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

CDZ.TO vs. ZDY.TO

Last updated Jun 4, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - CDZ.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZDY.TO is a Dividend fund actively managed by BMO. CDZ.TO is passively managed, while ZDY.TO is actively managed. Over the past 10 years, CDZ.TO returned 9.44%/yr vs 11.07%/yr for ZDY.TO. A 0.50 correlation means they provide meaningful diversification when combined. CDZ.TO charges 0.66%/yr vs 0.30%/yr for ZDY.TO.

Performance

CDZ.TO vs. ZDY.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 BMO US Dividend ETF (CAD) (ZDY.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 13.46% return, which is significantly lower than ZDY.TO's 18.13% return. Over the past 10 years, CDZ.TO has underperformed ZDY.TO with an annualized return of 9.44%, while ZDY.TO has yielded a comparatively higher 11.07% annualized return.

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%

ZDY.TO

1D
-0.12%
1M
9.13%
YTD
18.13%
6M
10.45%
1Y
26.90%
3Y*
18.28%
5Y*
13.55%
10Y*
11.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%-3.27%25.68%-8.84%4.92%
ZDY.TO
BMO US Dividend ETF (CAD)		18.13%4.45%26.22%4.58%1.64%22.92%-5.18%16.96%3.22%6.74%

Correlation

The correlation between CDZ.TO and ZDY.TO is 0.57, 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

0.57

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

0.55

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

0.56

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

0.57

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2013

0.50

The correlation between CDZ.TO and ZDY.TO has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

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

Sectors
CDZ.TO
ZDY.TO

Energy

22.7%
9.8%

Financial Services

17.1%
9.5%

Industrials

14.5%
4.4%

Utilities

9.0%
6.4%

Real Estate

8.9%
5.6%

Consumer Cyclical

7.6%
5.4%

Communication Services

7.5%
6.9%

Consumer Defensive

6.7%
9.5%

Basic Materials

3.3%
1.6%

Technology

2.7%
29.0%

Healthcare

-

11.9%

Energy

CDZ.TO
22.7%
ZDY.TO
9.8%

Financial Services

CDZ.TO
17.1%
ZDY.TO
9.5%

Industrials

CDZ.TO
14.5%
ZDY.TO
4.4%

Utilities

CDZ.TO
9.0%
ZDY.TO
6.4%

Real Estate

CDZ.TO
8.9%
ZDY.TO
5.6%

Consumer Cyclical

CDZ.TO
7.6%
ZDY.TO
5.4%

Communication Services

CDZ.TO
7.5%
ZDY.TO
6.9%

Consumer Defensive

CDZ.TO
6.7%
ZDY.TO
9.5%

Basic Materials

CDZ.TO
3.3%
ZDY.TO
1.6%

Technology

CDZ.TO
2.7%
ZDY.TO
29.0%

Healthcare

CDZ.TO

-

ZDY.TO
11.9%

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iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

BMO US Dividend ETF (CAD)

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Return for Risk

CDZ.TO vs. ZDY.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: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
Martin Ratio Rank
ZDY.TO
ZDY.TO Risk / Return Rank: 7171
Overall Rank
ZDY.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZDY.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZDY.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZDY.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
ZDY.TO Martin Ratio Rank: 7373
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. ZDY.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 BMO US Dividend ETF (CAD) (ZDY.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.TOZDY.TODifference
Sharpe ratioReturn per unit of total volatility
2.72
2.28

+0.43

Sortino ratioReturn per unit of downside risk
3.53
2.97

+0.56

Omega ratioGain probability vs. loss probability

1.56

1.44

+0.12

Calmar ratioReturn relative to maximum drawdown

5.46

3.98

+1.47

Martin ratioReturn relative to average drawdown

18.49

13.78

+4.71

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. ZDY.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.72, which is comparable to the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CDZ.TO and ZDY.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.TOZDY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.72

2.28

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

1.12

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.73

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.95

-0.43

Drawdowns

CDZ.TO vs. ZDY.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, which is greater than ZDY.TO's maximum drawdown of -33.01%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and ZDY.TO.

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Drawdown Indicators

CDZ.TOZDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-33.01%

-16.32%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-6.78%

+2.67%

Max Drawdown (3Y)

Largest decline over 3 years

-12.99%

-15.32%

+2.33%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-15.32%

-1.83%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

-33.01%

-12.69%

Current Drawdown

Current decline from peak

-0.09%

-0.19%

+0.10%

Average Drawdown

Average peak-to-trough decline

-6.14%

-3.30%

-2.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

1.96%

-0.75%

Volatility

CDZ.TO vs. ZDY.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.88%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than ZDY.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.TOZDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.88%

4.73%

-2.85%

Volatility (6M)

Calculated over the trailing 6-month period

6.91%

9.85%

-2.94%

Volatility (1Y)

Calculated over the trailing 1-year period

8.26%

11.85%

-3.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.86%

12.17%

-1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.63%

15.18%

-0.55%

CDZ.TO vs. ZDY.TO - Expense Ratio Comparison

CDZ.TO has a 0.66% expense ratio, which is higher than ZDY.TO's 0.30% expense ratio.

Dividends

CDZ.TO vs. ZDY.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.07%, more than ZDY.TO's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
ZDY.TO
BMO US Dividend ETF (CAD)		1.46%1.72%1.97%2.43%2.48%2.33%3.65%3.02%2.80%2.63%2.46%2.54%

Frequently Asked Questions

CDZ.TO and ZDY.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDY.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDY.TO is cheaper with a 0.30% expense ratio, compared with 0.66% for CDZ.TO.

CDZ.TO is categorized as Canada Equities, while ZDY.TO is Dividend. They also come from different issuers: iShares and BMO. Their fees differ too: 0.66% for CDZ.TO and 0.30% for ZDY.TO.

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