ZLI.TO vs. FFDI

Last updated Jun 4, 2026

ZLI.TO (BMO Low Volatility International Equity ETF) and FFDI (Fidelity Fundamental Developed International ETF) are both Foreign Large Cap Equities funds. Over the past year, ZLI.TO returned -0.04% vs 14.10% for FFDI. A 0.54 correlation means they provide meaningful diversification when combined. ZLI.TO charges 0.40%/yr vs 0.55%/yr for FFDI.

Performance

ZLI.TO vs. FFDI - 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 Fidelity Fundamental Developed International ETF (FFDI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZLI.TO is traded in CAD, while FFDI is traded in USD. To make them comparable, the FFDI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZLI.TO achieves a 0.78% return, which is significantly lower than FFDI's 7.97% return.

ZLI.TO

• 1D: -0.17%
• 1M: 0.17%
• YTD: 0.78%
• 6M: -0.15%
• 1Y: -0.04%
• 3Y*: 9.46%
• 5Y*: 5.73%
• 10Y*: 5.46%

FFDI

• 1D: 0.32%
• 1M: 5.88%
• YTD: 7.97%
• 6M: 8.48%
• 1Y: 14.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLI.TO vs. FFDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZLI.TO BMO Low Volatility International Equity ETF	0.78%	12.93%	3.05%
FFDI Fidelity Fundamental Developed International ETF	7.97%	20.85%	0.76%

Correlation

The correlation between ZLI.TO and FFDI is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.54

The correlation between ZLI.TO and FFDI has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

Return for Risk

ZLI.TO vs. FFDI — 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: 9
ZLI.TO Sharpe Ratio Rank: 9
ZLI.TO Sortino Ratio Rank: 8
ZLI.TO Omega Ratio Rank: 8
ZLI.TO Calmar Ratio Rank: 9
ZLI.TO Martin Ratio Rank: 9

FFDI

FFDI Risk / Return Rank: 24
FFDI Sharpe Ratio Rank: 22
FFDI Sortino Ratio Rank: 23
FFDI Omega Ratio Rank: 22
FFDI Calmar Ratio Rank: 24
FFDI Martin Ratio Rank: 29

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. FFDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility International Equity ETF (ZLI.TO) and Fidelity Fundamental Developed International ETF (FFDI). 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.

	ZLI.TO	FFDI	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	0.88	-0.88
Sortino ratio: Return per unit of downside risk	0.06	1.36	-1.30
Omega ratio: Gain probability vs. loss probability	1.01	1.17	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.01	1.26	-1.27
Martin ratio: Return relative to average drawdown	-0.01	4.77	-4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZLI.TO vs. FFDI - Sharpe Ratio Comparison

The current ZLI.TO Sharpe Ratio is -0.00, which is lower than the FFDI Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of ZLI.TO and FFDI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZLI.TO	FFDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	0.88	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.14	-0.66

Drawdowns

ZLI.TO vs. FFDI - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.67%, which is greater than FFDI's maximum drawdown of -14.76%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and FFDI.

Drawdown Indicators

	ZLI.TO	FFDI	Difference
Max Drawdown Largest peak-to-trough decline	-24.67%	-14.76%	-9.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-11.21%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-8.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.67%	—	—
Current Drawdown Current decline from peak	-6.78%	-0.12%	-6.66%
Average Drawdown Average peak-to-trough decline	-4.99%	-2.11%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.96%	+0.33%

Volatility

ZLI.TO vs. FFDI - Volatility Comparison

The current volatility for BMO Low Volatility International Equity ETF (ZLI.TO) is 3.58%, while Fidelity Fundamental Developed International ETF (FFDI) has a volatility of 6.04%. This indicates that ZLI.TO experiences smaller price fluctuations and is considered to be less risky than FFDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLI.TO	FFDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	6.04%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	13.92%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	16.10%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	17.45%	-6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	17.45%	-5.04%

ZLI.TO vs. FFDI - Expense Ratio Comparison

ZLI.TO has a 0.40% expense ratio, which is lower than FFDI's 0.55% expense ratio.

Dividends

ZLI.TO vs. FFDI - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.23%, more than FFDI's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFDI Fidelity Fundamental Developed International ETF	2.07%	2.16%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLI.TO BMO Low Volatility International Equity ETF	2.23%	2.24%	2.47%	2.69%	2.86%	2.50%	2.65%	2.35%	2.48%	2.21%	2.49%	0.91%

Frequently Asked Questions

Can I hold both ZLI.TO and FFDI in my portfolio?

ZLI.TO and FFDI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZLI.TO or FFDI?

On fees, ZLI.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLI.TO or FFDI?

ZLI.TO is cheaper with a 0.40% expense ratio, compared with 0.55% for FFDI.

What is the main difference between ZLI.TO and FFDI?

They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.40% for ZLI.TO and 0.55% for FFDI.