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Compare Harvest Low Volatility Canadian Equity ETF (HVOL) vs BMO Low Volatility Canadian Equity ETF (ZLB) to find the best fit for your portfolio. HVOL provides Finance, Energy, and Industrials exposures, while ZLB is primarily weighted in Finance, Consumer Non-Cyclicals, and Utilities. When evaluating costs, HVOL features a management fee (MER) of 0.35%, compared to 0.35% for ZLB. Performance-wise, HVOL has returned 10.87% year-to-date with +$1 M in net flows, whereas ZLB is at 3.86% with +$206 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
HVOL
ZLB
| AuM | $6.18 M | $6,051.31 M |
| Management Fees | 0.35% | 0.35% |
| Exp. ratio | 0.35% | 0.39% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HVOL | -2.28% | +0.61% | +10.87% | +14.81% | - |
ZLB | -2.97% | -1.61% | +3.86% | +9.55% | +57.92% | |
| Flows | HVOL | +$1 M | +$2 M | +$1 M | +$2 M | - |
ZLB | +$0 M | +$59 M | +$206 M | +$322 M | +$1,270 M |
HVOL vs ZLB exposure
Countries
HVOL
Canada
95.75%
ZLB
Canada
95.90%
Sectors
HVOL
Finance
39.98%
Energy
13.22%
Industrials
9.61%
Utilities
7.55%
Consumer Non-Cyclicals
7.35%
Other
22.30%
ZLB
Finance
31.83%
Consumer Non-Cyclicals
18.94%
Utilities
17.56%
Telecommunications
8.67%
Other
22.99%
As of September 11, 2026
Top 10 Holdings
HVOL
Royal Bank of Canada
4.63%
The Toronto-Dominion Bank
4.50%
The Bank of Nova Scotia
4.45%
Canadian Imperial Bank of Commerce
4.19%
National Bank of Canada
4.18%
Bank of Montreal
4.14%
Canadian Pacific Kansas City Ltd.
3.88%
Sun Life Financial, Inc.
3.78%
Canadian National Railway Co.
3.68%
Fortis, Inc.
3.46%
ZLB
Fortis, Inc.
4.37%
Great-West Lifeco, Inc.
4.37%
Quebecor, Inc.
4.02%
Hydro One Ltd.
3.98%
Loblaw Cos. Ltd.
3.98%
Emera, Inc.
3.71%
Empire Co. Ltd.
3.61%
Intact Financial Corp.
3.33%
Metro, Inc.
3.26%
Canadian Utilities Ltd.
3.21%
Diversification
HVOL
Total weight of top 10 holdings out of 40 total
40.90%
ZLB
Total weight of top 10 holdings out of 51 total
37.82%
Characteristics
Compare
HVOL
ZLB
| Provider | Harvest Portfolios Group | BMO |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.75% | 1.88% |
| Meets ESG criteria | No | No |
| Inception Date | April 15, 2025 | October 27, 2011 |
Frequently asked questions about HVOL and ZLB
Which ETF has performed better year to date: HVOL or ZLB?
As of September 11, 2026, HVOL has returned 10.87% year to date, while ZLB has returned 3.86%. HVOL is ahead on YTD performance.
Which ETF is larger by assets under management: HVOL or ZLB?
As of September 11, 2026, HVOL manages $6.18 M in assets, while ZLB manages $6.05 B. ZLB is the larger fund by AUM.
How are HVOL and ZLB managed?
HVOL is actively managed by Harvest Portfolios Group. It does not track an index. ZLB is actively managed by BMO. It does not track an index.
What sectors do HVOL and ZLB emphasize?
HVOL is most exposed to Finance, Energy, and Industrials. ZLB is most exposed to Finance, Consumer Non-Cyclicals, and Utilities.
Which ETF is attracting more investor flows: HVOL or ZLB?
Year to date, HVOL has seen +$0.76 M in net flows, compared with +$205.69 M for ZLB. ZLB has attracted more net investor money so far.
How do the fees of HVOL and ZLB compare?
HVOL has an expense ratio of 0.35%, while ZLB has an expense ratio of 0.39%.
What are the top holdings of HVOL and ZLB?
HVOL's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and The Bank of Nova Scotia. ZLB's top holdings include Fortis, Inc., Great-West Lifeco, Inc., and Quebecor, Inc..
Which ETF is more diversified: HVOL or ZLB?
HVOL holds 40 securities, while ZLB holds 51. On holdings count, ZLB is the more diversified portfolio.
Recent articles about HVOL and ZLB
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.