ZUP.TO vs. ZLB.TO
ZUP.TO (BMO US Preferred Share Index ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - ZUP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZLB.TO is a Canada Equities fund actively managed by BMO. Over the past 5 years, ZUP.TO returned 1.32%/yr vs 11.62%/yr for ZLB.TO. At a 0.17 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. ZLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly lower than ZLB.TO's 7.13% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 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%
ZUP.TO vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -14.25% | 4.80% | 7.69% | 11.34% | 1.93% | 0.37% |
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 ZUP.TO and ZLB.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.17 |
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Return for Risk
ZUP.TO vs. ZLB.TO — Risk / Return Rank
ZUP.TO
ZLB.TO
ZUP.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.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.
| ZUP.TO | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.27 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 2.36 | -1.00 |
| Martin ratioReturn relative to average drawdown | 2.75 | 6.91 | -4.17 |
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Drawdowns
ZUP.TO vs. ZLB.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, roughly equal to the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZUP.TO and ZLB.TO.
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Drawdown Indicators
| ZUP.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -33.96% | +1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -5.67% | +0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -8.01% | -4.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | -13.00% | -12.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.96% | — |
Current DrawdownCurrent decline from peak | -4.13% | -1.01% | -3.12% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -2.48% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.93% | +0.42% |
Volatility
ZUP.TO vs. ZLB.TO - Volatility Comparison
BMO US Preferred Share Index ETF (ZUP.TO) has a higher volatility of 3.84% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.38%. This indicates that ZUP.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
| ZUP.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 2.38% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 6.65% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 9.30% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 9.64% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 12.22% | +2.19% |
Dividends
ZUP.TO vs. ZLB.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, 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% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% | 0.00% | 0.00% |
Frequently Asked Questions
ZUP.TO and ZLB.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZUP.TO is categorized as Preferred Stock/Convertible Bonds, while ZLB.TO is Canada Equities.
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