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

ZLU.TO vs. XMW.TO

Last updated Aug 5, 2026
Documentation

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and XMW.TO (iShares MSCI Min Vol Global Index ETF) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while XMW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. ZLU.TO is actively managed, while XMW.TO is passively managed. Over the past 10 years, ZLU.TO returned 9.37%/yr vs 7.36%/yr for XMW.TO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. ZLU.TO charges 0.33%/yr vs 0.48%/yr for XMW.TO.

Performance

ZLU.TO vs. XMW.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 MSCI Min Vol Global Index ETF (XMW.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 15.16% return, which is significantly higher than XMW.TO's 8.78% return. Over the past 10 years, ZLU.TO has outperformed XMW.TO with an annualized return of 9.37%, while XMW.TO has yielded a comparatively lower 7.36% annualized 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%

XMW.TO

1D
1.65%
1M
2.00%
6M
7.43%
YTD
8.78%
1Y
10.98%
3Y*
12.22%
5Y*
7.78%
10Y*
7.36%
ALL TIME*
10.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XMW.TO

iShares MSCI Min Vol Global Index ETF
CA$156.35KCA$133.62KCA$138.46K

ZLU.TO

BMO Low Volatility US Equity ETF (CAD)
CA$773.79KCA$925.85KCA$819.72K

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

2026 (YTD)202520242023202220212020201920182017
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%
XMW.TO
iShares MSCI Min Vol Global Index ETF		8.78%5.84%20.05%4.68%-4.33%12.80%0.51%14.74%5.95%10.19%

Correlation

The correlation between ZLU.TO and XMW.TO is 0.69, 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.

0.69

Correlation (3Y)
Balances recent behavior with more history.

0.69

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.68

Correlation (10Y)
Provides a long-term view across more market conditions.

0.74

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2013

0.72

The correlation between ZLU.TO and XMW.TO has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

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

Sectors
ZLU.TO
XMW.TO

Utilities

20.0%
7.6%

Technology

19.7%
25.0%

Healthcare

17.8%
13.8%

Consumer Defensive

11.5%
9.9%

Financial Services

10.3%
13.5%

Industrials

7.8%
8.1%

Communication Services

4.1%
11.4%

Consumer Cyclical

3.9%
5.2%

Real Estate

3.8%
0.7%

Basic Materials

0.7%
1.5%

Energy

0.4%
3.5%

Utilities

ZLU.TO
20.0%
XMW.TO
7.6%

Technology

ZLU.TO
19.7%
XMW.TO
25.0%

Healthcare

ZLU.TO
17.8%
XMW.TO
13.8%

Consumer Defensive

ZLU.TO
11.5%
XMW.TO
9.9%

Financial Services

ZLU.TO
10.3%
XMW.TO
13.5%

Industrials

ZLU.TO
7.8%
XMW.TO
8.1%

Communication Services

ZLU.TO
4.1%
XMW.TO
11.4%

Consumer Cyclical

ZLU.TO
3.9%
XMW.TO
5.2%

Real Estate

ZLU.TO
3.8%
XMW.TO
0.7%

Basic Materials

ZLU.TO
0.7%
XMW.TO
1.5%

Energy

ZLU.TO
0.4%
XMW.TO
3.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Low Volatility US Equity ETF (CAD)

iShares MSCI Min Vol Global Index ETF

Often compared with ZLU.TO:
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Often compared with XMW.TO:
XMW.TO vs. ZLB.TOXMW.TO vs. ACWVXMW.TO vs. XMV.TOXMW.TO vs. XEF.TOXMW.TO vs. XEQT.TOXMW.TO vs. VXC.TOXMW.TO vs. XDIV.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
ZLU.TO
ZLU.TO Risk / Return Rank: 4242
Overall Rank
ZLU.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZLU.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZLU.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZLU.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
ZLU.TO Martin Ratio Rank: 3939
Martin Ratio Rank
XMW.TO
XMW.TO Risk / Return Rank: 5050
Overall Rank
XMW.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XMW.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
XMW.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XMW.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XMW.TO Martin Ratio Rank: 4646
Martin Ratio Rank
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. XMW.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 MSCI Min Vol Global Index ETF (XMW.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.TOXMW.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
1.38

-0.16

Sortino ratioReturn per unit of downside risk
1.65
2.03

-0.38

Omega ratioGain probability vs. loss probability

1.22

1.26

-0.04

Calmar ratioReturn relative to maximum drawdown

1.87

2.15

-0.28

Martin ratioReturn relative to average drawdown

4.54

5.89

-1.35

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

The current ZLU.TO Sharpe Ratio is 1.22, which is comparable to the XMW.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ZLU.TO and XMW.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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Drawdowns

ZLU.TO vs. XMW.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, which is greater than XMW.TO's maximum drawdown of -21.42%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and XMW.TO.

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Drawdown Indicators

ZLU.TOXMW.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.49%

-21.42%

-4.07%

Max Drawdown (1Y)

Largest decline over 1 year

-7.52%

-5.14%

-2.38%

Max Drawdown (3Y)

Largest decline over 3 years

-9.15%

-8.59%

-0.56%

Max Drawdown (5Y)

Largest decline over 5 years

-10.30%

-14.45%

+4.15%

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

-21.42%

-4.07%

Current Drawdown

Current decline from peak

-1.99%

0.00%

-1.99%

Average Drawdown

Average peak-to-trough decline

-3.08%

-2.71%

-0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

1.87%

+1.22%

Volatility

ZLU.TO vs. XMW.TO - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 4.97% compared to iShares MSCI Min Vol Global Index ETF (XMW.TO) at 3.25%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than XMW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLU.TOXMW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

3.25%

+1.72%

Volatility (6M)

Calculated over the trailing 6-month period

8.74%

5.87%

+2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

8.00%

+3.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.54%

8.77%

+2.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.98%

11.06%

+2.92%

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

ZLU.TO has a 0.33% expense ratio, which is lower than XMW.TO's 0.48% expense ratio.

Dividends

ZLU.TO vs. XMW.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, more than XMW.TO's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
XMW.TO
iShares MSCI Min Vol Global Index ETF		1.39%1.58%1.81%1.98%1.66%1.43%1.52%2.20%2.01%1.61%2.02%1.85%
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

ZLU.TO and XMW.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZLU.TO is cheaper with a 0.33% expense ratio, compared with 0.48% for XMW.TO.

ZLU.TO is categorized as Low Volatility, while XMW.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZLU.TO and 0.48% for XMW.TO.

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