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CDZ.TO vs. BND.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. BND.TO

Last updated Jun 5, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and BND.TO (Purpose Global Bond Fund) are both exchange-traded funds - CDZ.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while BND.TO is a fund fund. Over the past 10 years, CDZ.TO returned 9.45%/yr vs 3.03%/yr for BND.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

CDZ.TO vs. BND.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Purpose Global Bond Fund (BND.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, CDZ.TO achieves a 14.38% return, which is significantly higher than BND.TO's 1.23% return. Over the past 10 years, CDZ.TO has outperformed BND.TO with an annualized return of 9.45%, while BND.TO has yielded a comparatively lower 3.03% annualized return.

CDZ.TO

1D
0.81%
1M
3.65%
YTD
14.38%
6M
11.25%
1Y
23.54%
3Y*
17.16%
5Y*
10.48%
10Y*
9.45%

BND.TO

1D
0.34%
1M
0.91%
YTD
1.23%
6M
1.44%
1Y
6.05%
3Y*
7.30%
5Y*
3.34%
10Y*
3.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDZ.TO vs. BND.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		14.38%13.45%17.86%8.98%-4.43%22.80%-3.27%25.68%-8.84%4.92%
BND.TO
Purpose Global Bond Fund		1.23%7.23%7.49%8.45%-7.80%2.85%6.14%4.16%-0.91%1.72%

Correlation

The correlation between CDZ.TO and BND.TO is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.10

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

0.21

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

0.24

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2015

0.16

The correlation between CDZ.TO and BND.TO shifts across timeframes, from 0.10 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.

CDZ.TO vs. BND.TO - Sectors Allocation Comparison

Sectors
CDZ.TO
BND.TO

Energy

22.7%

-

Financial Services

17.1%

-

Industrials

14.5%

-

Utilities

9.0%

-

Real Estate

8.9%

-

Consumer Cyclical

7.6%

-

Communication Services

7.5%
100.0%

Consumer Defensive

6.7%

-

Basic Materials

3.3%

-

Technology

2.7%

-

Healthcare

-

-

Energy

CDZ.TO
22.7%
BND.TO

-

Financial Services

CDZ.TO
17.1%
BND.TO

-

Industrials

CDZ.TO
14.5%
BND.TO

-

Utilities

CDZ.TO
9.0%
BND.TO

-

Real Estate

CDZ.TO
8.9%
BND.TO

-

Consumer Cyclical

CDZ.TO
7.6%
BND.TO

-

Communication Services

CDZ.TO
7.5%
BND.TO
100.0%

Consumer Defensive

CDZ.TO
6.7%
BND.TO

-

Basic Materials

CDZ.TO
3.3%
BND.TO

-

Technology

CDZ.TO
2.7%
BND.TO

-

Healthcare

CDZ.TO

-

BND.TO

-

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iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Purpose Global Bond Fund

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Often compared with BND.TO:
BND.TO vs. SGOVBND.TO vs. SCHDBND.TO vs. SPYBND.TO vs. JEPIBND.TO vs. BNDBND.TO vs. SCHIBND.TO vs. FALN

Return for Risk

CDZ.TO vs. BND.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDZ.TO
CDZ.TO Risk / Return Rank: 8888
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 9191
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8989
Martin Ratio Rank
BND.TO
BND.TO Risk / Return Rank: 5757
Overall Rank
BND.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
BND.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
BND.TO Omega Ratio Rank: 6363
Omega Ratio Rank
BND.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
BND.TO Martin Ratio Rank: 5252
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.

CDZ.TO vs. BND.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Purpose Global Bond Fund (BND.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.

CDZ.TOBND.TODifference
Sharpe ratioReturn per unit of total volatility
2.86
1.99

+0.86

Sortino ratioReturn per unit of downside risk
3.70
2.89

+0.81

Omega ratioGain probability vs. loss probability

1.59

1.38

+0.22

Calmar ratioReturn relative to maximum drawdown

5.76

2.14

+3.62

Martin ratioReturn relative to average drawdown

19.51

8.74

+10.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDZ.TO vs. BND.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.86, which is higher than the BND.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CDZ.TO and BND.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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Sharpe Ratios by Period

CDZ.TOBND.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

1.99

+0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

0.66

+0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.59

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.62

-0.10

Drawdowns

CDZ.TO vs. BND.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, which is greater than BND.TO's maximum drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and BND.TO.

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Drawdown Indicators

CDZ.TOBND.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-16.55%

-32.78%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-2.84%

-1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-12.99%

-4.46%

-8.53%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-12.23%

-4.92%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

-16.55%

-29.15%

Current Drawdown

Current decline from peak

0.00%

-0.11%

+0.11%

Average Drawdown

Average peak-to-trough decline

-6.14%

-2.07%

-4.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

0.69%

+0.52%

Volatility

CDZ.TO vs. BND.TO - Volatility Comparison

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) has a higher volatility of 1.97% compared to Purpose Global Bond Fund (BND.TO) at 1.38%. This indicates that CDZ.TO's price experiences larger fluctuations and is considered to be riskier than BND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDZ.TOBND.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

1.38%

+0.59%

Volatility (6M)

Calculated over the trailing 6-month period

6.93%

2.55%

+4.38%

Volatility (1Y)

Calculated over the trailing 1-year period

8.28%

3.07%

+5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

5.10%

+5.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.63%

5.15%

+9.48%

Dividends

CDZ.TO vs. BND.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.04%, less than BND.TO's 5.84% yield.

PositionTTM20252024202320222021202020192018201720162015
BND.TO
Purpose Global Bond Fund		5.84%5.70%5.24%5.20%4.14%3.89%3.48%3.11%3.96%3.47%3.26%0.53%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.04%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%

Frequently Asked Questions

CDZ.TO and BND.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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