ZPH.TO vs. ZLB.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while ZLB.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 11.62%/yr for ZLB.TO. At a 0.36 correlation, their price movements are largely independent. ZPH.TO charges 0.65%/yr vs 0.39%/yr for ZLB.TO.
Performance
ZPH.TO vs. ZLB.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZPH.TO achieves a -0.15% return, which is significantly lower than ZLB.TO's 7.13% return.
ZPH.TO
- 1D
- 0.30%
- 1M
- -2.07%
- YTD
- -0.15%
- 6M
- -0.22%
- 1Y
- 5.75%
- 3Y*
- 7.73%
- 5Y*
- 5.25%
- 10Y*
- —
ZLB.TO
- 1D
- -0.37%
- 1M
- 3.17%
- YTD
- 7.13%
- 6M
- 7.05%
- 1Y
- 13.34%
- 3Y*
- 14.99%
- 5Y*
- 11.62%
- 10Y*
- 10.70%
ZPH.TO vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | -0.15% | 9.47% | 4.21% | 22.61% | -10.37% | 13.57% | 2.43% | 3.22% | -6.77% | 3.90% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 7.13% | 20.40% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 10.09% |
Correlation
The correlation between ZPH.TO and ZLB.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.36 |
The correlation between ZPH.TO and ZLB.TO shifts across timeframes, from 0.24 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZPH.TO vs. ZLB.TO — Risk / Return Rank
ZPH.TO
ZLB.TO
ZPH.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write Hedged to CAD ETF (ZPH.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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.
| ZPH.TO | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 2.36 | -1.41 |
| Martin ratioReturn relative to average drawdown | 3.61 | 6.91 | -3.31 |
Loading charts...
Drawdowns
ZPH.TO vs. ZLB.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, roughly equal to the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZLB.TO.
Loading charts...
Drawdown Indicators
| ZPH.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -33.96% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -5.67% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -8.01% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -13.00% | -5.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.96% | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.01% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -2.48% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.93% | -0.33% |
Volatility
ZPH.TO vs. ZLB.TO - Volatility Comparison
BMO US Put Write Hedged to CAD ETF (ZPH.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO) have volatilities of 2.33% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZPH.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 2.38% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 6.65% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 9.30% | -2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 9.64% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 12.22% | +0.39% |
ZPH.TO vs. ZLB.TO - Expense Ratio Comparison
ZPH.TO has a 0.65% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.
Dividends
ZPH.TO vs. ZLB.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZLB.TO's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.84% | 1.99% | 2.37% | 2.67% | 2.66% | 2.39% | 2.83% | 2.44% | 2.76% | 2.55% | 2.94% | 2.34% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.61% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% | 0.00% | 0.00% |
Frequently Asked Questions
ZPH.TO and ZLB.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZPH.TO.
ZPH.TO is categorized as Derivative Income, while ZLB.TO is Canada Equities. Their fees differ too: 0.65% for ZPH.TO and 0.39% for ZLB.TO.
Find the right allocation for ZPH.TO and ZLB.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