ZLU.TO vs. SPLV

Last updated Aug 5, 2026

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. ZLU.TO is actively managed, while SPLV is passively managed. Over the past 10 years, ZLU.TO returned 9.37%/yr vs 9.14%/yr for SPLV. Their 0.59 correlation means they have sometimes moved together and sometimes differently. ZLU.TO charges 0.33%/yr vs 0.25%/yr for SPLV.

Performance

ZLU.TO vs. SPLV - 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 Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZLU.TO is traded in CAD, while SPLV is traded in USD. To make them comparable, the SPLV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZLU.TO achieves a 15.16% return, which is significantly higher than SPLV's 11.13% return. Both investments have delivered pretty close results over the past 10 years, with ZLU.TO having a 9.37% annualized return and SPLV not far behind at 9.14%.

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%

SPLV

• 1D: 0.47%
• 1M: -1.46%
• 6M: 7.23%
• YTD: 11.13%
• 1Y: 8.88%
• 3Y*: 11.35%
• 5Y*: 8.50%
• 10Y*: 9.14%
• ALL TIME*: 12.95%

*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)
SPLV Invesco S&P 500 Low Volatility ETF	CA$239.84M	CA$231.57M	CA$262.37M
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	CA$773.79K	CA$925.85K	CA$819.72K

ZLU.TO vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	15.16%	2.03%	21.63%	-3.26%	7.95%	20.72%	2.06%	20.48%	8.39%	5.06%
SPLV Invesco S&P 500 Low Volatility ETF	11.13%	-0.65%	23.57%	-1.87%	1.15%	24.07%	-3.73%	22.60%	8.20%	9.38%

Correlation

The correlation between ZLU.TO and SPLV is 0.71, 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.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013	0.59

The correlation between ZLU.TO and SPLV shifts across timeframes, from 0.59 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZLU.TO vs. SPLV — 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

SPLV

SPLV Risk / Return Rank: 25
SPLV Sharpe Ratio Rank: 26
SPLV Sortino Ratio Rank: 25
SPLV Omega Ratio Rank: 23
SPLV Calmar Ratio Rank: 27
SPLV Martin Ratio Rank: 25

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. SPLV - 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 Invesco S&P 500 Low Volatility ETF (SPLV). 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	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.75	+0.47
Sortino ratio: Return per unit of downside risk	1.65	1.12	+0.53
Omega ratio: Gain probability vs. loss probability	1.22	1.13	+0.09
Calmar ratio: Return relative to maximum drawdown	1.87	1.36	+0.51
Martin ratio: Return relative to average drawdown	4.54	2.96	+1.58

ZLU.TO vs. SPLV - Sharpe Ratio Comparison

The current ZLU.TO Sharpe Ratio is 1.22, which is higher than the SPLV Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of ZLU.TO and SPLV, 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. SPLV - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, smaller than the maximum SPLV drawdown of -30.52%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and SPLV.

Drawdown Indicators

	ZLU.TO	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-30.52%	+5.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-6.55%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	-10.38%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-10.30%	-13.45%	+3.15%
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	-30.52%	+5.03%
Current Drawdown Current decline from peak	-1.99%	-2.57%	+0.58%
Average Drawdown Average peak-to-trough decline	-3.08%	-3.65%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.01%	+0.08%

Volatility

ZLU.TO vs. SPLV - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 4.97% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 4.43%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLU.TO	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.43%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	9.03%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.52%	11.93%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	14.07%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	16.75%	-2.77%

ZLU.TO vs. SPLV - Expense Ratio Comparison

ZLU.TO has a 0.33% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

ZLU.TO vs. SPLV - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, less than SPLV's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.12%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
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 SPLV in my portfolio?

ZLU.TO and SPLV have a correlation of 0.71, 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 SPLV?

On fees, SPLV is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZLU.TO or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.33% for ZLU.TO.

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

ZLU.TO is categorized as Low Volatility, while SPLV is S&P 500. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.33% for ZLU.TO and 0.25% for SPLV.