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

COW.TO vs. ZDY.TO

Last updated Jun 4, 2026

COW.TO (iShares Global Agriculture Index ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while ZDY.TO is a Dividend fund actively managed by BMO. COW.TO is passively managed, while ZDY.TO is actively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 11.07%/yr for ZDY.TO. A 0.57 correlation means they provide meaningful diversification when combined. COW.TO charges 0.72%/yr vs 0.30%/yr for ZDY.TO.

Performance

COW.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Agriculture Index ETF (COW.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, COW.TO achieves a 15.84% return, which is significantly lower than ZDY.TO's 18.13% return. Over the past 10 years, COW.TO has underperformed ZDY.TO with an annualized return of 8.59%, while ZDY.TO has yielded a comparatively higher 11.07% annualized return.

COW.TO

1D
0.40%
1M
-2.01%
YTD
15.84%
6M
13.53%
1Y
9.79%
3Y*
8.62%
5Y*
4.24%
10Y*
8.59%

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)

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

2026 (YTD)202520242023202220212020201920182017
COW.TO
iShares Global Agriculture Index ETF		15.84%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-14.26%14.84%
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 COW.TO and ZDY.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.52

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

0.49

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

0.59

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

0.57

The correlation between COW.TO and ZDY.TO shifts across timeframes, from 0.40 (1 year) to 0.59 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
COW.TO
ZDY.TO

Consumer Defensive

42.3%
9.5%

Industrials

28.0%
4.4%

Basic Materials

27.4%
1.6%

Consumer Cyclical

1.7%
5.4%

Financial Services

0.5%
9.5%

Communication Services

-

6.9%

Energy

-

9.8%

Healthcare

-

11.9%

Real Estate

-

5.6%

Technology

-

29.0%

Utilities

-

6.4%

Consumer Defensive

COW.TO
42.3%
ZDY.TO
9.5%

Industrials

COW.TO
28.0%
ZDY.TO
4.4%

Basic Materials

COW.TO
27.4%
ZDY.TO
1.6%

Consumer Cyclical

COW.TO
1.7%
ZDY.TO
5.4%

Financial Services

COW.TO
0.5%
ZDY.TO
9.5%

Communication Services

COW.TO

-

ZDY.TO
6.9%

Energy

COW.TO

-

ZDY.TO
9.8%

Healthcare

COW.TO

-

ZDY.TO
11.9%

Real Estate

COW.TO

-

ZDY.TO
5.6%

Technology

COW.TO

-

ZDY.TO
29.0%

Utilities

COW.TO

-

ZDY.TO
6.4%

Compare stocks, funds, or ETFs

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

iShares Global Agriculture Index ETF

BMO US Dividend ETF (CAD)

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Return for Risk

COW.TO vs. ZDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
COW.TO
COW.TO Risk / Return Rank: 1919
Overall Rank
COW.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1818
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1818
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.

COW.TO vs. ZDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.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.

COW.TOZDY.TODifference
Sharpe ratioReturn per unit of total volatility
0.63
2.28

-1.66

Sortino ratioReturn per unit of downside risk
1.03
2.97

-1.93

Omega ratioGain probability vs. loss probability

1.12

1.44

-0.32

Calmar ratioReturn relative to maximum drawdown

0.94

3.98

-3.05

Martin ratioReturn relative to average drawdown

1.94

13.78

-11.84

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

COW.TO vs. ZDY.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.63, which is lower than the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of COW.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

COW.TOZDY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

2.28

-1.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

1.12

-0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.73

-0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.95

-0.60

Drawdowns

COW.TO vs. ZDY.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, 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 COW.TO and ZDY.TO.

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Drawdown Indicators

COW.TOZDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-33.01%

-21.99%

Max Drawdown (1Y)

Largest decline over 1 year

-10.51%

-6.78%

-3.73%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-15.32%

+0.81%

Max Drawdown (5Y)

Largest decline over 5 years

-29.82%

-15.32%

-14.50%

Max Drawdown (10Y)

Largest decline over 10 years

-36.62%

-33.01%

-3.61%

Current Drawdown

Current decline from peak

-7.17%

-0.19%

-6.98%

Average Drawdown

Average peak-to-trough decline

-13.94%

-3.30%

-10.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.06%

1.96%

+3.10%

Volatility

COW.TO vs. ZDY.TO - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.85%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that COW.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

COW.TOZDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

4.73%

-0.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.44%

9.85%

+2.59%

Volatility (1Y)

Calculated over the trailing 1-year period

15.68%

11.85%

+3.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.87%

12.17%

+6.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.30%

15.18%

+4.12%

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

COW.TO has a 0.72% expense ratio, which is higher than ZDY.TO's 0.30% expense ratio.

Dividends

COW.TO vs. ZDY.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than ZDY.TO's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.07%2.40%1.43%1.62%2.03%0.69%1.02%1.02%1.07%0.58%1.10%1.78%
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

COW.TO and ZDY.TO have a correlation of 0.40, 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 0.72% for COW.TO.

COW.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for COW.TO and 0.30% for ZDY.TO.

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