PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZLI.TO vs. DRFD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLI.TO vs. DRFD.TO

Last updated Jul 17, 2026
Documentation

ZLI.TO (BMO Low Volatility International Equity ETF) and DRFD.TO (Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past 5 years, ZLI.TO returned 5.80%/yr vs 11.70%/yr for DRFD.TO. At a 0.24 correlation, their price movements are largely independent.

Performance

ZLI.TO vs. DRFD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility International Equity ETF (ZLI.TO) and Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZLI.TO achieves a 5.49% return, which is significantly lower than DRFD.TO's 11.73% return.

ZLI.TO

1D
-0.13%
1M
2.19%
6M
3.90%
YTD
5.49%
1Y
6.38%
3Y*
11.06%
5Y*
5.80%
10Y*
5.92%

DRFD.TO

1D
-0.72%
1M
1.42%
6M
8.76%
YTD
11.73%
1Y
25.48%
3Y*
21.56%
5Y*
11.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLI.TO vs. DRFD.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZLI.TO
BMO Low Volatility International Equity ETF		5.49%13.39%11.93%9.09%-9.80%6.79%-0.88%9.71%-1.34%
DRFD.TO
Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF		11.73%30.23%16.52%12.80%-10.88%9.94%2.12%16.03%-8.74%

Correlation

The correlation between ZLI.TO and DRFD.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Sep 24, 2018

0.24

Over the past year, ZLI.TO and DRFD.TO have become more correlated (0.49) than their long-term average of 0.24, meaning their price movements have been converging.

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 International Equity ETF

Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF

Often compared with ZLI.TO:
ZLI.TO vs. FCIL.NEOZLI.TO vs. TILV.TOZLI.TO vs. ZLB.TOZLI.TO vs. FLVI.NEOZLI.TO vs. VIDY.TOZLI.TO vs. XBAL.TOZLI.TO vs. XDSR.TO
Often compared with DRFD.TO:
DRFD.TO vs. DANC.TODRFD.TO vs. DCG.TODRFD.TO vs. DCP.TODRFD.TO vs. DCS.TODRFD.TO vs. DRFE.TODRFD.TO vs. DRFG.TODRFD.TO vs. DRFU.TO

Return for Risk

ZLI.TO vs. DRFD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZLI.TO
ZLI.TO Risk / Return Rank: 2121
Overall Rank
ZLI.TO Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
ZLI.TO Sortino Ratio Rank: 2020
Sortino Ratio Rank
ZLI.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZLI.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
ZLI.TO Martin Ratio Rank: 2020
Martin Ratio Rank
DRFD.TO
DRFD.TO Risk / Return Rank: 6666
Overall Rank
DRFD.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
DRFD.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
DRFD.TO Omega Ratio Rank: 7474
Omega Ratio Rank
DRFD.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
DRFD.TO Martin Ratio Rank: 6161
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.

ZLI.TO vs. DRFD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility International Equity ETF (ZLI.TO) and Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.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.

ZLI.TODRFD.TODifference
Sharpe ratioReturn per unit of total volatility
0.62
1.78

-1.16

Sortino ratioReturn per unit of downside risk
0.91
2.61

-1.70

Omega ratioGain probability vs. loss probability

1.12

1.35

-0.23

Calmar ratioReturn relative to maximum drawdown

0.77

2.16

-1.39

Martin ratioReturn relative to average drawdown

1.80

8.42

-6.62

ZLI.TO vs. DRFD.TO - Sharpe Ratio Comparison

The current ZLI.TO Sharpe Ratio is 0.62, which is lower than the DRFD.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of ZLI.TO and DRFD.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

ZLI.TO vs. DRFD.TO - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.66%, roughly equal to the maximum DRFD.TO drawdown of -25.18%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and DRFD.TO.

Loading charts...

Drawdown Indicators

ZLI.TODRFD.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.66%

-25.18%

+0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-8.37%

-11.85%

+3.48%

Max Drawdown (3Y)

Largest decline over 3 years

-8.37%

-13.78%

+5.41%

Max Drawdown (5Y)

Largest decline over 5 years

-24.66%

-22.31%

-2.35%

Max Drawdown (10Y)

Largest decline over 10 years

-24.66%

—

—

Current Drawdown

Current decline from peak

-2.41%

-2.37%

-0.04%

Average Drawdown

Average peak-to-trough decline

-4.99%

-5.26%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.55%

3.03%

+0.52%

Volatility

ZLI.TO vs. DRFD.TO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity ETF (ZLI.TO) is 2.00%, while Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.TO) has a volatility of 3.55%. This indicates that ZLI.TO experiences smaller price fluctuations and is considered to be less risky than DRFD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZLI.TODRFD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.00%

3.55%

-1.55%

Volatility (6M)

Calculated over the trailing 6-month period

8.51%

12.42%

-3.91%

Volatility (1Y)

Calculated over the trailing 1-year period

10.38%

14.40%

-4.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

13.39%

-2.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.21%

13.67%

-1.46%

Dividends

ZLI.TO vs. DRFD.TO - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.14%, less than DRFD.TO's 2.38% yield.

PositionTTM20252024202320222021202020192018201720162015
DRFD.TO
Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF		2.38%2.68%2.55%2.17%2.74%2.38%2.55%2.34%0.72%0.00%0.00%0.00%
ZLI.TO
BMO Low Volatility International Equity ETF		2.14%2.24%2.48%2.70%2.87%2.51%2.66%2.36%2.49%2.25%2.02%0.91%

Frequently Asked Questions

ZLI.TO and DRFD.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Desjardins.

Portfolio Optimizer

Find the right allocation for ZLI.TO and DRFD.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