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ZLU.TO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLU.TO vs. XEI.TO

Last updated Jun 4, 2026

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZLU.TO is a Large Cap Blend Equities fund actively managed by BMO, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. ZLU.TO is actively managed, while XEI.TO is passively managed. Over the past 10 years, ZLU.TO returned 9.43%/yr vs 12.32%/yr for XEI.TO. At a 0.29 correlation, their price movements are largely independent. ZLU.TO charges 0.33%/yr vs 0.22%/yr for XEI.TO.

Performance

ZLU.TO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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, ZLU.TO achieves a 9.40% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, ZLU.TO has underperformed XEI.TO with an annualized return of 9.43%, while XEI.TO has yielded a comparatively higher 12.32% annualized return.

ZLU.TO

1D
-0.14%
1M
4.18%
YTD
9.40%
6M
3.31%
1Y
9.98%
3Y*
10.83%
5Y*
10.19%
10Y*
9.43%

XEI.TO

1D
0.00%
1M
3.33%
YTD
22.21%
6M
23.56%
1Y
43.59%
3Y*
22.26%
5Y*
15.55%
10Y*
12.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZLU.TO
BMO Low Volatility US Equity ETF (CAD)		9.40%1.95%21.52%-3.36%7.85%20.62%1.98%20.39%8.31%4.98%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		22.21%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between ZLU.TO and XEI.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

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

0.38

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

0.34

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

0.35

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2013

0.29

The correlation between ZLU.TO and XEI.TO shifts across timeframes, from 0.29 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZLU.TO
XEI.TO

Utilities

20.5%
11.2%

Technology

19.0%
0.7%

Healthcare

17.7%
0.2%

Consumer Defensive

12.5%
0.5%

Financial Services

11.4%
31.4%

Industrials

6.4%
0.7%

Real Estate

3.3%
4.8%

Consumer Cyclical

3.2%
6.2%

Communication Services

2.9%
7.6%

Basic Materials

2.5%
4.6%

Energy

0.6%
32.1%

Utilities

ZLU.TO
20.5%
XEI.TO
11.2%

Technology

ZLU.TO
19.0%
XEI.TO
0.7%

Healthcare

ZLU.TO
17.7%
XEI.TO
0.2%

Consumer Defensive

ZLU.TO
12.5%
XEI.TO
0.5%

Financial Services

ZLU.TO
11.4%
XEI.TO
31.4%

Industrials

ZLU.TO
6.4%
XEI.TO
0.7%

Real Estate

ZLU.TO
3.3%
XEI.TO
4.8%

Consumer Cyclical

ZLU.TO
3.2%
XEI.TO
6.2%

Communication Services

ZLU.TO
2.9%
XEI.TO
7.6%

Basic Materials

ZLU.TO
2.5%
XEI.TO
4.6%

Energy

ZLU.TO
0.6%
XEI.TO
32.1%

Compare stocks, funds, or ETFs

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BMO Low Volatility US Equity ETF (CAD)

iShares S&P/TSX Composite High Dividend Index ETF

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Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZLU.TO
ZLU.TO Risk / Return Rank: 2626
Overall Rank
ZLU.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
ZLU.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
ZLU.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZLU.TO Calmar Ratio Rank: 2727
Calmar Ratio Rank
ZLU.TO Martin Ratio Rank: 2525
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
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.

ZLU.TO vs. XEI.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 iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

ZLU.TOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
6.08

-5.12

Sortino ratioReturn per unit of downside risk
1.31
9.07

-7.75

Omega ratioGain probability vs. loss probability

1.17

2.27

-1.10

Calmar ratioReturn relative to maximum drawdown

1.33

19.53

-18.20

Martin ratioReturn relative to average drawdown

3.38

66.28

-62.91

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZLU.TO Sharpe Ratio is 0.96, which is lower than the XEI.TO Sharpe Ratio of 6.08. The chart below compares the historical Sharpe Ratios of ZLU.TO and XEI.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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Sharpe Ratios by Period

ZLU.TOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.96

6.08

-5.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.90

1.39

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.77

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.67

+0.31

Drawdowns

ZLU.TO vs. XEI.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and XEI.TO.

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Drawdown Indicators

ZLU.TOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.49%

-45.51%

+20.02%

Max Drawdown (1Y)

Largest decline over 1 year

-7.53%

-2.24%

-5.29%

Max Drawdown (3Y)

Largest decline over 3 years

-9.17%

-9.92%

+0.75%

Max Drawdown (5Y)

Largest decline over 5 years

-10.40%

-17.32%

+6.92%

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

-45.51%

+20.02%

Current Drawdown

Current decline from peak

-2.03%

-0.76%

-1.27%

Average Drawdown

Average peak-to-trough decline

-3.11%

-5.05%

+1.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

0.66%

+2.31%

Volatility

ZLU.TO vs. XEI.TO - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) have volatilities of 2.85% and 2.87%, 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

ZLU.TOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.85%

2.87%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

8.51%

6.01%

+2.50%

Volatility (1Y)

Calculated over the trailing 1-year period

10.46%

7.21%

+3.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.34%

11.24%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.91%

16.01%

-2.10%

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

ZLU.TO has a 0.33% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

ZLU.TO vs. XEI.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.73%, less than XEI.TO's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.56%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%
ZLU.TO
BMO Low Volatility US Equity ETF (CAD)		1.73%1.89%1.89%2.29%1.87%1.69%1.75%1.51%1.81%1.91%2.26%1.73%

Frequently Asked Questions

ZLU.TO and XEI.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.33% for ZLU.TO.

ZLU.TO is categorized as Large Cap Blend Equities, while XEI.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZLU.TO and 0.22% for XEI.TO.

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