BMO.TO vs. ZDV.TO

Last updated Jun 5, 2026

BMO.TO (Bank of Montreal) is a stock, while ZDV.TO (BMO Canadian Dividend ETF) is Canada Equities fund actively managed by BMO. Over the past 10 years, BMO.TO returned 15.75%/yr vs 11.00%/yr for ZDV.TO. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

BMO.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Bank of Montreal (BMO.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMO.TO achieves a 31.01% return, which is significantly higher than ZDV.TO's 19.98% return. Over the past 10 years, BMO.TO has outperformed ZDV.TO with an annualized return of 15.75%, while ZDV.TO has yielded a comparatively lower 11.00% annualized return.

BMO.TO

• 1D: 1.81%
• 1M: 11.70%
• YTD: 31.01%
• 6M: 32.07%
• 1Y: 60.82%
• 3Y*: 31.55%
• 5Y*: 17.67%
• 10Y*: 15.75%

ZDV.TO

• 1D: 1.20%
• 1M: 5.35%
• YTD: 19.98%
• 6M: 13.61%
• 1Y: 33.16%
• 3Y*: 21.12%
• 5Y*: 14.00%
• 10Y*: 11.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BMO.TO vs. ZDV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMO.TO Bank of Montreal	31.01%	33.33%	11.74%	12.19%	-5.39%	46.90%	2.39%	17.51%	-7.94%	7.99%
ZDV.TO BMO Canadian Dividend ETF	19.98%	20.17%	16.52%	7.83%	-1.93%	28.40%	-3.84%	22.34%	-10.95%	7.38%

Correlation

The correlation between BMO.TO and ZDV.TO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011	0.68

The correlation between BMO.TO and ZDV.TO shifts across timeframes, from 0.59 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BMO.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BMO.TO

BMO.TO Risk / Return Rank: 95
BMO.TO Sharpe Ratio Rank: 96
BMO.TO Sortino Ratio Rank: 96
BMO.TO Omega Ratio Rank: 95
BMO.TO Calmar Ratio Rank: 93
BMO.TO Martin Ratio Rank: 96

ZDV.TO

ZDV.TO Risk / Return Rank: 89
ZDV.TO Sharpe Ratio Rank: 91
ZDV.TO Sortino Ratio Rank: 81
ZDV.TO Omega Ratio Rank: 95
ZDV.TO Calmar Ratio Rank: 87
ZDV.TO Martin Ratio Rank: 89

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.

BMO.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bank of Montreal (BMO.TO) and BMO Canadian Dividend ETF (ZDV.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.

	BMO.TO	ZDV.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.45	3.14	+0.31
Sortino ratio: Return per unit of downside risk	4.49	3.60	+0.90
Omega ratio: Gain probability vs. loss probability	1.58	1.70	-0.12
Calmar ratio: Return relative to maximum drawdown	6.04	5.01	+1.03
Martin ratio: Return relative to average drawdown	21.86	19.47	+2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMO.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current BMO.TO Sharpe Ratio is 3.45, which is comparable to the ZDV.TO Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of BMO.TO and ZDV.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.

Sharpe Ratios by Period

	BMO.TO	ZDV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	3.14	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.29	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.73	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.69	-0.09

Drawdowns

BMO.TO vs. ZDV.TO - Drawdown Comparison

The maximum BMO.TO drawdown since its inception was -62.39%, which is greater than ZDV.TO's maximum drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for BMO.TO and ZDV.TO.

Drawdown Indicators

	BMO.TO	ZDV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-62.39%	-43.21%	-19.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-6.65%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-9.04%	-7.53%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-16.72%	-10.13%
Max Drawdown (10Y) Largest decline over 10 years	-45.59%	-43.21%	-2.38%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.54%	-5.12%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.71%	+1.08%

Volatility

BMO.TO vs. ZDV.TO - Volatility Comparison

Bank of Montreal (BMO.TO) has a higher volatility of 5.73% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.67%. This indicates that BMO.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMO.TO	ZDV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	2.67%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	14.65%	9.75%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	10.63%	+7.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	10.95%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	15.11%	+5.87%

Dividends

BMO.TO vs. ZDV.TO - Dividend Comparison

BMO.TO's dividend yield for the trailing twelve months is around 2.87%, more than ZDV.TO's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMO.TO Bank of Montreal	2.87%	3.61%	4.39%	4.42%	5.32%	3.74%	5.20%	4.03%	4.24%	3.54%	3.84%	4.15%
ZDV.TO BMO Canadian Dividend ETF	2.65%	3.07%	3.57%	4.10%	4.10%	3.63%	4.48%	4.11%	5.06%	3.96%	3.84%	4.63%

Frequently Asked Questions

Can I hold both BMO.TO and ZDV.TO in my portfolio?

BMO.TO and ZDV.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.