ZLI.TO vs. FLUR.NEO

Last updated Jun 4, 2026

ZLI.TO (BMO Low Volatility International Equity ETF) and FLUR.NEO (Franklin International Equity Index ETF) are both Foreign Large Cap Equities funds. ZLI.TO is actively managed, while FLUR.NEO is passively managed. Over the past 5 years, ZLI.TO returned 5.73%/yr vs 11.12%/yr for FLUR.NEO. A 0.52 correlation means they provide meaningful diversification when combined. ZLI.TO charges 0.40%/yr vs 0.27%/yr for FLUR.NEO.

Performance

ZLI.TO vs. FLUR.NEO - 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 Franklin International Equity Index ETF (FLUR.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZLI.TO achieves a 0.78% return, which is significantly lower than FLUR.NEO's 10.14% 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%

FLUR.NEO

• 1D: -0.65%
• 1M: 4.00%
• YTD: 10.14%
• 6M: 10.78%
• 1Y: 23.20%
• 3Y*: 18.11%
• 5Y*: 11.12%
• 10Y*: —

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

ZLI.TO vs. FLUR.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZLI.TO BMO Low Volatility International Equity ETF	0.78%	12.93%	11.92%	9.08%	-9.81%	6.78%	-0.89%	7.26%
FLUR.NEO Franklin International Equity Index ETF	10.14%	25.68%	12.42%	12.87%	-9.30%	14.74%	9.77%	14.40%

Correlation

The correlation between ZLI.TO and FLUR.NEO is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 14, 2019	0.52

The correlation between ZLI.TO and FLUR.NEO shifts across timeframes, from 0.52 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZLI.TO vs. FLUR.NEO — 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

FLUR.NEO

FLUR.NEO Risk / Return Rank: 47
FLUR.NEO Sharpe Ratio Rank: 46
FLUR.NEO Sortino Ratio Rank: 45
FLUR.NEO Omega Ratio Rank: 50
FLUR.NEO Calmar Ratio Rank: 43
FLUR.NEO Martin Ratio Rank: 49

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. FLUR.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility International Equity ETF (ZLI.TO) and Franklin International Equity Index ETF (FLUR.NEO). 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	FLUR.NEO	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.58	-1.58
Sortino ratio: Return per unit of downside risk	0.06	2.19	-2.13
Omega ratio: Gain probability vs. loss probability	1.01	1.31	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.01	2.08	-2.08
Martin ratio: Return relative to average drawdown	-0.01	8.04	-8.06
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. FLUR.NEO - Sharpe Ratio Comparison

The current ZLI.TO Sharpe Ratio is -0.00, which is lower than the FLUR.NEO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of ZLI.TO and FLUR.NEO, 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	FLUR.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	1.58	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.75	-0.21
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	0.71	-0.23

Drawdowns

ZLI.TO vs. FLUR.NEO - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.67%, smaller than the maximum FLUR.NEO drawdown of -30.20%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and FLUR.NEO.

Drawdown Indicators

	ZLI.TO	FLUR.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-24.67%	-30.20%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-11.21%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-8.37%	-14.64%	+6.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-26.55%	+1.88%
Max Drawdown (10Y) Largest decline over 10 years	-24.67%	—	—
Current Drawdown Current decline from peak	-6.78%	-2.15%	-4.63%
Average Drawdown Average peak-to-trough decline	-4.99%	-4.83%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.89%	+0.40%

Volatility

ZLI.TO vs. FLUR.NEO - Volatility Comparison

The current volatility for BMO Low Volatility International Equity ETF (ZLI.TO) is 3.58%, while Franklin International Equity Index ETF (FLUR.NEO) has a volatility of 5.55%. This indicates that ZLI.TO experiences smaller price fluctuations and is considered to be less risky than FLUR.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLI.TO	FLUR.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	5.55%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	11.27%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	14.75%	-4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	15.01%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	16.96%	-4.55%

ZLI.TO vs. FLUR.NEO - Expense Ratio Comparison

ZLI.TO has a 0.40% expense ratio, which is higher than FLUR.NEO's 0.27% expense ratio.

Dividends

ZLI.TO vs. FLUR.NEO - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.23%, more than FLUR.NEO's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLUR.NEO Franklin International Equity Index ETF	2.18%	2.40%	2.76%	2.71%	4.16%	1.85%	1.97%	3.07%	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 FLUR.NEO in my portfolio?

ZLI.TO and FLUR.NEO have a correlation of 0.62, 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 FLUR.NEO?

On fees, FLUR.NEO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLI.TO or FLUR.NEO?

FLUR.NEO is cheaper with a 0.27% expense ratio, compared with 0.40% for ZLI.TO.

What is the main difference between ZLI.TO and FLUR.NEO?

They also come from different issuers: BMO and Franklin Templeton. Their fees differ too: 0.40% for ZLI.TO and 0.27% for FLUR.NEO.