ZLU.TO vs. TCLV.TO

Last updated Aug 5, 2026

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and TCLV.TO (TD Q Canadian Low Volatility ETF) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while TCLV.TO is a Canada Equities fund actively managed by TD. Both are actively managed. Over the past 5 years, ZLU.TO returned 10.17%/yr vs 11.52%/yr for TCLV.TO. Their 0.41 correlation means their historical movements had little consistent relationship. Both charge a 0.33% expense ratio.

Performance

ZLU.TO vs. TCLV.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 TD Q Canadian Low Volatility ETF (TCLV.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 TCLV.TO's 9.40% 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%

TCLV.TO

• 1D: 0.17%
• 1M: 1.70%
• 6M: 10.74%
• YTD: 9.40%
• 1Y: 18.05%
• 3Y*: 18.33%
• 5Y*: 11.52%
• 10Y*: —
• ALL TIME*: 13.41%

*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)
TCLV.TO TD Q Canadian Low Volatility ETF	CA$190.42K	CA$186.88K	CA$228.50K
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	CA$773.79K	CA$925.85K	CA$819.72K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZLU.TO BMO Low Volatility US Equity ETF (CAD)	15.16%	2.03%	21.63%	-3.26%	7.95%	20.72%	2.94%
TCLV.TO TD Q Canadian Low Volatility ETF	9.40%	24.55%	17.71%	2.95%	-0.91%	23.83%	7.27%

Correlation

The correlation between ZLU.TO and TCLV.TO is 0.55, 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.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.41

The correlation between ZLU.TO and TCLV.TO shifts across timeframes, from 0.41 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

ZLU.TO vs. TCLV.TO - Sectors Allocation Comparison

Sectors	ZLU.TO	TCLV.TO
Utilities	20.0%	15.4%
Technology	19.7%	2.9%
Healthcare	17.8%	-
Consumer Defensive	11.5%	18.0%
Financial Services	10.3%	28.7%
Industrials	7.8%	9.5%
Communication Services	4.1%	5.6%
Consumer Cyclical	3.9%	6.7%
Real Estate	3.8%	-
Basic Materials	0.7%	1.8%
Energy	0.4%	11.2%

Return for Risk

ZLU.TO vs. TCLV.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

TCLV.TO

TCLV.TO Risk / Return Rank: 86
TCLV.TO Sharpe Ratio Rank: 83
TCLV.TO Sortino Ratio Rank: 88
TCLV.TO Omega Ratio Rank: 83
TCLV.TO Calmar Ratio Rank: 87
TCLV.TO Martin Ratio Rank: 88

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. TCLV.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 TD Q Canadian Low Volatility ETF (TCLV.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	TCLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.14	-0.92
Sortino ratio: Return per unit of downside risk	1.65	3.24	-1.59
Omega ratio: Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio: Return relative to maximum drawdown	1.87	3.74	-1.88
Martin ratio: Return relative to average drawdown	4.54	14.81	-10.27

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

The current ZLU.TO Sharpe Ratio is 1.22, which is lower than the TCLV.TO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ZLU.TO and TCLV.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. TCLV.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, which is greater than TCLV.TO's maximum drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and TCLV.TO.

Drawdown Indicators

	ZLU.TO	TCLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-15.27%	-10.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-4.84%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	-7.32%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-10.30%	-15.27%	+4.97%
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	—	—
Current Drawdown Current decline from peak	-1.99%	-1.31%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.08%	-3.00%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.22%	+1.87%

Volatility

ZLU.TO vs. TCLV.TO - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 4.97% compared to TD Q Canadian Low Volatility ETF (TCLV.TO) at 2.86%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than TCLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZLU.TO	TCLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	2.86%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	6.80%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.52%	8.48%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	9.71%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	9.77%	+4.21%

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

Both ZLU.TO and TCLV.TO have an expense ratio of 0.33%.

Dividends

ZLU.TO vs. TCLV.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, less than TCLV.TO's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCLV.TO TD Q Canadian Low Volatility ETF	1.81%	1.88%	2.68%	3.15%	2.84%	2.64%	1.59%	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 TCLV.TO in my portfolio?

ZLU.TO and TCLV.TO have a correlation of 0.55, 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 TCLV.TO?

Both ETFs have the same 0.33% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZLU.TO and TCLV.TO have the same expense ratio: 0.33% per year.

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

ZLU.TO is categorized as Low Volatility, while TCLV.TO is Canada Equities. They also come from different issuers: BMO and TD.