CMVP.TO vs. ZCN.TO

Last updated Jun 25, 2026

CMVP.TO (HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds - CMVP.TO tracks the Solactive Canada Dividend Elite Champions Index while ZCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past year, CMVP.TO returned 32.11% vs 32.92% for ZCN.TO. A 0.79 correlation means they provide meaningful diversification when combined. CMVP.TO charges 0.00%/yr vs 0.06%/yr for ZCN.TO.

Performance

CMVP.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMVP.TO achieves a 16.45% return, which is significantly higher than ZCN.TO's 10.54% return.

CMVP.TO

• 1D: 0.16%
• 1M: 2.58%
• YTD: 16.45%
• 6M: 16.06%
• 1Y: 32.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCN.TO

• 1D: -0.64%
• 1M: -0.13%
• YTD: 10.54%
• 6M: 9.63%
• 1Y: 32.92%
• 3Y*: 24.74%
• 5Y*: 14.61%
• 10Y*: 12.84%

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

CMVP.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units	16.45%	21.08%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.54%	27.58%

Correlation

The correlation between CMVP.TO and ZCN.TO is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 27, 2025	0.79

The correlation between CMVP.TO and ZCN.TO has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

CMVP.TO vs. ZCN.TO — Risk / Return Rank

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

CMVP.TO

CMVP.TO Risk / Return Rank: 92
CMVP.TO Sharpe Ratio Rank: 94
CMVP.TO Sortino Ratio Rank: 94
CMVP.TO Omega Ratio Rank: 94
CMVP.TO Calmar Ratio Rank: 87
CMVP.TO Martin Ratio Rank: 92

ZCN.TO

ZCN.TO Risk / Return Rank: 83
ZCN.TO Sharpe Ratio Rank: 86
ZCN.TO Sortino Ratio Rank: 82
ZCN.TO Omega Ratio Rank: 83
ZCN.TO Calmar Ratio Rank: 76
ZCN.TO Martin Ratio Rank: 86

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.

CMVP.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

	CMVP.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.25	2.52	+0.73
Sortino ratio: Return per unit of downside risk	4.42	3.26	+1.15
Omega ratio: Gain probability vs. loss probability	1.59	1.45	+0.15
Calmar ratio: Return relative to maximum drawdown	4.52	3.55	+0.96
Martin ratio: Return relative to average drawdown	20.40	16.26	+4.15

CMVP.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current CMVP.TO Sharpe Ratio is 3.25, which is comparable to the ZCN.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CMVP.TO and ZCN.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.

Drawdowns

CMVP.TO vs. ZCN.TO - Drawdown Comparison

The maximum CMVP.TO drawdown since its inception was -8.86%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for CMVP.TO and ZCN.TO.

Drawdown Indicators

	CMVP.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.86%	-37.18%	+28.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-9.30%	+2.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	0.00%	-1.89%	+1.89%
Average Drawdown Average peak-to-trough decline	-1.05%	-4.72%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.03%	-0.45%

Volatility

CMVP.TO vs. ZCN.TO - Volatility Comparison

The current volatility for HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units (CMVP.TO) is 2.85%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.23%. This indicates that CMVP.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMVP.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	4.23%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	10.71%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	13.13%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	13.19%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	15.00%	-3.98%

CMVP.TO vs. ZCN.TO - Expense Ratio Comparison

CMVP.TO has a 0.00% expense ratio, which is lower than ZCN.TO's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CMVP.TO vs. ZCN.TO - Dividend Comparison

CMVP.TO's dividend yield for the trailing twelve months is around 2.61%, more than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMVP.TO HAMILTON CHAMPIONS Canadian Dividend Index ETF Class E Units	2.61%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.03%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.75%	2.86%	3.36%

Frequently Asked Questions

Can I hold both CMVP.TO and ZCN.TO in my portfolio?

CMVP.TO and ZCN.TO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMVP.TO or ZCN.TO?

On fees, CMVP.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMVP.TO or ZCN.TO?

CMVP.TO is cheaper with a 0.00% expense ratio, compared with 0.06% for ZCN.TO.

What is the main difference between CMVP.TO and ZCN.TO?

CMVP.TO tracks Solactive Canada Dividend Elite Champions Index, while ZCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.00% for CMVP.TO and 0.06% for ZCN.TO.