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BGU.TO vs. ZDY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BGU.TO vs. ZDY.TO

Last updated Jul 16, 2026
Documentation

BGU.TO (Bristol Gate Concentrated US Equity ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - BGU.TO is a Large Cap Blend Equities fund actively managed by Bristol Gate, while ZDY.TO is a Dividend fund actively managed by BMO. Both are actively managed. Over the past 5 years, BGU.TO returned 9.27%/yr vs 11.14%/yr for ZDY.TO. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

BGU.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Bristol Gate Concentrated US Equity ETF (BGU.TO) and BMO US Dividend ETF (CAD) (ZDY.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BGU.TO achieves a 7.16% return, which is significantly lower than ZDY.TO's 17.03% return.

BGU.TO

1D
-0.54%
1M
0.99%
6M
3.59%
YTD
7.16%
1Y
12.19%
3Y*
13.49%
5Y*
9.27%
10Y*
—

ZDY.TO

1D
-0.53%
1M
-1.23%
6M
13.43%
YTD
17.03%
1Y
14.47%
3Y*
15.39%
5Y*
11.14%
10Y*
9.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BGU.TO vs. ZDY.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
BGU.TO
Bristol Gate Concentrated US Equity ETF		7.16%4.62%18.85%20.28%-13.23%30.22%8.27%30.25%2.31%
ZDY.TO
BMO US Dividend ETF (CAD)		17.03%-0.87%26.24%4.58%1.64%22.92%-5.18%16.94%1.77%

Correlation

The correlation between BGU.TO and ZDY.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2018

0.54

The correlation between BGU.TO and ZDY.TO has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Bristol Gate Concentrated US Equity ETF

BMO US Dividend ETF (CAD)

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Return for Risk

BGU.TO vs. ZDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BGU.TO
BGU.TO Risk / Return Rank: 2929
Overall Rank
BGU.TO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
BGU.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
BGU.TO Omega Ratio Rank: 3030
Omega Ratio Rank
BGU.TO Calmar Ratio Rank: 2626
Calmar Ratio Rank
BGU.TO Martin Ratio Rank: 2727
Martin Ratio Rank
ZDY.TO
ZDY.TO Risk / Return Rank: 3434
Overall Rank
ZDY.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
ZDY.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
ZDY.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZDY.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZDY.TO Martin Ratio Rank: 2929
Martin Ratio Rank
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.

BGU.TO vs. ZDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bristol Gate Concentrated US Equity ETF (BGU.TO) and BMO US Dividend ETF (CAD) (ZDY.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.

BGU.TOZDY.TODifference
Sharpe ratioReturn per unit of total volatility
0.94
1.13

-0.19

Sortino ratioReturn per unit of downside risk
1.41
1.48

-0.07

Omega ratioGain probability vs. loss probability

1.18

1.23

-0.05

Calmar ratioReturn relative to maximum drawdown

1.10

1.26

-0.16

Martin ratioReturn relative to average drawdown

3.07

3.23

-0.16

BGU.TO vs. ZDY.TO - Sharpe Ratio Comparison

The current BGU.TO Sharpe Ratio is 0.94, which is comparable to the ZDY.TO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of BGU.TO and ZDY.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.

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Drawdowns

BGU.TO vs. ZDY.TO - Drawdown Comparison

The maximum BGU.TO drawdown since its inception was -31.66%, roughly equal to the maximum ZDY.TO drawdown of -32.99%. Use the drawdown chart below to compare losses from any high point for BGU.TO and ZDY.TO.

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Drawdown Indicators

BGU.TOZDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.66%

-32.99%

+1.33%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-11.53%

+0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-17.03%

-15.33%

-1.70%

Max Drawdown (5Y)

Largest decline over 5 years

-25.46%

-15.33%

-10.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.99%

—

Current Drawdown

Current decline from peak

-2.10%

-2.14%

+0.04%

Average Drawdown

Average peak-to-trough decline

-5.24%

-3.40%

-1.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.98%

4.49%

-0.51%

Volatility

BGU.TO vs. ZDY.TO - Volatility Comparison

Bristol Gate Concentrated US Equity ETF (BGU.TO) has a higher volatility of 3.40% compared to BMO US Dividend ETF (CAD) (ZDY.TO) at 2.26%. This indicates that BGU.TO's price experiences larger fluctuations and is considered to be riskier than ZDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BGU.TOZDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.40%

2.26%

+1.14%

Volatility (6M)

Calculated over the trailing 6-month period

10.45%

8.66%

+1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

13.09%

12.90%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.01%

12.44%

+3.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.35%

15.27%

+3.08%

Dividends

BGU.TO vs. ZDY.TO - Dividend Comparison

BGU.TO has not paid dividends to shareholders, while ZDY.TO's dividend yield for the trailing twelve months is around 1.51%.

PositionTTM20252024202320222021202020192018201720162015
BGU.TO
Bristol Gate Concentrated US Equity ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZDY.TO
BMO US Dividend ETF (CAD)		1.51%1.80%1.97%2.43%2.48%2.33%3.65%3.02%2.80%2.63%2.46%2.54%

Frequently Asked Questions

BGU.TO and ZDY.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BGU.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: Bristol Gate and BMO.

Portfolio Optimizer

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