 23.16%
- 1Y
- 39.20%
- 3Y*
- 29.08%
- 5Y*
- 19.23%
- 10Y*
- —
ZLH.TO vs. ZNQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 16.78% |
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 23.99% | 14.95% | 35.84% | 51.32% | -28.06% | 26.59% | 44.65% | 22.53% |
Correlation
The correlation between ZLH.TO and ZNQ.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2019 | 0.20 |
The correlation between ZLH.TO and ZNQ.TO shifts across timeframes, from 0.03 (3 years) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZLH.TO vs. ZNQ.TO — Risk / Return Rank
ZLH.TO
ZNQ.TO
ZLH.TO vs. ZNQ.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 NASDAQ 100 Equity Index ETF (ZNQ.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 | ZNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.40 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.22 | -1.83 |
| Martin ratioReturn relative to average drawdown | 3.38 | 10.03 | -6.65 |
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Drawdowns
ZLH.TO vs. ZNQ.TO - Drawdown Comparison
The maximum ZLH.TO drawdown since its inception was -33.34%, roughly equal to the maximum ZNQ.TO drawdown of -32.09%. Use the drawdown chart below to compare losses from any high point for ZLH.TO and ZNQ.TO.
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Drawdown Indicators
| ZLH.TO | ZNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -32.09% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -12.24% | +4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -10.17% | -22.67% | +12.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.66% | -32.09% | +17.43% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | -0.30% | -1.30% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -6.59% | +2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 3.92% | -0.90% |
Volatility
ZLH.TO vs. ZNQ.TO - Volatility Comparison
The current volatility for BMO Low Volatility US Equity Hedged to CAD ETF (ZLH.TO) is 3.30%, while BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) has a volatility of 9.27%. This indicates that ZLH.TO experiences smaller price fluctuations and is considered to be less risky than ZNQ.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 | ZNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 9.27% | -5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 7.33% | 14.58% | -7.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 17.76% | -7.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 21.15% | -8.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 22.46% | -8.65% |
ZLH.TO vs. ZNQ.TO - Expense Ratio Comparison
ZLH.TO has a 0.30% expense ratio, which is lower than ZNQ.TO's 0.39% expense ratio.
Dividends
ZLH.TO vs. ZNQ.TO - Dividend Comparison
ZLH.TO's dividend yield for the trailing twelve months is around 1.73%, more than ZNQ.TO's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 0.20% | 0.25% | 0.30% | 0.35% | 0.23% | 0.12% | 0.47% | 0.52% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZLH.TO and ZNQ.TO have a correlation of 0.04, 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 ZNQ.TO.
ZLH.TO is categorized as Large Cap Blend Equities, while ZNQ.TO is Nasdaq-100. Their fees differ too: 0.30% for ZLH.TO and 0.39% for ZNQ.TO.
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