ZVU.TO vs. ZCLN.TO

Last updated Jun 26, 2026

ZVU.TO (BMO MSCI USA Value ETF) and ZCLN.TO (BMO Clean Energy Index ETF) are both exchange-traded funds - ZVU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Capped Index, while ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 5 years, ZVU.TO returned 19.44%/yr vs 1.21%/yr for ZCLN.TO. At a 0.28 correlation, their price movements are largely independent. ZVU.TO charges 0.33%/yr vs 0.39%/yr for ZCLN.TO.

Performance

ZVU.TO vs. ZCLN.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZVU.TO achieves a 52.04% return, which is significantly higher than ZCLN.TO's 27.89% return.

ZVU.TO

• 1D: 2.59%
• 1M: 5.90%
• YTD: 52.04%
• 6M: 44.48%
• 1Y: 87.17%
• 3Y*: 35.56%
• 5Y*: 19.44%
• 10Y*: —

ZCLN.TO

• 1D: -1.38%
• 1M: -9.15%
• YTD: 27.89%
• 6M: 22.77%
• 1Y: 59.75%
• 3Y*: 7.36%
• 5Y*: 1.21%
• 10Y*: —

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

ZVU.TO vs. ZCLN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZVU.TO BMO MSCI USA Value ETF	52.04%	26.27%	15.99%	11.16%	-9.46%	19.36%
ZCLN.TO BMO Clean Energy Index ETF	27.89%	35.83%	-20.23%	-20.37%	1.41%	-34.25%

Correlation

The correlation between ZVU.TO and ZCLN.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021	0.28

The correlation between ZVU.TO and ZCLN.TO shifts across timeframes, from 0.28 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZVU.TO vs. ZCLN.TO — 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: 97
ZVU.TO Sharpe Ratio Rank: 97
ZVU.TO Sortino Ratio Rank: 96
ZVU.TO Omega Ratio Rank: 96
ZVU.TO Calmar Ratio Rank: 98
ZVU.TO Martin Ratio Rank: 98

ZCLN.TO

ZCLN.TO Risk / Return Rank: 72
ZCLN.TO Sharpe Ratio Rank: 74
ZCLN.TO Sortino Ratio Rank: 67
ZCLN.TO Omega Ratio Rank: 61
ZCLN.TO Calmar Ratio Rank: 84
ZCLN.TO Martin Ratio Rank: 71

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. ZCLN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Value ETF (ZVU.TO) and BMO Clean Energy Index ETF (ZCLN.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.

	ZVU.TO	ZCLN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.94	2.07	+1.87
Sortino ratio: Return per unit of downside risk	4.74	2.67	+2.06
Omega ratio: Gain probability vs. loss probability	1.72	1.33	+0.40
Calmar ratio: Return relative to maximum drawdown	14.41	3.98	+10.43
Martin ratio: Return relative to average drawdown	44.20	11.48	+32.73

ZVU.TO vs. ZCLN.TO - Sharpe Ratio Comparison

The current ZVU.TO Sharpe Ratio is 3.94, which is higher than the ZCLN.TO Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of ZVU.TO and ZCLN.TO, 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. ZCLN.TO - Drawdown Comparison

The maximum ZVU.TO drawdown since its inception was -34.24%, smaller than the maximum ZCLN.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for ZVU.TO and ZCLN.TO.

Drawdown Indicators

	ZVU.TO	ZCLN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.24%	-61.18%	+26.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-15.08%	+9.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.25%	-38.80%	+22.55%
Max Drawdown (5Y) Largest decline over 5 years	-20.28%	-50.26%	+29.98%
Current Drawdown Current decline from peak	0.00%	-26.43%	+26.43%
Average Drawdown Average peak-to-trough decline	-5.98%	-40.53%	+34.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	5.22%	-3.24%

Volatility

ZVU.TO vs. ZCLN.TO - Volatility Comparison

The current volatility for BMO MSCI USA Value ETF (ZVU.TO) is 6.68%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 12.08%. This indicates that ZVU.TO experiences smaller price fluctuations and is considered to be less risky than ZCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZVU.TO	ZCLN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	12.08%	-5.40%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	23.05%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	22.27%	28.99%	-6.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	26.35%	-9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	27.34%	-8.78%

ZVU.TO vs. ZCLN.TO - Expense Ratio Comparison

ZVU.TO has a 0.33% expense ratio, which is lower than ZCLN.TO's 0.39% expense ratio.

Dividends

ZVU.TO vs. ZCLN.TO - Dividend Comparison

ZVU.TO's dividend yield for the trailing twelve months is around 1.04%, less than ZCLN.TO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZCLN.TO BMO Clean Energy Index ETF	1.35%	1.73%	2.13%	1.37%	0.93%	0.83%	0.00%	0.00%	0.00%	0.00%
ZVU.TO BMO MSCI USA Value ETF	1.04%	1.62%	2.24%	2.69%	2.58%	1.99%	2.51%	2.07%	2.09%	0.60%

Frequently Asked Questions

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

ZVU.TO and ZCLN.TO have a correlation of 0.43, 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 ZCLN.TO?

On fees, ZVU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZVU.TO or ZCLN.TO?

ZVU.TO is cheaper with a 0.33% expense ratio, compared with 0.39% for ZCLN.TO.

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

ZVU.TO is categorized as Large Cap Value Equities, while ZCLN.TO is Alternative Energy Equities. ZVU.TO tracks MSCI USA Enhanced Value Capped Index, while ZCLN.TO tracks S&P Global Clean Energy Index. Their fees differ too: 0.33% for ZVU.TO and 0.39% for ZCLN.TO.