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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 Consumer Non-Cyclicals. When evaluating costs, ZLB features a management fee (MER) of 0.35%, compared to 0.3% for XMV. Performance-wise, ZLB has returned 7.97% year-to-date with +$187 M in net flows, whereas XMV is at 13.37% with -$19 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 | $6,272.28 M | $396.43 M |
| Management Fees | 0.35% | 0.30% |
| Exp. ratio | 0.39% | 0.34% |
| Tracking Difference | - | -0.46% |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLB | +0.09% | +5.28% | +7.97% | +16.79% | +58.49% |
XMV | +2.37% | +7.19% | +13.37% | +23.64% | +72.38% | |
| Flows | ZLB | +$19 M | +$24 M | +$187 M | +$349 M | +$1,281 M |
XMV | -$36 M | -$30 M | -$19 M | +$2 M | +$70 M |
ZLB vs XMV exposure
Countries
ZLB
Canada
95.73%
XMV
Canada
94.92%
Sectors
ZLB
Finance
31.49%
Consumer Non-Cyclicals
18.69%
Utilities
17.78%
Telecommunications
8.91%
Other
23.14%
XMV
Finance
37.66%
Energy
13.56%
Consumer Non-Cyclicals
9.66%
Industrials
8.39%
Non-Energy Materials
7.53%
Utilities
7.48%
Other
15.71%
As of July 24, 2026
Top 10 Holdings
ZLB
Fortis, Inc.
4.47%
Great-West Lifeco, Inc.
4.23%
Quebecor, Inc.
4.13%
Hydro One Ltd.
4.05%
Loblaw Cos. Ltd.
3.92%
Emera, Inc.
3.72%
Empire Co. Ltd.
3.54%
Intact Financial Corp.
3.51%
Metro, Inc.
3.18%
Canadian Utilities Ltd.
3.03%
XMV
Bank of Montreal
3.44%
Royal Bank of Canada
3.38%
The Toronto-Dominion Bank
3.38%
The Bank of Nova Scotia
3.37%
Great-West Lifeco, Inc.
3.23%
Canadian National Railway Co.
3.15%
Canadian Imperial Bank of Commerce
3.07%
Fortis, Inc.
3.05%
National Bank of Canada
2.95%
Canadian Pacific Kansas City Ltd.
2.90%
Diversification
ZLB
Total weight of top 10 holdings out of 52 total
37.77%
XMV
Total weight of top 10 holdings out of 72 total
31.93%
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 | 1.81% | 2.04% |
| 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 July 24, 2026, ZLB has returned 7.97% year to date, while XMV has returned 13.37%. XMV is ahead on YTD performance.
Which ETF is larger by assets under management: ZLB or XMV?
As of July 24, 2026, ZLB manages $6.27 B in assets, while XMV manages $396.43 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 Consumer Non-Cyclicals.
Which ETF is attracting more investor flows: ZLB or XMV?
Year to date, ZLB has seen +$186.59 M in net flows, compared with -$19.18 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 Fortis, Inc., Great-West Lifeco, Inc., and Quebecor, Inc.. XMV's top holdings include Bank of Montreal, Royal Bank of Canada, and The Toronto-Dominion Bank.
Which ETF is more diversified: ZLB or XMV?
ZLB holds 52 securities, while XMV holds 72. On holdings count, XMV is the more diversified portfolio.
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