VS
Compare BMO Low Volatility Canadian Equity ETF (ZLB) vs iShares Edge MSCI Min Vol Canada Index ETF (XMV) to find the best fit for your portfolio. ZLB provides Finance, Consumer Non-Cyclicals, and Utilities exposures, while XMV is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, ZLB features a management fee (MER) of 0.35%, compared to 0.3% for XMV. Performance-wise, ZLB has returned 5.59% year-to-date with +$45 M in net flows, whereas XMV is at 14.19% with -$28 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
ZLB
XMV
| AuM | $5,960.19 M | $387.79 M |
| Management Fees | 0.35% | 0.30% |
| Exp. ratio | 0.39% | 0.34% |
| Tracking Difference | - | -0.41% |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLB | +0.89% | -2.29% | +5.59% | +9.59% | +65.55% |
XMV | +2.08% | +0.37% | +14.19% | +18.74% | +78.86% | |
| Flows | ZLB | -$142 M | -$141 M | +$45 M | +$202 M | +$1,086 M |
XMV | -$15 M | -$9 M | -$28 M | -$28 M | +$63 M |
ZLB vs XMV exposure
Countries
ZLB
Canada
96.08%
XMV
Canada
94.94%
Sectors
ZLB
Finance
31.88%
Consumer Non-Cyclicals
18.18%
Utilities
16.73%
Telecommunications
8.77%
Other
24.44%
XMV
Finance
35.96%
Energy
16.24%
Non-Energy Materials
9.34%
Consumer Non-Cyclicals
8.91%
Industrials
7.70%
Other
21.86%
As of October 16, 2026
Top 10 Holdings
ZLB
Great-West Lifeco, Inc.
4.41%
Fortis, Inc.
4.24%
Quebecor, Inc.
3.82%
Loblaw Cos. Ltd.
3.75%
Hydro One Ltd.
3.73%
Emera, Inc.
3.48%
Empire Co. Ltd.
3.48%
Intact Financial Corp.
3.30%
TMX Group Ltd.
3.21%
Metro, Inc.
3.15%
XMV
The Bank of Nova Scotia
3.15%
The Toronto-Dominion Bank
3.09%
Enbridge, Inc.
3.05%
Royal Bank of Canada
2.98%
Fortis, Inc.
2.97%
Canadian Pacific Kansas City Ltd.
2.97%
Canadian National Railway Co.
2.96%
Bank of Montreal
2.93%
Canadian Imperial Bank of Commerce
2.91%
Great-West Lifeco, Inc.
2.87%
Diversification
ZLB
Total weight of top 10 holdings out of 52 total
36.57%
XMV
Total weight of top 10 holdings out of 70 total
29.88%
Characteristics
Compare
ZLB
XMV
| Provider | BMO | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI Canada Minimum Volatility Total Return Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.86% | 2.06% |
| Meets ESG criteria | No | No |
| Inception Date | October 27, 2011 | July 24, 2012 |
Frequently asked questions about ZLB and XMV
Which ETF has performed better year to date: ZLB or XMV?
As of October 16, 2026, ZLB has returned 5.59% year to date, while XMV has returned 14.19%. XMV is ahead on YTD performance.
Which ETF is larger by assets under management: ZLB or XMV?
As of October 16, 2026, ZLB manages $5.96 B in assets, while XMV manages $387.79 M. ZLB is the larger fund by AUM.
How are ZLB and XMV managed?
ZLB is actively managed by BMO. It does not track an index. XMV is passively managed by iShares. It tracks the MSCI Canada Minimum Volatility Total Return Index - CAD benchmark.
What sectors do ZLB and XMV emphasize?
ZLB is most exposed to Finance, Consumer Non-Cyclicals, and Utilities. XMV is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: ZLB or XMV?
Year to date, ZLB has seen +$45.38 M in net flows, compared with -$28.14 M for XMV. ZLB has attracted more net investor money so far.
How do the fees of ZLB and XMV compare?
ZLB has an expense ratio of 0.39%, while XMV has an expense ratio of 0.34%.
What are the top holdings of ZLB and XMV?
ZLB's largest holdings include Great-West Lifeco, Inc., Fortis, Inc., and Quebecor, Inc.. XMV's top holdings include The Bank of Nova Scotia, The Toronto-Dominion Bank, and Enbridge, Inc..
Which ETF is more diversified: ZLB or XMV?
ZLB holds 52 securities, while XMV holds 70. On holdings count, XMV is the more diversified portfolio.
Recent articles about ZLB and XMV
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