CWIN.TO vs. ZDIV.TO

Last updated Jun 4, 2026

CWIN.TO (HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds - CWIN.TO tracks the Solactive Canada Dividend Elite Champions Index while ZDIV.TO tracks the MSCI Canada IMI High Dividend Yield Select Index. Both are passively managed. At a 0.10 correlation, their price movements are largely independent. CWIN.TO charges 0.65%/yr vs 0.09%/yr for ZDIV.TO.

Performance

CWIN.TO vs. ZDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CWIN.TO

• 1D: 0.99%
• 1M: 4.14%
• YTD: 15.75%
• 6M: 18.53%
• 1Y: 32.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZDIV.TO

• 1D: -0.14%
• 1M: 2.47%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWIN.TO vs. ZDIV.TO - Yearly Performance Comparison

	2026 (YTD)
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	8.39%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	15.21%

Correlation

The correlation between CWIN.TO and ZDIV.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 9, 2026	0.10

Return for Risk

CWIN.TO vs. ZDIV.TO — Risk / Return Rank

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

CWIN.TO

CWIN.TO Risk / Return Rank: 83
CWIN.TO Sharpe Ratio Rank: 83
CWIN.TO Sortino Ratio Rank: 80
CWIN.TO Omega Ratio Rank: 83
CWIN.TO Calmar Ratio Rank: 84
CWIN.TO Martin Ratio Rank: 83

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.

CWIN.TO vs. ZDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units (CWIN.TO) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.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.

	CWIN.TO	ZDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.69	—	—
Sortino ratio: Return per unit of downside risk	3.60	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	4.57	—	—
Martin ratio: Return relative to average drawdown	16.73	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CWIN.TO	ZDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.30	5.66	-3.37

Drawdowns

CWIN.TO vs. ZDIV.TO - Drawdown Comparison

The maximum CWIN.TO drawdown since its inception was -10.87%, which is greater than ZDIV.TO's maximum drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for CWIN.TO and ZDIV.TO.

Drawdown Indicators

	CWIN.TO	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-2.60%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	—	—
Current Drawdown Current decline from peak	-0.38%	-1.02%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.43%	-0.49%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	—	—

Volatility

Volatility by Period

	CWIN.TO	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.69%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	9.99%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	9.99%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	9.99%	+3.90%

CWIN.TO vs. ZDIV.TO - Expense Ratio Comparison

CWIN.TO has a 0.65% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio.

Dividends

CWIN.TO vs. ZDIV.TO - Dividend Comparison

CWIN.TO's dividend yield for the trailing twelve months is around 3.19%, more than ZDIV.TO's 0.90% yield.

Position	TTM	2025
CWIN.TO HAMILTON CHAMPIONS Enhanced Canadian Dividend ETF Class E Units	3.19%	3.21%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	0.90%	0.00%

Frequently Asked Questions

Can I hold both CWIN.TO and ZDIV.TO in my portfolio?

CWIN.TO and ZDIV.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.

Which ETF is better, CWIN.TO or ZDIV.TO?

On fees, ZDIV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWIN.TO or ZDIV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.65% for CWIN.TO.

What is the main difference between CWIN.TO and ZDIV.TO?

CWIN.TO tracks Solactive Canada Dividend Elite Champions Index, while ZDIV.TO tracks MSCI Canada IMI High Dividend Yield Select Index. They also come from different issuers: Hamilton and BMO. Their fees differ too: 0.65% for CWIN.TO and 0.09% for ZDIV.TO.