ZLU.TO vs. HVOI.TO

Last updated Aug 5, 2026

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while HVOI.TO is a Derivative Income fund actively managed by Harvest. Both are actively managed. Over the past year, ZLU.TO returned 13.98% vs 20.16% for HVOI.TO. Their 0.51 correlation means they have sometimes moved together and sometimes differently. ZLU.TO charges 0.33%/yr vs 0.89%/yr for HVOI.TO.

Performance

ZLU.TO vs. HVOI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZLU.TO achieves a 15.16% return, which is significantly higher than HVOI.TO's 11.03% return.

ZLU.TO

• 1D: 1.44%
• 1M: -1.99%
• 6M: 10.32%
• YTD: 15.16%
• 1Y: 13.98%
• 3Y*: 12.62%
• 5Y*: 10.17%
• 10Y*: 9.37%
• ALL TIME*: 13.35%

HVOI.TO

• 1D: 0.28%
• 1M: 1.05%
• 6M: 11.45%
• YTD: 11.03%
• 1Y: 20.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	CA$34.24K	CA$36.50K	CA$47.47K
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	CA$773.79K	CA$925.85K	CA$819.72K

ZLU.TO vs. HVOI.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	15.16%	0.43%
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	11.03%	15.49%

Correlation

The correlation between ZLU.TO and HVOI.TO is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.51

The correlation between ZLU.TO and HVOI.TO has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

ZLU.TO vs. HVOI.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZLU.TO

ZLU.TO Risk / Return Rank: 42
ZLU.TO Sharpe Ratio Rank: 43
ZLU.TO Sortino Ratio Rank: 39
ZLU.TO Omega Ratio Rank: 42
ZLU.TO Calmar Ratio Rank: 46
ZLU.TO Martin Ratio Rank: 39

HVOI.TO

HVOI.TO Risk / Return Rank: 84
HVOI.TO Sharpe Ratio Rank: 88
HVOI.TO Sortino Ratio Rank: 89
HVOI.TO Omega Ratio Rank: 88
HVOI.TO Calmar Ratio Rank: 75
HVOI.TO Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZLU.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.

	ZLU.TO	HVOI.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.30	-1.08
Sortino ratio: Return per unit of downside risk	1.65	3.35	-1.71
Omega ratio: Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio: Return relative to maximum drawdown	1.87	3.01	-1.14
Martin ratio: Return relative to average drawdown	4.54	12.03	-7.49

ZLU.TO vs. HVOI.TO - Sharpe Ratio Comparison

The current ZLU.TO Sharpe Ratio is 1.22, which is lower than the HVOI.TO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ZLU.TO and HVOI.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.

Drawdowns

ZLU.TO vs. HVOI.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and HVOI.TO.

Drawdown Indicators

	ZLU.TO	HVOI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-6.72%	-18.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-6.72%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	—	—
Current Drawdown Current decline from peak	-1.99%	-1.03%	-0.96%
Average Drawdown Average peak-to-trough decline	-3.08%	-0.89%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.68%	+1.41%

Volatility

ZLU.TO vs. HVOI.TO - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 4.97% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 2.18%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLU.TO	HVOI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	2.18%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	6.92%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.52%	8.81%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	8.31%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	8.31%	+5.67%

ZLU.TO vs. HVOI.TO - Expense Ratio Comparison

ZLU.TO has a 0.33% expense ratio, which is lower than HVOI.TO's 0.89% expense ratio.

Dividends

ZLU.TO vs. HVOI.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, less than HVOI.TO's 6.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	6.69%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	1.67%	1.95%	1.97%	2.39%	1.95%	1.76%	1.83%	1.57%	1.89%	2.00%	2.36%	1.80%

Frequently Asked Questions

Can I hold both ZLU.TO and HVOI.TO in my portfolio?

ZLU.TO and HVOI.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZLU.TO or HVOI.TO?

On fees, ZLU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLU.TO or HVOI.TO?

ZLU.TO is cheaper with a 0.33% expense ratio, compared with 0.89% for HVOI.TO.

What is the main difference between ZLU.TO and HVOI.TO?

ZLU.TO is categorized as Low Volatility, while HVOI.TO is Derivative Income. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.33% for ZLU.TO and 0.89% for HVOI.TO.