DFN.TO vs. BMO.TO

Last updated Jun 9, 2026

DFN.TO (Dividend 15 Split Corp.) and BMO.TO (Bank of Montreal) are both stocks. Both are in the Financial Services sector — DFN.TO in Asset Management, BMO.TO in Banks - Diversified. Over the past 10 years, DFN.TO returned 12.58%/yr vs 15.44%/yr for BMO.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

DFN.TO vs. BMO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dividend 15 Split Corp. (DFN.TO) and Bank of Montreal (BMO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFN.TO achieves a 17.29% return, which is significantly lower than BMO.TO's 31.03% return. Over the past 10 years, DFN.TO has underperformed BMO.TO with an annualized return of 12.58%, while BMO.TO has yielded a comparatively higher 15.44% annualized return.

DFN.TO

• 1D: 1.36%
• 1M: 4.91%
• YTD: 17.29%
• 6M: 22.46%
• 1Y: 61.98%
• 3Y*: 23.42%
• 5Y*: 17.09%
• 10Y*: 12.58%

BMO.TO

• 1D: 0.18%
• 1M: 9.74%
• YTD: 31.03%
• 6M: 33.12%
• 1Y: 60.65%
• 3Y*: 31.19%
• 5Y*: 17.46%
• 10Y*: 15.44%

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

DFN.TO vs. BMO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFN.TO Dividend 15 Split Corp.	17.29%	46.96%	38.64%	-19.97%	9.39%	37.70%	-11.45%	27.39%	-19.31%	12.49%
BMO.TO Bank of Montreal	31.03%	33.33%	11.74%	12.19%	-6.19%	45.89%	1.29%	17.51%	-7.94%	7.99%

Correlation

The correlation between DFN.TO and BMO.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jul 7, 2006	0.41

The correlation between DFN.TO and BMO.TO has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

Fundamentals

Market Cap DFN.TO : CA$1.12B BMO.TO : CA$161.81B
EPS DFN.TO : CA$2.58 BMO.TO : CA$13.65
PE Ratio DFN.TO : 3.18 BMO.TO : 16.82
PEG Ratio DFN.TO : 0.11 BMO.TO : 0.77
PS Ratio DFN.TO : 8.11 BMO.TO : 2.12
PB Ratio DFN.TO : 1.03 BMO.TO : 2.08
Total Revenue (TTM) DFN.TO : CA$138.51M BMO.TO : CA$77.04B
Gross Profit (TTM) DFN.TO : CA$125.98M BMO.TO : CA$34.47B
EBITDA (TTM) DFN.TO : CA$382.25M BMO.TO : CA$14.20B

Return for Risk

DFN.TO vs. BMO.TO — Risk / Return Rank

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

DFN.TO

DFN.TO Risk / Return Rank: 97
DFN.TO Sharpe Ratio Rank: 98
DFN.TO Sortino Ratio Rank: 97
DFN.TO Omega Ratio Rank: 98
DFN.TO Calmar Ratio Rank: 93
DFN.TO Martin Ratio Rank: 97

BMO.TO

BMO.TO Risk / Return Rank: 96
BMO.TO Sharpe Ratio Rank: 97
BMO.TO Sortino Ratio Rank: 97
BMO.TO Omega Ratio Rank: 96
BMO.TO Calmar Ratio Rank: 94
BMO.TO Martin Ratio Rank: 96

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.

DFN.TO vs. BMO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dividend 15 Split Corp. (DFN.TO) and Bank of Montreal (BMO.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.

	DFN.TO	BMO.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.90	3.44	+0.46
Sortino ratio: Return per unit of downside risk	4.57	4.48	+0.08
Omega ratio: Gain probability vs. loss probability	1.87	1.58	+0.29
Calmar ratio: Return relative to maximum drawdown	5.44	6.02	-0.58
Martin ratio: Return relative to average drawdown	26.72	21.85	+4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFN.TO vs. BMO.TO - Sharpe Ratio Comparison

The current DFN.TO Sharpe Ratio is 3.90, which is comparable to the BMO.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of DFN.TO and BMO.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.

Sharpe Ratios by Period

	DFN.TO	BMO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.90	3.44	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.96	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.74	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.53	-0.14

Drawdowns

DFN.TO vs. BMO.TO - Drawdown Comparison

The maximum DFN.TO drawdown since its inception was -71.55%, which is greater than BMO.TO's maximum drawdown of -62.39%. Use the drawdown chart below to compare losses from any high point for DFN.TO and BMO.TO.

Drawdown Indicators

	DFN.TO	BMO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-71.55%	-62.39%	-9.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-10.12%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-53.72%	-16.57%	-37.15%
Max Drawdown (5Y) Largest decline over 5 years	-55.26%	-27.47%	-27.79%
Max Drawdown (10Y) Largest decline over 10 years	-58.39%	-45.59%	-12.80%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-10.73%	-9.04%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.79%	-0.46%

Volatility

DFN.TO vs. BMO.TO - Volatility Comparison

The current volatility for Dividend 15 Split Corp. (DFN.TO) is 3.13%, while Bank of Montreal (BMO.TO) has a volatility of 4.85%. This indicates that DFN.TO experiences smaller price fluctuations and is considered to be less risky than BMO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFN.TO	BMO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	4.85%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	14.65%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	17.76%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.88%	18.35%	+7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.28%	21.00%	+9.28%

Dividends

DFN.TO vs. BMO.TO - Dividend Comparison

DFN.TO's dividend yield for the trailing twelve months is around 14.60%, more than BMO.TO's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMO.TO Bank of Montreal	2.87%	3.61%	4.39%	4.42%	4.44%	3.11%	4.38%	4.03%	4.24%	3.54%	3.52%	4.15%
DFN.TO Dividend 15 Split Corp.	14.60%	16.06%	17.92%	14.87%	15.94%	15.00%	11.83%	13.99%	15.54%	11.08%	11.17%	11.76%

Financials

Frequently Asked Questions

Can I hold both DFN.TO and BMO.TO in my portfolio?

DFN.TO and BMO.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.