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ZVC.TO vs. GMOV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZVC.TO vs. GMOV

Last updated Jun 25, 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 39.23% vs 26.90% for GMOV. A 0.52 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.

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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

The year-to-date returns for both stocks are quite close, with ZVC.TO having a 13.99% return and GMOV slightly lower at 13.51%.

ZVC.TO

1D
-1.13%
1M
-1.27%
YTD
13.99%
6M
13.15%
1Y
39.23%
3Y*
24.04%
5Y*
16.51%
10Y*
—

GMOV

1D
0.36%
1M
1.72%
YTD
13.51%
6M
12.41%
1Y
26.90%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZVC.TO vs. GMOV - Yearly Performance Comparison

2026 (YTD)20252024
ZVC.TO
BMO MSCI Canada Value Index ETF		13.99%31.10%0.00%
GMOV
GMO U.S. Value ETF		13.51%9.57%1.62%

Correlation

The correlation between ZVC.TO and GMOV is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2024

0.52

The correlation between ZVC.TO and GMOV has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO MSCI Canada Value Index ETF

GMO U.S. Value ETF

Often compared with ZVC.TO:
ZVC.TO vs. ZCN.TOZVC.TO vs. VCN.TOZVC.TO vs. ZLB.TOZVC.TO vs. XCV.TOZVC.TO vs. XIC.TOZVC.TO vs. VDY.TOZVC.TO vs. XCS.TO
Often compared with GMOV:
GMOV vs. DHLXGMOV vs. QLTIGMOV vs. ABEQGMOV vs. DIVZGMOV vs. CSTKGMOV vs. ELCVGMOV vs. JQUA

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: 9696
Overall Rank
ZVC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZVC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZVC.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZVC.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZVC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
GMOV
GMOV Risk / Return Rank: 7676
Overall Rank
GMOV Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
GMOV Sortino Ratio Rank: 8080
Sortino Ratio Rank
GMOV Omega Ratio Rank: 7171
Omega Ratio Rank
GMOV Calmar Ratio Rank: 8181
Calmar Ratio Rank
GMOV Martin Ratio Rank: 7575
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.

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.

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.

ZVC.TOGMOVDifference
Sharpe ratioReturn per unit of total volatility
3.62
2.34

+1.28

Sortino ratioReturn per unit of downside risk
4.84
3.46

+1.38

Omega ratioGain probability vs. loss probability

1.66

1.41

+0.26

Calmar ratioReturn relative to maximum drawdown

6.45

4.41

+2.04

Martin ratioReturn relative to average drawdown

30.78

15.62

+15.15

ZVC.TO vs. GMOV - Sharpe Ratio Comparison

The current ZVC.TO Sharpe Ratio is 3.62, which is higher than the GMOV Sharpe Ratio of 2.34. 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.

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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 -16.93%. Use the drawdown chart below to compare losses from any high point for ZVC.TO and GMOV.

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Drawdown Indicators

ZVC.TOGMOVDifference

Max Drawdown

Largest peak-to-trough decline

-41.00%

-16.93%

-24.07%

Max Drawdown (1Y)

Largest decline over 1 year

-6.11%

-6.13%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-13.34%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-16.16%

—

—

Current Drawdown

Current decline from peak

-2.56%

0.00%

-2.56%

Average Drawdown

Average peak-to-trough decline

-4.86%

-3.30%

-1.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.28%

1.73%

-0.45%

Volatility

ZVC.TO vs. GMOV - Volatility Comparison

BMO MSCI Canada Value Index ETF (ZVC.TO) has a higher volatility of 3.95% compared to GMO U.S. Value ETF (GMOV) at 3.30%. 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.

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Volatility by Period

ZVC.TOGMOVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

3.30%

+0.65%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

8.20%

+0.46%

Volatility (1Y)

Calculated over the trailing 1-year period

10.89%

11.56%

-0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.67%

15.50%

-1.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.33%

15.50%

+1.83%

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 1.99%, less than GMOV's 2.04% yield.

PositionTTM20252024202320222021202020192018
GMOV
GMO U.S. Value ETF		2.04%1.98%0.30%0.00%0.00%0.00%0.00%0.00%0.00%
ZVC.TO
BMO MSCI Canada Value Index ETF		1.99%2.23%2.88%3.34%2.98%2.43%3.32%2.68%2.69%

Frequently Asked Questions

ZVC.TO and GMOV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

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

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