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

ZLU.TO vs. ZQQ.TO

Last updated Jun 4, 2026

ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZLU.TO is a Large Cap Blend Equities fund actively managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZLU.TO is actively managed, while ZQQ.TO is passively managed. Over the past 10 years, ZLU.TO returned 9.43%/yr vs 20.08%/yr for ZQQ.TO. At a 0.23 correlation, their price movements are largely independent. ZLU.TO charges 0.33%/yr vs 0.39%/yr for ZQQ.TO.

Performance

ZLU.TO vs. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.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 ZQQ.TO's 19.82% return. Over the past 10 years, ZLU.TO has underperformed ZQQ.TO with an annualized return of 9.43%, while ZQQ.TO has yielded a comparatively higher 20.08% 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%

ZQQ.TO

1D
-0.28%
1M
10.63%
YTD
19.82%
6M
18.08%
1Y
38.53%
3Y*
26.42%
5Y*
16.12%
10Y*
20.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLU.TO vs. ZQQ.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%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		19.82%18.38%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%

Correlation

The correlation between ZLU.TO and ZQQ.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.09

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

0.06

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

0.16

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

0.23

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

0.23

The correlation between ZLU.TO and ZQQ.TO shifts across timeframes, from 0.06 (3 years) to 0.23 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
ZLU.TO
ZQQ.TO

Utilities

20.5%
1.4%

Technology

19.0%
54.1%

Healthcare

17.7%
4.2%

Consumer Defensive

12.5%
7.6%

Financial Services

11.4%
0.2%

Industrials

6.4%
3.1%

Real Estate

3.3%
0.1%

Consumer Cyclical

3.2%
12.2%

Communication Services

2.9%
15.5%

Basic Materials

2.5%
1.2%

Energy

0.6%
0.6%

Utilities

ZLU.TO
20.5%
ZQQ.TO
1.4%

Technology

ZLU.TO
19.0%
ZQQ.TO
54.1%

Healthcare

ZLU.TO
17.7%
ZQQ.TO
4.2%

Consumer Defensive

ZLU.TO
12.5%
ZQQ.TO
7.6%

Financial Services

ZLU.TO
11.4%
ZQQ.TO
0.2%

Industrials

ZLU.TO
6.4%
ZQQ.TO
3.1%

Real Estate

ZLU.TO
3.3%
ZQQ.TO
0.1%

Consumer Cyclical

ZLU.TO
3.2%
ZQQ.TO
12.2%

Communication Services

ZLU.TO
2.9%
ZQQ.TO
15.5%

Basic Materials

ZLU.TO
2.5%
ZQQ.TO
1.2%

Energy

ZLU.TO
0.6%
ZQQ.TO
0.6%

Compare stocks, funds, or ETFs

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BMO Low Volatility US Equity ETF (CAD)

BMO NASDAQ 100 Equity (CAD Hedged)

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Return for Risk

ZLU.TO vs. ZQQ.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
ZQQ.TO
ZQQ.TO Risk / Return Rank: 6767
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 6969
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 6161
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. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.TOZQQ.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
2.46

-1.50

Sortino ratioReturn per unit of downside risk
1.31
3.25

-1.93

Omega ratioGain probability vs. loss probability

1.17

1.43

-0.25

Calmar ratioReturn relative to maximum drawdown

1.33

3.01

-1.68

Martin ratioReturn relative to average drawdown

3.38

11.25

-7.87

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. ZQQ.TO - Sharpe Ratio Comparison

The current ZLU.TO Sharpe Ratio is 0.96, which is lower than the ZQQ.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZLU.TO and ZQQ.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.TOZQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.96

2.46

-1.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.90

0.72

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.90

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.91

+0.07

Drawdowns

ZLU.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZLU.TO drawdown since its inception was -25.49%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZLU.TO and ZQQ.TO.

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Drawdown Indicators

ZLU.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.49%

-36.39%

+10.90%

Max Drawdown (1Y)

Largest decline over 1 year

-7.53%

-12.86%

+5.33%

Max Drawdown (3Y)

Largest decline over 3 years

-9.17%

-22.79%

+13.62%

Max Drawdown (5Y)

Largest decline over 5 years

-10.40%

-36.39%

+25.99%

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

-36.39%

+10.90%

Current Drawdown

Current decline from peak

-2.03%

-0.28%

-1.75%

Average Drawdown

Average peak-to-trough decline

-3.11%

-5.37%

+2.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.43%

-0.46%

Volatility

ZLU.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) is 2.85%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 4.54%. This indicates that ZLU.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.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.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.85%

4.54%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

8.51%

12.02%

-3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

10.46%

15.73%

-5.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.34%

22.57%

-11.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.91%

22.41%

-8.50%

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

ZLU.TO has a 0.33% expense ratio, which is lower than ZQQ.TO's 0.39% expense ratio.

Dividends

ZLU.TO vs. ZQQ.TO - Dividend Comparison

ZLU.TO's dividend yield for the trailing twelve months is around 1.73%, more than ZQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.22%0.27%0.37%0.32%0.45%0.14%0.41%0.51%0.64%0.57%1.60%0.81%

Frequently Asked Questions

ZLU.TO and ZQQ.TO have a correlation of 0.09, 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 0.39% for ZQQ.TO.

ZLU.TO is categorized as Large Cap Blend Equities, while ZQQ.TO is Nasdaq-100. Their fees differ too: 0.33% for ZLU.TO and 0.39% for ZQQ.TO.

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