ZLI.TO vs. LVHI

Last updated Jun 25, 2026

ZLI.TO (BMO Low Volatility International Equity ETF) and LVHI (Franklin International Low Volatility High Dividend Index ETF) are both exchange-traded funds - ZLI.TO is a Foreign Large Cap Equities fund actively managed by BMO, while LVHI is a Volatility Hedged Equity fund tracking the Franklin International Low Volatility High Dividend Hedged Index-NR. ZLI.TO is actively managed, while LVHI is passively managed. Over the past 5 years, ZLI.TO returned 5.78%/yr vs 19.10%/yr for LVHI. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

ZLI.TO vs. LVHI - 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 Low Volatility High Dividend Index ETF (LVHI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZLI.TO is traded in CAD, while LVHI is traded in USD. To make them comparable, the LVHI 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 2.99% return, which is significantly lower than LVHI's 16.39% return.

ZLI.TO

• 1D: 0.10%
• 1M: -0.74%
• YTD: 2.99%
• 6M: 2.67%
• 1Y: 2.18%
• 3Y*: 11.29%
• 5Y*: 5.78%
• 10Y*: 6.23%

LVHI

• 1D: 0.14%
• 1M: 2.25%
• YTD: 16.39%
• 6M: 16.75%
• 1Y: 36.03%
• 3Y*: 24.79%
• 5Y*: 19.10%
• 10Y*: —

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

ZLI.TO vs. LVHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZLI.TO BMO Low Volatility International Equity ETF	2.99%	13.39%	11.93%	9.09%	-9.80%	6.79%	-0.88%	9.71%	4.89%	13.91%
LVHI Franklin International Low Volatility High Dividend Index ETF	16.39%	21.32%	24.53%	14.66%	10.42%	18.13%	-10.92%	13.47%	2.75%	4.66%

Correlation

The correlation between ZLI.TO and LVHI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 28, 2016	0.39

ZLI.TO vs. LVHI - Sectors Allocation Comparison

Sectors	ZLI.TO	LVHI
Financial Services	16.7%	24.1%
Consumer Defensive	14.7%	8.6%
Communication Services	14.2%	5.8%
Healthcare	12.8%	7.4%
Industrials	12.4%	13.4%
Utilities	12.1%	10.0%
Real Estate	6.6%	1.8%
Technology	4.6%	0.1%
Consumer Cyclical	2.9%	5.5%
Basic Materials	2.0%	6.8%
Energy	0.9%	16.6%

Return for Risk

ZLI.TO vs. LVHI — 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: 11
ZLI.TO Sharpe Ratio Rank: 12
ZLI.TO Sortino Ratio Rank: 11
ZLI.TO Omega Ratio Rank: 11
ZLI.TO Calmar Ratio Rank: 12
ZLI.TO Martin Ratio Rank: 12

LVHI

LVHI Risk / Return Rank: 93
LVHI Sharpe Ratio Rank: 95
LVHI Sortino Ratio Rank: 95
LVHI Omega Ratio Rank: 94
LVHI Calmar Ratio Rank: 91
LVHI Martin Ratio Rank: 93

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. LVHI - 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 Low Volatility High Dividend Index ETF (LVHI). 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.TO	LVHI	Difference
Sharpe ratio: Return per unit of total volatility	0.21	3.47	-3.26
Sortino ratio: Return per unit of downside risk	0.36	4.85	-4.49
Omega ratio: Gain probability vs. loss probability	1.05	1.62	-0.58
Calmar ratio: Return relative to maximum drawdown	0.26	6.39	-6.13
Martin ratio: Return relative to average drawdown	0.63	21.93	-21.31

ZLI.TO vs. LVHI - Sharpe Ratio Comparison

The current ZLI.TO Sharpe Ratio is 0.21, which is lower than the LVHI Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of ZLI.TO and LVHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZLI.TO vs. LVHI - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.66%, smaller than the maximum LVHI drawdown of -29.52%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and LVHI.

Drawdown Indicators

	ZLI.TO	LVHI	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-29.52%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-5.66%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-8.37%	-12.48%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-12.48%	-12.18%
Max Drawdown (10Y) Largest decline over 10 years	-24.66%	—	—
Current Drawdown Current decline from peak	-4.73%	-0.12%	-4.61%
Average Drawdown Average peak-to-trough decline	-4.98%	-4.52%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	1.65%	+1.85%

Volatility

ZLI.TO vs. LVHI - Volatility Comparison

BMO Low Volatility International Equity ETF (ZLI.TO) and Franklin International Low Volatility High Dividend Index ETF (LVHI) have volatilities of 2.95% and 2.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLI.TO	LVHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.94%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	8.48%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	10.44%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	12.84%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.30%	15.33%	-3.03%

ZLI.TO vs. LVHI - Expense Ratio Comparison

Both ZLI.TO and LVHI have an expense ratio of 0.40%.

Dividends

ZLI.TO vs. LVHI - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.18%, less than LVHI's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHI Franklin International Low Volatility High Dividend Index ETF	4.75%	4.92%	3.98%	8.12%	7.74%	4.13%	3.97%	6.67%	10.67%	3.38%	2.02%	0.00%
ZLI.TO BMO Low Volatility International Equity ETF	2.18%	2.24%	2.48%	2.70%	2.87%	2.51%	2.66%	2.36%	2.49%	2.25%	2.50%	0.91%

Frequently Asked Questions

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

ZLI.TO and LVHI have a correlation of 0.48, 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 LVHI?

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLI.TO or LVHI?

ZLI.TO and LVHI have the same expense ratio: 0.40% per year.

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

ZLI.TO is categorized as Foreign Large Cap Equities, while LVHI is Volatility Hedged Equity. They also come from different issuers: BMO and Franklin Templeton.