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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 Financials, Utilities, and Consumer Staples exposures, while XMV is primarily weighted in Financials, Energy, and Materials. When evaluating costs, ZLB features a management fee (MER) of 0.35%, compared to 0.3% for XMV. Performance-wise, ZLB has returned 2.56% year-to-date with +$166 M in net flows, whereas XMV is at 5.76% with +$11 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 | $5,964.27 M | $400.66 M |
| Management Fees | 0.35% | 0.30% |
| Exp. ratio | 0.39% | 0.34% |
| Tracking Difference | - | -0.45% |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLB | +2.64% | +1.77% | +2.56% | +19.91% | +47.58% |
XMV | +4.15% | +3.86% | +5.76% | +23.39% | +59.05% | |
| Flows | ZLB | +$59 M | +$84 M | +$166 M | +$630 M | +$1,356 M |
XMV | +$3 M | +$8 M | +$11 M | +$44 M | +$98 M |
ZLB vs XMV exposure
Countries
ZLB
Canada
98.76%
XMV
Canada
99.72%
Sectors
ZLB
Financials
22.74%
Utilities
17.75%
Consumer Staples
17.26%
Communication Services
9.91%
Other
8.17%
Materials
7.09%
Other
17.08%
XMV
Financials
30.96%
Energy
14.63%
Materials
10.97%
Other
8.89%
Utilities
7.77%
Consumer Staples
7.35%
Other
19.42%
As of April 24, 2026
Top 10 Holdings
ZLB
LOBLAW COMPANIES
4.81%
FORTIS
4.19%
QUEBECOR SUB VOTING
4.16%
HYDRO ONE
4.15%
METRO
3.78%
EMPIRE
3.74%
EMERA
3.58%
GREAT WEST LIFECO
3.30%
CANADIAN UTILITIES
3.08%
GEORGE WESTON
2.88%
XMV
SUNCOR ENERGY
3.27%
ENBRIDGE
3.21%
NATIONAL BANK OF CANADA
3.11%
CDN IMPERIAL BK
2.99%
FORTIS
2.98%
TORONTO DOMINION
2.98%
GREAT WEST LIFECO
2.93%
BANK OF MONTREAL
2.92%
ROYAL BK CANADA
2.91%
CDN NATL RAILWAY
2.83%
Diversification
ZLB
Total weight of top 10 holdings out of 52 total
37.67%
XMV
Total weight of top 10 holdings out of 71 total
30.12%
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 | 1.89% | 2.16% |
| 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 April 24, 2026, ZLB has returned 2.56% year to date, while XMV has returned 5.76%. XMV is ahead on YTD performance.
Which ETF is larger by assets under management: ZLB or XMV?
As of April 24, 2026, ZLB manages $5.96 B in assets, while XMV manages $400.66 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 Financials, Utilities, and Consumer Staples. XMV is most exposed to Financials, Energy, and Materials.
Which ETF is attracting more investor flows: ZLB or XMV?
Year to date, ZLB has seen +$165.87 M in net flows, compared with +$11.14 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 LOBLAW COMPANIES and FORTIS. XMV's top holdings include SUNCOR ENERGY and ENBRIDGE.
Which ETF is more diversified: ZLB or XMV?
ZLB holds 48 securities, while XMV holds 64. On holdings count, XMV is the more diversified portfolio.
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