ZLI.TO vs. ZUQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Low Volatility International Equity ETF (ZLI.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO).

ZLI.TO and ZUQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZLI.TO is an actively managed fund by BMO. It was launched on Sep 2, 2015. ZUQ.TO is a passively managed fund by BMO that tracks the performance of the MSCI USA Quality Index. It was launched on Nov 4, 2014.

Performance

ZLI.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZLI.TO BMO Low Volatility International Equity ETF	2.60%	12.93%	11.92%	9.08%	-9.81%	6.78%	-0.89%	9.70%	4.88%	13.87%
ZUQ.TO BMO MSCI USA High Quality Index ETF	-2.48%	5.78%	34.02%	33.24%	-18.33%	26.40%	19.92%	31.74%	4.70%	16.90%

Returns By Period

In the year-to-date period, ZLI.TO achieves a 2.60% return, which is significantly higher than ZUQ.TO's -2.48% return. Over the past 10 years, ZLI.TO has underperformed ZUQ.TO with an annualized return of 5.84%, while ZUQ.TO has yielded a comparatively higher 14.91% annualized return.

ZLI.TO

• 1D: 1.81%
• 1M: -5.09%
• YTD: 2.60%
• 6M: 1.49%
• 1Y: 6.89%
• 3Y*: 10.15%
• 5Y*: 6.50%
• 10Y*: 5.84%

ZUQ.TO

• 1D: 2.62%
• 1M: -4.65%
• YTD: -2.48%
• 6M: -4.05%
• 1Y: 6.41%
• 3Y*: 18.54%
• 5Y*: 12.98%
• 10Y*: 14.91%

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

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

ZLI.TO has a 0.40% expense ratio, which is higher than ZUQ.TO's 0.33% expense ratio.

ZLI.TO

BMO Low Volatility International Equity ETF

ZUQ.TO

BMO MSCI USA High Quality Index ETF

Return for Risk

ZLI.TO vs. ZUQ.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: 30
ZLI.TO Sharpe Ratio Rank: 31
ZLI.TO Sortino Ratio Rank: 30
ZLI.TO Omega Ratio Rank: 29
ZLI.TO Calmar Ratio Rank: 31
ZLI.TO Martin Ratio Rank: 29

ZUQ.TO

ZUQ.TO Risk / Return Rank: 26
ZUQ.TO Sharpe Ratio Rank: 24
ZUQ.TO Sortino Ratio Rank: 24
ZUQ.TO Omega Ratio Rank: 25
ZUQ.TO Calmar Ratio Rank: 31
ZUQ.TO Martin Ratio Rank: 28

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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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.

	ZLI.TO	ZUQ.TO	Difference
Sharpe ratio Return per unit of total volatility	0.58	0.36	+0.22
Sortino ratio Return per unit of downside risk	0.87	0.61	+0.26
Omega ratio Gain probability vs. loss probability	1.12	1.09	+0.03
Calmar ratio Return relative to maximum drawdown	0.78	0.69	+0.09
Martin ratio Return relative to average drawdown	2.50	2.07	+0.43
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. ZUQ.TO - Sharpe Ratio Comparison

The current ZLI.TO Sharpe Ratio is 0.58, which is higher than the ZUQ.TO Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of ZLI.TO and ZUQ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZLI.TO	ZUQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	0.36	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.80	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.85	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.88	-0.38

Correlation

The correlation between ZLI.TO and ZUQ.TO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZLI.TO vs. ZUQ.TO - Dividend Comparison

ZLI.TO's dividend yield for the trailing twelve months is around 2.19%, more than ZUQ.TO's 0.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZLI.TO BMO Low Volatility International Equity ETF	2.19%	2.24%	2.47%	2.69%	2.86%	2.50%	2.65%	2.35%	2.48%	2.21%	2.49%	0.91%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.48%	0.46%	0.57%	0.86%	0.99%	0.80%	0.96%	0.96%	1.07%	1.16%	1.00%	0.88%

Drawdowns

ZLI.TO vs. ZUQ.TO - Drawdown Comparison

The maximum ZLI.TO drawdown since its inception was -24.67%, smaller than the maximum ZUQ.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZLI.TO and ZUQ.TO.

Drawdown Indicators

	ZLI.TO	ZUQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.67%	-26.94%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-11.04%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-26.94%	+2.27%
Max Drawdown (10Y) Largest decline over 10 years	-24.67%	-26.94%	+2.27%
Current Drawdown Current decline from peak	-5.09%	-8.17%	+3.08%
Average Drawdown Average peak-to-trough decline	-4.99%	-4.64%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.73%	-1.13%

Volatility

ZLI.TO vs. ZUQ.TO - Volatility Comparison

BMO Low Volatility International Equity ETF (ZLI.TO) has a higher volatility of 5.34% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 5.03%. This indicates that ZLI.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLI.TO	ZUQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	5.03%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	10.29%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	17.98%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.70%	16.40%	-5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	17.54%	-5.15%