CCEF vs. ZDIV.TO

Last updated Jun 4, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds. CCEF is actively managed, while ZDIV.TO is passively managed. At a 0.31 correlation, their price movements are largely independent. CCEF charges 2.74%/yr vs 0.09%/yr for ZDIV.TO.

Performance

CCEF vs. ZDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CCEF is traded in USD, while ZDIV.TO is traded in CAD. To make them comparable, the ZDIV.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

CCEF

• 1D: -0.64%
• 1M: 1.52%
• YTD: 5.73%
• 6M: 6.83%
• 1Y: 15.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZDIV.TO

• 1D: -0.55%
• 1M: 0.43%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCEF vs. ZDIV.TO - Yearly Performance Comparison

	2026 (YTD)
CCEF Calamos CEF Income & Arbitrage ETF	2.12%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	13.38%

Correlation

The correlation between CCEF and ZDIV.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 9, 2026	0.31

Return for Risk

CCEF vs. ZDIV.TO — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 54
CCEF Sharpe Ratio Rank: 57
CCEF Sortino Ratio Rank: 58
CCEF Omega Ratio Rank: 61
CCEF Calmar Ratio Rank: 41
CCEF Martin Ratio Rank: 52

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.

CCEF vs. ZDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.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.

	CCEF	ZDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.97	—	—
Sortino ratio: Return per unit of downside risk	2.76	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.02	—	—
Martin ratio: Return relative to average drawdown	8.77	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CCEF	ZDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	4.83	-3.34

Drawdowns

CCEF vs. ZDIV.TO - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, which is greater than ZDIV.TO's maximum drawdown of -2.48%. Use the drawdown chart below to compare losses from any high point for CCEF and ZDIV.TO.

Drawdown Indicators

	CCEF	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-2.48%	-10.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	—	—
Current Drawdown Current decline from peak	-0.64%	-1.56%	+0.92%
Average Drawdown Average peak-to-trough decline	-1.35%	-0.54%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	—	—

Volatility

Volatility by Period

	CCEF	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.94%	10.10%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	10.10%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.78%	10.10%	+0.68%

CCEF vs. ZDIV.TO - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio.

Dividends

CCEF vs. ZDIV.TO - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.98%, more than ZDIV.TO's 0.90% yield.

Position	TTM	2025	2024
CCEF Calamos CEF Income & Arbitrage ETF	7.98%	8.08%	6.55%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	0.90%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCEF and ZDIV.TO in my portfolio?

CCEF and ZDIV.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CCEF or ZDIV.TO?

On fees, ZDIV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CCEF or ZDIV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 2.74% for CCEF.

What is the main difference between CCEF and ZDIV.TO?

They also come from different issuers: Calamos and BMO. Their fees differ too: 2.74% for CCEF and 0.09% for ZDIV.TO.