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ZLI.TO vs. ZLD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLI.TO vs. ZLD.TO

Last updated Jul 16, 2026
Documentation

ZLI.TO (BMO Low Volatility International Equity ETF) and ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) are both Foreign Large Cap Equities funds from BMO. Over the past 10 years, ZLI.TO returned 5.94%/yr vs 6.50%/yr for ZLD.TO. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

ZLI.TO vs. ZLD.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 BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZLI.TO achieves a 5.64% return, which is significantly higher than ZLD.TO's 4.99% return. Over the past 10 years, ZLI.TO has underperformed ZLD.TO with an annualized return of 5.94%, while ZLD.TO has yielded a comparatively higher 6.50% annualized return.

ZLI.TO

1D
0.10%
1M
2.19%
6M
4.07%
YTD
5.64%
1Y
6.86%
3Y*
11.11%
5Y*
5.83%
10Y*
5.94%

ZLD.TO

1D
-0.39%
1M
2.56%
6M
3.87%
YTD
4.99%
1Y
6.35%
3Y*
10.02%
5Y*
6.30%
10Y*
6.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLI.TO
BMO Low Volatility International Equity ETF		5.64%13.39%11.93%9.09%-9.80%6.79%-0.88%9.71%4.89%13.91%
ZLD.TO
BMO Low Volatility International Equity Hedged to CAD ETF		4.99%9.63%11.11%11.37%-6.68%12.56%-5.85%17.60%0.60%12.86%

Correlation

The correlation between ZLI.TO and ZLD.TO is 0.70, 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

0.70

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

0.49

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

0.45

Correlation (10Y)
Calculated over the trailing 10-year period

0.53

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2016

0.52

The correlation between ZLI.TO and ZLD.TO shifts across timeframes, from 0.45 (5 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.

ZLI.TO vs. ZLD.TO - Sectors Allocation Comparison

Sectors
ZLI.TO
ZLD.TO

Financial Services

19.1%
16.7%

Industrials

15.2%
12.5%

Communication Services

13.9%
13.9%

Consumer Defensive

13.6%
14.8%

Utilities

11.6%
12.0%

Healthcare

10.4%
12.7%

Technology

4.8%
5.0%

Real Estate

4.7%
6.6%

Consumer Cyclical

3.3%
2.9%

Energy

2.0%
0.9%

Basic Materials

1.4%
1.9%

Financial Services

ZLI.TO
19.1%
ZLD.TO
16.7%

Industrials

ZLI.TO
15.2%
ZLD.TO
12.5%

Communication Services

ZLI.TO
13.9%
ZLD.TO
13.9%

Consumer Defensive

ZLI.TO
13.6%
ZLD.TO
14.8%

Utilities

ZLI.TO
11.6%
ZLD.TO
12.0%

Healthcare

ZLI.TO
10.4%
ZLD.TO
12.7%

Technology

ZLI.TO
4.8%
ZLD.TO
5.0%

Real Estate

ZLI.TO
4.7%
ZLD.TO
6.6%

Consumer Cyclical

ZLI.TO
3.3%
ZLD.TO
2.9%

Energy

ZLI.TO
2.0%
ZLD.TO
0.9%

Basic Materials

ZLI.TO
1.4%
ZLD.TO
1.9%

Compare stocks, funds, or ETFs

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BMO Low Volatility International Equity ETF

BMO Low Volatility International Equity Hedged to CAD 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. XLU
Often compared with ZLD.TO:
ZLD.TO vs. VIDY.TOZLD.TO vs. QDX.TOZLD.TO vs. ESGE.TOZLD.TO vs. ZMMK.TOZLD.TO vs. ZXM.TOZLD.TO vs. FLUR.NEOZLD.TO vs. FCIV.TO

Return for Risk

ZLI.TO vs. ZLD.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: 2121
Omega Ratio Rank
ZLI.TO Calmar Ratio Rank: 2222
Calmar Ratio Rank
ZLI.TO Martin Ratio Rank: 2121
Martin Ratio Rank
ZLD.TO
ZLD.TO Risk / Return Rank: 2323
Overall Rank
ZLD.TO Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
ZLD.TO Sortino Ratio Rank: 2323
Sortino Ratio Rank
ZLD.TO Omega Ratio Rank: 2222
Omega Ratio Rank
ZLD.TO Calmar Ratio Rank: 2323
Calmar Ratio Rank
ZLD.TO Martin Ratio Rank: 2121
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. ZLD.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 BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.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.TOZLD.TODifference
Sharpe ratioReturn per unit of total volatility
0.66
0.75

-0.09

Sortino ratioReturn per unit of downside risk
0.97
1.11

-0.14

Omega ratioGain probability vs. loss probability

1.13

1.13

-0.01

Calmar ratioReturn relative to maximum drawdown

0.82

0.90

-0.08

Martin ratioReturn relative to average drawdown

1.94

1.92

+0.02

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

The current ZLI.TO Sharpe Ratio is 0.66, which is comparable to the ZLD.TO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of ZLI.TO and ZLD.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.

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Drawdowns

ZLI.TO vs. ZLD.TO - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.66%, smaller than the maximum ZLD.TO drawdown of -28.97%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and ZLD.TO.

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Drawdown Indicators

ZLI.TOZLD.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.66%

-28.97%

+4.31%

Max Drawdown (1Y)

Largest decline over 1 year

-8.37%

-7.09%

-1.28%

Max Drawdown (3Y)

Largest decline over 3 years

-8.37%

-7.47%

-0.90%

Max Drawdown (5Y)

Largest decline over 5 years

-24.66%

-15.02%

-9.64%

Max Drawdown (10Y)

Largest decline over 10 years

-24.66%

-28.97%

+4.31%

Current Drawdown

Current decline from peak

-2.28%

-2.49%

+0.21%

Average Drawdown

Average peak-to-trough decline

-4.99%

-3.69%

-1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.55%

3.31%

+0.24%

Volatility

ZLI.TO vs. ZLD.TO - Volatility Comparison

BMO Low Volatility International Equity ETF (ZLI.TO) and BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) have volatilities of 2.00% and 2.00%, 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.

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Volatility by Period

ZLI.TOZLD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.00%

2.00%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

8.50%

6.39%

+2.11%

Volatility (1Y)

Calculated over the trailing 1-year period

10.40%

8.45%

+1.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

9.98%

+0.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.22%

12.82%

-0.60%

ZLI.TO vs. ZLD.TO - Expense Ratio Comparison

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

Dividends

ZLI.TO vs. ZLD.TO - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.14%, less than ZLD.TO's 2.20% yield.

PositionTTM20252024202320222021202020192018201720162015
ZLD.TO
BMO Low Volatility International Equity Hedged to CAD ETF		2.20%2.29%2.45%2.66%2.62%2.31%2.62%2.17%2.36%2.23%1.96%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 ZLD.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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