PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZLU.TO vs. ZLD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLU.TO vs. ZLD.TO

Last updated Aug 5, 2026
Documentation

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while ZLD.TO is a Foreign Large Cap Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZLU.TO returned 9.37%/yr vs 6.65%/yr for ZLD.TO. Their 0.28 correlation means their historical movements had little consistent relationship. ZLU.TO charges 0.33%/yr vs 0.45%/yr for ZLD.TO.

Performance

ZLU.TO vs. ZLD.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 BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZLU.TO achieves a 15.16% return, which is significantly higher than ZLD.TO's 7.03% return. Over the past 10 years, ZLU.TO has outperformed ZLD.TO with an annualized return of 9.37%, while ZLD.TO has yielded a comparatively lower 6.65% 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%

ZLD.TO

1D
-0.10%
1M
1.98%
6M
6.28%
YTD
7.03%
1Y
8.63%
3Y*
10.87%
5Y*
6.43%
10Y*
6.65%
ALL TIME*
7.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ZLD.TO

BMO Low Volatility International Equity Hedged to CAD ETF
CA$143.57KCA$82.97KCA$102.29K

ZLU.TO

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

ZLU.TO vs. ZLD.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%
ZLD.TO
BMO Low Volatility International Equity Hedged to CAD ETF		7.03%9.63%11.11%11.37%-6.68%12.56%-5.85%17.60%0.60%12.86%

Correlation

The correlation between ZLU.TO and ZLD.TO is 0.39, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.39

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

0.30

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

0.26

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

0.30

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2016

0.28

The correlation between ZLU.TO and ZLD.TO shifts across timeframes, from 0.26 (5 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZLU.TO
ZLD.TO

Utilities

20.0%
11.7%

Technology

19.7%
4.8%

Healthcare

17.8%
13.0%

Consumer Defensive

11.5%
14.8%

Financial Services

10.3%
16.8%

Industrials

7.8%
12.5%

Communication Services

4.1%
14.0%

Consumer Cyclical

3.9%
3.3%

Real Estate

3.8%
6.2%

Basic Materials

0.7%
2.0%

Energy

0.4%
0.9%

Utilities

ZLU.TO
20.0%
ZLD.TO
11.7%

Technology

ZLU.TO
19.7%
ZLD.TO
4.8%

Healthcare

ZLU.TO
17.8%
ZLD.TO
13.0%

Consumer Defensive

ZLU.TO
11.5%
ZLD.TO
14.8%

Financial Services

ZLU.TO
10.3%
ZLD.TO
16.8%

Industrials

ZLU.TO
7.8%
ZLD.TO
12.5%

Communication Services

ZLU.TO
4.1%
ZLD.TO
14.0%

Consumer Cyclical

ZLU.TO
3.9%
ZLD.TO
3.3%

Real Estate

ZLU.TO
3.8%
ZLD.TO
6.2%

Basic Materials

ZLU.TO
0.7%
ZLD.TO
2.0%

Energy

ZLU.TO
0.4%
ZLD.TO
0.9%

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)

BMO Low Volatility International Equity Hedged to CAD ETF

Often compared with ZLU.TO:
ZLU.TO vs. ZSP.TOZLU.TO vs. XMU.TOZLU.TO vs. ZDY.TOZLU.TO vs. XEQT.TOZLU.TO vs. ZID.TOZLU.TO vs. XBAL.TOZLU.TO vs. SPLV
Often compared with ZLD.TO:
ZLD.TO vs. VIDY.TOZLD.TO vs. QDX.TOZLD.TO vs. ESGE.TOZLD.TO vs. FCIV.TOZLD.TO vs. ZMMK.TOZLD.TO vs. FCRI.TOZLD.TO vs. FLUR.NEO

Return for Risk

ZLU.TO vs. ZLD.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
ZLD.TO
ZLD.TO Risk / Return Rank: 3232
Overall Rank
ZLD.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
ZLD.TO Sortino Ratio Rank: 3434
Sortino Ratio Rank
ZLD.TO Omega Ratio Rank: 3232
Omega Ratio Rank
ZLD.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
ZLD.TO Martin Ratio Rank: 2828
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. ZLD.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 BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.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.TOZLD.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
1.00

+0.23

Sortino ratioReturn per unit of downside risk
1.65
1.45

+0.20

Omega ratioGain probability vs. loss probability

1.22

1.17

+0.05

Calmar ratioReturn relative to maximum drawdown

1.87

1.22

+0.65

Martin ratioReturn relative to average drawdown

4.54

2.61

+1.93

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

The current ZLU.TO Sharpe Ratio is 1.22, which is comparable to the ZLD.TO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of ZLU.TO and ZLD.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.

Loading charts...

Drawdowns

ZLU.TO vs. ZLD.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, smaller than the maximum ZLD.TO drawdown of -28.97%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and ZLD.TO.

Loading charts...

Drawdown Indicators

ZLU.TOZLD.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.49%

-28.97%

+3.48%

Max Drawdown (1Y)

Largest decline over 1 year

-7.52%

-7.09%

-0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-9.15%

-7.47%

-1.68%

Max Drawdown (5Y)

Largest decline over 5 years

-10.30%

-15.02%

+4.72%

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

-28.97%

+3.48%

Current Drawdown

Current decline from peak

-1.99%

-2.27%

+0.28%

Average Drawdown

Average peak-to-trough decline

-3.08%

-3.67%

+0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.32%

-0.23%

Volatility

ZLU.TO vs. ZLD.TO - Volatility Comparison

BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) has a higher volatility of 4.97% compared to BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) at 3.07%. This indicates that ZLU.TO's price experiences larger fluctuations and is considered to be riskier than ZLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZLU.TOZLD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

3.07%

+1.90%

Volatility (6M)

Calculated over the trailing 6-month period

8.74%

6.87%

+1.87%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

8.72%

+2.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.54%

10.03%

+1.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.98%

12.83%

+1.15%

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

ZLU.TO has a 0.33% expense ratio, which is lower than ZLD.TO's 0.45% expense ratio.

Dividends

ZLU.TO vs. ZLD.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, less than ZLD.TO's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
ZLD.TO
BMO Low Volatility International Equity Hedged to CAD ETF		2.16%2.29%2.45%2.66%2.62%2.31%2.62%2.17%2.36%2.23%1.96%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

ZLU.TO and ZLD.TO have a correlation of 0.39, 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 0.45% for ZLD.TO.

ZLU.TO is categorized as Low Volatility, while ZLD.TO is Foreign Large Cap Equities. Their fees differ too: 0.33% for ZLU.TO and 0.45% for ZLD.TO.

Portfolio Optimizer

Find the right allocation for ZLU.TO and ZLD.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer