CDIV.TO vs. ZUD.TO
CDIV.TO (Manulife Smart Dividend ETF) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 5 years, CDIV.TO returned 12.33%/yr vs 9.30%/yr for ZUD.TO. A 0.55 correlation means they provide meaningful diversification when combined. CDIV.TO charges 0.28%/yr vs 0.30%/yr for ZUD.TO.
Performance
CDIV.TO vs. ZUD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CDIV.TO achieves a 16.68% return, which is significantly higher than ZUD.TO's 13.27% return.
CDIV.TO
- 1D
- 0.46%
- 1M
- 1.00%
- 6M
- 12.70%
- YTD
- 16.68%
- 1Y
- 23.74%
- 3Y*
- 18.68%
- 5Y*
- 12.33%
- 10Y*
- —
ZUD.TO
- 1D
- -0.47%
- 1M
- -1.73%
- 6M
- 11.07%
- YTD
- 13.27%
- 1Y
- 20.60%
- 3Y*
- 15.10%
- 5Y*
- 9.30%
- 10Y*
- 8.82%
CDIV.TO vs. ZUD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CDIV.TO Manulife Smart Dividend ETF | 16.68% | 18.95% | 13.96% | 11.77% | -2.50% | 26.20% | 1.92% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 13.27% | 11.69% | 15.31% | 6.36% | -7.23% | 25.80% | 0.56% |
Correlation
The correlation between CDIV.TO and ZUD.TO is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020 | 0.55 |
The correlation between CDIV.TO and ZUD.TO has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.
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Return for Risk
CDIV.TO vs. ZUD.TO — Risk / Return Rank
CDIV.TO
ZUD.TO
CDIV.TO vs. ZUD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Manulife Smart Dividend ETF (CDIV.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.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.
| CDIV.TO | ZUD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.65 | -1.49 |
| Martin ratioReturn relative to average drawdown | 6.84 | 12.65 | -5.81 |
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Drawdowns
CDIV.TO vs. ZUD.TO - Drawdown Comparison
The maximum CDIV.TO drawdown since its inception was -16.44%, smaller than the maximum ZUD.TO drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for CDIV.TO and ZUD.TO.
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Drawdown Indicators
| CDIV.TO | ZUD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.44% | -40.60% | +24.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -5.67% | -5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -11.05% | -14.94% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -17.65% | +1.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.60% | — |
Current DrawdownCurrent decline from peak | -0.10% | -2.11% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -4.07% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 1.63% | +1.85% |
Volatility
CDIV.TO vs. ZUD.TO - Volatility Comparison
Manulife Smart Dividend ETF (CDIV.TO) has a higher volatility of 3.91% compared to BMO US Dividend Hedged to CAD ETF (ZUD.TO) at 2.82%. This indicates that CDIV.TO's price experiences larger fluctuations and is considered to be riskier than ZUD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDIV.TO | ZUD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 2.82% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.80% | 7.87% | +1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.76% | 11.08% | +4.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 15.20% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.58% | 16.98% | -4.40% |
CDIV.TO vs. ZUD.TO - Expense Ratio Comparison
CDIV.TO has a 0.28% expense ratio, which is lower than ZUD.TO's 0.30% expense ratio.
Dividends
CDIV.TO vs. ZUD.TO - Dividend Comparison
CDIV.TO's dividend yield for the trailing twelve months is around 2.47%, more than ZUD.TO's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDIV.TO Manulife Smart Dividend ETF | 2.47% | 3.19% | 3.45% | 3.45% | 3.41% | 2.38% | 0.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 1.48% | 1.68% | 2.17% | 2.54% | 2.77% | 2.50% | 3.76% | 3.13% | 3.11% | 2.69% | 2.61% | 2.97% |
Frequently Asked Questions
CDIV.TO and ZUD.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CDIV.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CDIV.TO is cheaper with a 0.28% expense ratio, compared with 0.30% for ZUD.TO.
They also come from different issuers: Manulife and BMO. Their fees differ too: 0.28% for CDIV.TO and 0.30% for ZUD.TO.
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