ZVC.TO vs. GMOV

Last updated Jun 4, 2026

ZVC.TO (BMO MSCI Canada Value Index ETF) and GMOV (GMO U.S. Value ETF) are both Large Cap Value Equities funds - ZVC.TO tracks the MSCI Canada Enhanced Value Capped Index while GMOV tracks the MSCI USA Value (Gross). Both are passively managed. Over the past year, ZVC.TO returned 43.80% vs 28.64% for GMOV. A 0.55 correlation means they provide meaningful diversification when combined. ZVC.TO charges 0.40%/yr vs 0.50%/yr for GMOV.

Performance

ZVC.TO vs. GMOV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada Value Index ETF (ZVC.TO) and GMO U.S. Value ETF (GMOV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZVC.TO is traded in CAD, while GMOV is traded in USD. To make them comparable, the GMOV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZVC.TO achieves a 16.23% return, which is significantly higher than GMOV's 11.64% return.

ZVC.TO

• 1D: -0.32%
• 1M: 4.99%
• YTD: 16.23%
• 6M: 18.05%
• 1Y: 43.80%
• 3Y*: 23.40%
• 5Y*: 16.44%
• 10Y*: —

GMOV

• 1D: -0.19%
• 1M: 4.57%
• YTD: 11.64%
• 6M: 11.25%
• 1Y: 28.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZVC.TO vs. GMOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZVC.TO BMO MSCI Canada Value Index ETF	16.23%	30.30%	0.17%
GMOV GMO U.S. Value ETF	11.64%	9.54%	2.04%

Correlation

The correlation between ZVC.TO and GMOV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.55

The correlation between ZVC.TO and GMOV has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

Return for Risk

ZVC.TO vs. GMOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZVC.TO

ZVC.TO Risk / Return Rank: 96
ZVC.TO Sharpe Ratio Rank: 96
ZVC.TO Sortino Ratio Rank: 96
ZVC.TO Omega Ratio Rank: 96
ZVC.TO Calmar Ratio Rank: 94
ZVC.TO Martin Ratio Rank: 96

GMOV

GMOV Risk / Return Rank: 79
GMOV Sharpe Ratio Rank: 77
GMOV Sortino Ratio Rank: 84
GMOV Omega Ratio Rank: 75
GMOV Calmar Ratio Rank: 83
GMOV Martin Ratio Rank: 78

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.

ZVC.TO vs. GMOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada Value Index ETF (ZVC.TO) and GMO U.S. Value ETF (GMOV). 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.

	ZVC.TO	GMOV	Difference
Sharpe ratio: Return per unit of total volatility	4.27	2.65	+1.62
Sortino ratio: Return per unit of downside risk	5.80	3.87	+1.93
Omega ratio: Gain probability vs. loss probability	1.82	1.47	+0.35
Calmar ratio: Return relative to maximum drawdown	7.20	5.01	+2.20
Martin ratio: Return relative to average drawdown	35.91	18.00	+17.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZVC.TO vs. GMOV - Sharpe Ratio Comparison

The current ZVC.TO Sharpe Ratio is 4.27, which is higher than the GMOV Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ZVC.TO and GMOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZVC.TO	GMOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.27	2.65	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.00	-0.30

Drawdowns

ZVC.TO vs. GMOV - Drawdown Comparison

The maximum ZVC.TO drawdown since its inception was -41.00%, which is greater than GMOV's maximum drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for ZVC.TO and GMOV.

Drawdown Indicators

	ZVC.TO	GMOV	Difference
Max Drawdown Largest peak-to-trough decline	-41.00%	-16.84%	-24.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-5.75%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.38%	+0.06%
Average Drawdown Average peak-to-trough decline	-4.92%	-3.36%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.60%	-0.38%

Volatility

ZVC.TO vs. GMOV - Volatility Comparison

BMO MSCI Canada Value Index ETF (ZVC.TO) has a higher volatility of 3.20% compared to GMO U.S. Value ETF (GMOV) at 2.31%. This indicates that ZVC.TO's price experiences larger fluctuations and is considered to be riskier than GMOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZVC.TO	GMOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	2.31%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	7.60%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	10.87%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	15.07%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	15.07%	+2.23%

ZVC.TO vs. GMOV - Expense Ratio Comparison

ZVC.TO has a 0.40% expense ratio, which is lower than GMOV's 0.50% expense ratio.

Dividends

ZVC.TO vs. GMOV - Dividend Comparison

ZVC.TO's dividend yield for the trailing twelve months is around 1.95%, less than GMOV's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GMOV GMO U.S. Value ETF	2.02%	1.98%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZVC.TO BMO MSCI Canada Value Index ETF	1.95%	2.23%	2.87%	3.32%	2.96%	2.41%	3.30%	2.66%	2.67%

Frequently Asked Questions

Can I hold both ZVC.TO and GMOV in my portfolio?

ZVC.TO and GMOV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZVC.TO or GMOV?

On fees, ZVC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZVC.TO or GMOV?

ZVC.TO is cheaper with a 0.40% expense ratio, compared with 0.50% for GMOV.

What is the main difference between ZVC.TO and GMOV?

ZVC.TO tracks MSCI Canada Enhanced Value Capped Index, while GMOV tracks MSCI USA Value (Gross). They also come from different issuers: BMO and GMO. Their fees differ too: 0.40% for ZVC.TO and 0.50% for GMOV.