ZVU.TO vs. VTV

Last updated Jul 16, 2026

ZVU.TO (BMO MSCI USA Value ETF) and VTV (Vanguard Value ETF) are both Large Cap Value Equities funds - ZVU.TO tracks the MSCI USA Enhanced Value Capped Index while VTV tracks the CRSP US Large Cap Value Index. Both are passively managed. Over the past 5 years, ZVU.TO returned 18.11%/yr vs 14.84%/yr for VTV. At a 0.35 correlation, their price movements are largely independent. ZVU.TO charges 0.33%/yr vs 0.04%/yr for VTV.

Performance

ZVU.TO vs. VTV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA Value ETF (ZVU.TO) and Vanguard Value ETF (VTV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZVU.TO achieves a 44.84% return, which is significantly higher than VTV's 18.07% return.

ZVU.TO

• 1D: -1.55%
• 1M: -3.80%
• 6M: 36.71%
• YTD: 44.84%
• 1Y: 74.57%
• 3Y*: 31.77%
• 5Y*: 18.11%
• 10Y*: —

VTV

• 1D: -1.20%
• 1M: 0.78%
• 6M: 12.50%
• YTD: 18.07%
• 1Y: 29.28%
• 3Y*: 20.47%
• 5Y*: 14.84%
• 10Y*: 13.29%

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

ZVU.TO vs. VTV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZVU.TO BMO MSCI USA Value ETF	44.84%	26.27%	15.99%	11.16%	-9.46%	28.55%	-3.01%	21.68%	-6.61%	8.92%
VTV Vanguard Value ETF	18.07%	10.01%	25.77%	6.71%	4.12%	26.47%	-0.10%	20.48%	2.47%	6.98%

Correlation

The correlation between ZVU.TO and VTV is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.35

The correlation between ZVU.TO and VTV shifts across timeframes, from 0.35 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

ZVU.TO vs. VTV - Sectors Allocation Comparison

Sectors	ZVU.TO	VTV
Technology	35.2%	16.5%
Financial Services	11.9%	21.5%
Consumer Cyclical	11.2%	4.0%
Communication Services	9.8%	2.9%
Industrials	9.0%	13.6%
Healthcare	8.7%	14.1%
Consumer Defensive	4.7%	8.9%
Energy	3.7%	7.4%
Utilities	2.2%	4.8%
Real Estate	2.0%	2.7%
Basic Materials	1.4%	3.3%

Return for Risk

ZVU.TO vs. VTV — Risk / Return Rank

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

ZVU.TO

ZVU.TO Risk / Return Rank: 96
ZVU.TO Sharpe Ratio Rank: 96
ZVU.TO Sortino Ratio Rank: 94
ZVU.TO Omega Ratio Rank: 95
ZVU.TO Calmar Ratio Rank: 98
ZVU.TO Martin Ratio Rank: 97

VTV

VTV Risk / Return Rank: 91
VTV Sharpe Ratio Rank: 92
VTV Sortino Ratio Rank: 93
VTV Omega Ratio Rank: 90
VTV Calmar Ratio Rank: 89
VTV Martin Ratio Rank: 90

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.

ZVU.TO vs. VTV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Value ETF (ZVU.TO) and Vanguard Value ETF (VTV). 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.

	ZVU.TO	VTV	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.60	+0.71
Sortino ratio: Return per unit of downside risk	4.11	3.81	+0.30
Omega ratio: Gain probability vs. loss probability	1.61	1.46	+0.15
Calmar ratio: Return relative to maximum drawdown	12.33	5.13	+7.20
Martin ratio: Return relative to average drawdown	35.59	18.80	+16.80

ZVU.TO vs. VTV - Sharpe Ratio Comparison

The current ZVU.TO Sharpe Ratio is 3.32, which is comparable to the VTV Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of ZVU.TO and VTV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZVU.TO vs. VTV - Drawdown Comparison

The maximum ZVU.TO drawdown since its inception was -34.24%, smaller than the maximum VTV drawdown of -52.38%. Use the drawdown chart below to compare losses from any high point for ZVU.TO and VTV.

Drawdown Indicators

	ZVU.TO	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-34.24%	-52.38%	+18.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-5.74%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.25%	-15.12%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-20.28%	-15.12%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.22%	—
Current Drawdown Current decline from peak	-4.73%	-2.15%	-2.58%
Average Drawdown Average peak-to-trough decline	-5.96%	-9.12%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.56%	+0.54%

Volatility

ZVU.TO vs. VTV - Volatility Comparison

BMO MSCI USA Value ETF (ZVU.TO) has a higher volatility of 5.93% compared to Vanguard Value ETF (VTV) at 3.39%. This indicates that ZVU.TO's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZVU.TO	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	3.39%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	8.78%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.61%	11.37%	+11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	15.01%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	17.68%	+0.88%

ZVU.TO vs. VTV - Expense Ratio Comparison

ZVU.TO has a 0.33% expense ratio, which is higher than VTV's 0.04% expense ratio.

Dividends

ZVU.TO vs. VTV - Dividend Comparison

ZVU.TO's dividend yield for the trailing twelve months is around 1.20%, less than VTV's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTV Vanguard Value ETF	1.88%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%
ZVU.TO BMO MSCI USA Value ETF	1.20%	1.62%	2.24%	2.69%	2.58%	1.99%	2.51%	2.07%	2.09%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZVU.TO and VTV in my portfolio?

ZVU.TO and VTV have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZVU.TO or VTV?

On fees, VTV is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZVU.TO or VTV?

VTV is cheaper with a 0.04% expense ratio, compared with 0.33% for ZVU.TO.

What is the main difference between ZVU.TO and VTV?

ZVU.TO tracks MSCI USA Enhanced Value Capped Index, while VTV tracks CRSP US Large Cap Value Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.33% for ZVU.TO and 0.04% for VTV.