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

ZLU.TO vs. ZLE.TO

Last updated Aug 5, 2026
Documentation

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both exchange-traded funds - ZLU.TO is a Low Volatility fund actively managed by BMO, while ZLE.TO is a Emerging Markets Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZLU.TO returned 9.37%/yr vs 5.31%/yr for ZLE.TO. Their 0.10 correlation means their historical movements had little consistent relationship. ZLU.TO charges 0.33%/yr vs 0.51%/yr for ZLE.TO.

Performance

ZLU.TO vs. ZLE.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 Emerging Markets Equity ETF (ZLE.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 lower than ZLE.TO's 27.05% return. Over the past 10 years, ZLU.TO has outperformed ZLE.TO with an annualized return of 9.37%, while ZLE.TO has yielded a comparatively lower 5.31% 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%

ZLE.TO

1D
3.95%
1M
-2.64%
6M
19.05%
YTD
27.05%
1Y
38.30%
3Y*
20.53%
5Y*
9.82%
10Y*
5.31%
ALL TIME*
5.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

ZLE.TO

BMO Low Volatility Emerging Markets Equity ETF
CA$47.08KCA$76.43KCA$127.28K

ZLU.TO

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

ZLU.TO vs. ZLE.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%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		27.05%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between ZLU.TO and ZLE.TO is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

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

0.05

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

0.06

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

0.04

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

0.10

Correlation (All Time)
Calculated using the full available price history since May 17, 2016

0.10

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

Sectors
ZLU.TO
ZLE.TO

Utilities

20.0%
3.3%

Technology

19.7%
42.3%

Healthcare

17.8%
6.4%

Consumer Defensive

11.5%
6.4%

Financial Services

10.3%
16.8%

Industrials

7.8%
6.3%

Communication Services

4.1%
9.0%

Consumer Cyclical

3.9%
4.8%

Real Estate

3.8%
0.1%

Basic Materials

0.7%
1.0%

Energy

0.4%
3.6%

Utilities

ZLU.TO
20.0%
ZLE.TO
3.3%

Technology

ZLU.TO
19.7%
ZLE.TO
42.3%

Healthcare

ZLU.TO
17.8%
ZLE.TO
6.4%

Consumer Defensive

ZLU.TO
11.5%
ZLE.TO
6.4%

Financial Services

ZLU.TO
10.3%
ZLE.TO
16.8%

Industrials

ZLU.TO
7.8%
ZLE.TO
6.3%

Communication Services

ZLU.TO
4.1%
ZLE.TO
9.0%

Consumer Cyclical

ZLU.TO
3.9%
ZLE.TO
4.8%

Real Estate

ZLU.TO
3.8%
ZLE.TO
0.1%

Basic Materials

ZLU.TO
0.7%
ZLE.TO
1.0%

Energy

ZLU.TO
0.4%
ZLE.TO
3.6%

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 Emerging Markets Equity 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 ZLE.TO:
ZLE.TO vs. ZQQ.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. XEM.TOZLE.TO vs. XMM.TOZLE.TO vs. ZEM.TOZLE.TO vs. XSEM.TO

Return for Risk

ZLU.TO vs. ZLE.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
ZLE.TO
ZLE.TO Risk / Return Rank: 7474
Overall Rank
ZLE.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 7373
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. ZLE.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 Emerging Markets Equity ETF (ZLE.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.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
2.00

-0.78

Sortino ratioReturn per unit of downside risk
1.65
2.62

-0.97

Omega ratioGain probability vs. loss probability

1.22

1.38

-0.16

Calmar ratioReturn relative to maximum drawdown

1.87

2.76

-0.89

Martin ratioReturn relative to average drawdown

4.54

10.27

-5.73

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

The current ZLU.TO Sharpe Ratio is 1.22, which is lower than the ZLE.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of ZLU.TO and ZLE.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. ZLE.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and ZLE.TO.

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Drawdown Indicators

ZLU.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.49%

-31.71%

+6.22%

Max Drawdown (1Y)

Largest decline over 1 year

-7.52%

-13.93%

+6.41%

Max Drawdown (3Y)

Largest decline over 3 years

-9.15%

-13.93%

+4.78%

Max Drawdown (5Y)

Largest decline over 5 years

-10.30%

-25.10%

+14.80%

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

-31.71%

+6.22%

Current Drawdown

Current decline from peak

-1.99%

-7.75%

+5.76%

Average Drawdown

Average peak-to-trough decline

-3.08%

-9.39%

+6.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

3.74%

-0.65%

Volatility

ZLU.TO vs. ZLE.TO - Volatility Comparison

The current volatility for BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) is 4.97%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 8.91%. This indicates that ZLU.TO experiences smaller price fluctuations and is considered to be less risky than ZLE.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.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

8.91%

-3.94%

Volatility (6M)

Calculated over the trailing 6-month period

8.74%

17.26%

-8.52%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

19.31%

-7.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.54%

13.98%

-2.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.98%

14.71%

-0.73%

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

ZLU.TO has a 0.33% expense ratio, which is lower than ZLE.TO's 0.51% expense ratio.

Dividends

ZLU.TO vs. ZLE.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.67%, less than ZLE.TO's 2.46% yield.

PositionTTM20252024202320222021202020192018201720162015
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.46%3.13%3.61%3.54%3.62%2.21%2.11%1.82%2.13%1.39%0.76%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 ZLE.TO have a correlation of 0.05, 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 0.51% for ZLE.TO.

ZLU.TO is categorized as Low Volatility, while ZLE.TO is Emerging Markets Equities. Their fees differ too: 0.33% for ZLU.TO and 0.51% for ZLE.TO.

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