ZLU.TO vs. XUSC.TO
ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both Large Cap Blend Equities funds. ZLU.TO is actively managed, while XUSC.TO is passively managed. Over the past year, ZLU.TO returned 9.98% vs 27.68% for XUSC.TO. At a 0.40 correlation, their price movements are largely independent. ZLU.TO charges 0.33%/yr vs 0.12%/yr for XUSC.TO.
Performance
ZLU.TO vs. XUSC.TO - Performance Comparison
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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 XUSC.TO's 12.69% 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%
XUSC.TO
- 1D
- 0.23%
- 1M
- 7.55%
- YTD
- 12.69%
- 6M
- 10.97%
- 1Y
- 27.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZLU.TO vs. XUSC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZLU.TO BMO Low Volatility US Equity ETF (CAD) | 9.40% | 1.95% | 8.01% |
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units) | 12.69% | 11.40% | 11.76% |
Correlation
The correlation between ZLU.TO and XUSC.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024 | 0.40 |
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Return for Risk
ZLU.TO vs. XUSC.TO — Risk / Return Rank
ZLU.TO
XUSC.TO
ZLU.TO vs. XUSC.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 500 3% Capped Index ETF (CAD Units) (XUSC.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.TO | XUSC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.44 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 3.66 | -2.33 |
| Martin ratioReturn relative to average drawdown | 3.38 | 13.42 | -10.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZLU.TO | XUSC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 2.43 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | 1.27 | -0.29 |
Drawdowns
ZLU.TO vs. XUSC.TO - Drawdown Comparison
The maximum ZLU.TO drawdown since its inception was -25.49%, which is greater than XUSC.TO's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and XUSC.TO.
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Drawdown Indicators
| ZLU.TO | XUSC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.49% | -18.31% | -7.18% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -7.60% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -10.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -25.49% | — | — |
Current DrawdownCurrent decline from peak | -2.03% | 0.00% | -2.03% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -2.67% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 2.07% | +0.90% |
Volatility
ZLU.TO vs. XUSC.TO - Volatility Comparison
BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 2.85% compared to iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) at 2.61%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than XUSC.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.TO | XUSC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.85% | 2.61% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 8.51% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.46% | 11.46% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.34% | 15.72% | -4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.91% | 15.72% | -1.81% |
ZLU.TO vs. XUSC.TO - Expense Ratio Comparison
ZLU.TO has a 0.33% expense ratio, which is higher than XUSC.TO's 0.12% expense ratio.
Dividends
ZLU.TO vs. XUSC.TO - Dividend Comparison
ZLU.TO's dividend yield for the trailing twelve months is around 1.73%, more than XUSC.TO's 0.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units) | 0.84% | 0.94% | 0.24% | 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) | 1.73% | 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 XUSC.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUSC.TO is cheaper with a 0.12% expense ratio, compared with 0.33% for ZLU.TO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZLU.TO and 0.12% for XUSC.TO.
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