ZUD.TO vs. ZLB.TO
ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - ZUD.TO is a Dividend fund managed by BMO, while ZLB.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZUD.TO returned 9.32%/yr vs 10.70%/yr for ZLB.TO. At a 0.49 correlation, their price movements are largely independent. ZUD.TO charges 0.30%/yr vs 0.39%/yr for ZLB.TO.
Performance
ZUD.TO vs. ZLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUD.TO achieves a 14.29% return, which is significantly higher than ZLB.TO's 7.13% return. Over the past 10 years, ZUD.TO has underperformed ZLB.TO with an annualized return of 9.32%, while ZLB.TO has yielded a comparatively higher 10.70% annualized return.
ZUD.TO
- 1D
- 0.18%
- 1M
- -0.75%
- YTD
- 14.29%
- 6M
- 13.68%
- 1Y
- 21.33%
- 3Y*
- 15.49%
- 5Y*
- 10.22%
- 10Y*
- 9.32%
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%
ZUD.TO vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUD.TO BMO US Dividend Hedged to CAD ETF | 14.29% | 11.69% | 15.31% | 6.36% | -7.23% | 25.80% | -5.27% | 21.08% | -5.69% | 13.59% |
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% | 11.11% |
Correlation
The correlation between ZUD.TO and ZLB.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.49 |
The correlation between ZUD.TO and ZLB.TO shifts across timeframes, from 0.36 (1 year) to 0.50 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZUD.TO vs. ZLB.TO — Risk / Return Rank
ZUD.TO
ZLB.TO
ZUD.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Dividend Hedged to CAD ETF (ZUD.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.
| ZUD.TO | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.27 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 2.36 | +1.42 |
| Martin ratioReturn relative to average drawdown | 12.14 | 6.91 | +5.23 |
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Drawdowns
ZUD.TO vs. ZLB.TO - Drawdown Comparison
The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ZLB.TO.
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Drawdown Indicators
| ZUD.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -33.96% | -6.64% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -5.67% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -8.01% | -6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -13.00% | -4.65% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -33.96% | -6.64% |
Current DrawdownCurrent decline from peak | -1.23% | -1.01% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -2.48% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.93% | -0.17% |
Volatility
ZUD.TO vs. ZLB.TO - Volatility Comparison
BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.38%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUD.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.38% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 6.65% | +1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 9.30% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 9.64% | +5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 12.22% | +4.77% |
ZUD.TO vs. ZLB.TO - Expense Ratio Comparison
ZUD.TO has a 0.30% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.
Dividends
ZUD.TO vs. ZLB.TO - Dividend Comparison
ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less 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% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 1.47% | 1.68% | 2.17% | 2.54% | 2.77% | 2.50% | 3.76% | 3.13% | 3.11% | 2.69% | 2.61% | 2.97% |
Frequently Asked Questions
ZUD.TO and ZLB.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUD.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUD.TO is cheaper with a 0.30% expense ratio, compared with 0.39% for ZLB.TO.
ZUD.TO is categorized as Dividend, while ZLB.TO is Canada Equities. Their fees differ too: 0.30% for ZUD.TO and 0.39% for ZLB.TO.
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