PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CDZ.TO vs. HVOI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. HVOI.TO

Last updated Jun 5, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. CDZ.TO is passively managed, while HVOI.TO is actively managed. Over the past year, CDZ.TO returned 23.54% vs 15.85% for HVOI.TO. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

CDZ.TO vs. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CDZ.TO achieves a 14.38% return, which is significantly higher than HVOI.TO's 6.96% 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%

HVOI.TO

1D
1.38%
1M
2.71%
YTD
6.96%
6M
8.24%
1Y
15.85%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		14.38%17.69%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.96%15.20%

Correlation

The correlation between CDZ.TO and HVOI.TO is 0.71, 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

0.71

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2025

0.67

The correlation between CDZ.TO and HVOI.TO has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Harvest Low Volatility Canadian Equity Income ETF Class A

Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO
Often compared with HVOI.TO:
HVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. VCE.TOHVOI.TO vs. CANY.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. XDV.TOHVOI.TO vs. XIC.TO

Return for Risk

CDZ.TO vs. HVOI.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
HVOI.TO
HVOI.TO Risk / Return Rank: 5555
Overall Rank
HVOI.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 5858
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 5555
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. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.TOHVOI.TODifference
Sharpe ratioReturn per unit of total volatility
2.86
1.86

+1.00

Sortino ratioReturn per unit of downside risk
3.70
2.75

+0.95

Omega ratioGain probability vs. loss probability

1.59

1.35

+0.24

Calmar ratioReturn relative to maximum drawdown

5.76

2.37

+3.39

Martin ratioReturn relative to average drawdown

19.51

9.50

+10.01

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. HVOI.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.86, which is higher than the HVOI.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CDZ.TO and HVOI.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.

Loading charts...

Sharpe Ratios by Period

CDZ.TOHVOI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

1.86

+1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

2.40

-1.87

Drawdowns

CDZ.TO vs. HVOI.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and HVOI.TO.

Loading charts...

Drawdown Indicators

CDZ.TOHVOI.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-6.72%

-42.61%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-6.72%

+2.61%

Max Drawdown (3Y)

Largest decline over 3 years

-12.99%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.14%

-0.96%

-5.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

1.68%

-0.47%

Volatility

CDZ.TO vs. HVOI.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.97%, while Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) has a volatility of 2.53%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CDZ.TOHVOI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

2.53%

-0.56%

Volatility (6M)

Calculated over the trailing 6-month period

6.93%

6.89%

+0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

8.28%

8.58%

-0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

8.46%

+2.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.63%

8.46%

+6.17%

Dividends

CDZ.TO vs. HVOI.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.04%, less than HVOI.TO's 6.87% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.87%4.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CDZ.TO and HVOI.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Harvest.

Portfolio Optimizer

Find the right allocation for CDZ.TO and HVOI.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer