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ENB-PD.TO vs. CDZ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENB-PD.TO vs. CDZ.TO

Last updated Jul 22, 2026
Documentation

ENB-PD.TO (Enbridge Inc.) is a stock, while CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) is Canada Equities fund tracking the S&P/TSX Canadian Dividend Aristocrats Index. Over the past 10 years, ENB-PD.TO returned 11.89%/yr vs 9.29%/yr for CDZ.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

ENB-PD.TO vs. CDZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Enbridge Inc. (ENB-PD.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ENB-PD.TO having a 13.62% return and CDZ.TO slightly lower at 13.24%. Over the past 10 years, ENB-PD.TO has outperformed CDZ.TO with an annualized return of 11.89%, while CDZ.TO has yielded a comparatively lower 9.29% annualized return.

ENB-PD.TO

1D
0.42%
1M
6.03%
6M
15.10%
YTD
13.62%
1Y
25.41%
3Y*
21.12%
5Y*
12.99%
10Y*
11.89%
ALL TIME*
5.70%

CDZ.TO

1D
0.15%
1M
3.67%
6M
14.97%
YTD
13.24%
1Y
18.86%
3Y*
16.14%
5Y*
10.20%
10Y*
9.29%
ALL TIME*
7.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENB-PD.TO vs. CDZ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ENB-PD.TO
Enbridge Inc.		13.62%21.84%24.80%3.12%-8.74%52.90%-6.20%1.97%-10.49%21.15%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.24%13.46%17.94%9.05%-4.39%22.95%-3.15%25.82%-8.72%5.06%

Correlation

The correlation between ENB-PD.TO and CDZ.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.08

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

0.24

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

0.27

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

0.29

Correlation (All Time)
Calculated using the full available price history since Jan 10, 2012

0.27

The correlation between ENB-PD.TO and CDZ.TO shifts across timeframes, from 0.08 (1 year) to 0.29 (10 years), reflecting how their relationship changes across market environments.

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Enbridge Inc.

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Often compared with ENB-PD.TO:
ENB-PD.TO vs. CNQENB-PD.TO vs. ENB-PP.TOENB-PD.TO vs. CNQ.TOENB-PD.TO vs. SGR-U.TOENB-PD.TO vs. ETENB-PD.TO vs. CPD.TOENB-PD.TO vs. XBAL.TO
Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO

Return for Risk

ENB-PD.TO vs. CDZ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ENB-PD.TO
ENB-PD.TO Risk / Return Rank: 9898
Overall Rank
ENB-PD.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ENB-PD.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
ENB-PD.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ENB-PD.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ENB-PD.TO Martin Ratio Rank: 9898
Martin Ratio Rank
CDZ.TO
CDZ.TO Risk / Return Rank: 7171
Overall Rank
CDZ.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8686
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 7070
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.

ENB-PD.TO vs. CDZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enbridge Inc. (ENB-PD.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

ENB-PD.TOCDZ.TODifference
Sharpe ratioReturn per unit of total volatility
3.52
1.70

+1.83

Sortino ratioReturn per unit of downside risk
5.38
2.15

+3.23

Omega ratioGain probability vs. loss probability

1.70

1.39

+0.31

Calmar ratioReturn relative to maximum drawdown

6.12

2.58

+3.53

Martin ratioReturn relative to average drawdown

23.48

9.25

+14.22

ENB-PD.TO vs. CDZ.TO - Sharpe Ratio Comparison

The current ENB-PD.TO Sharpe Ratio is 3.52, which is higher than the CDZ.TO Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of ENB-PD.TO and CDZ.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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Drawdowns

ENB-PD.TO vs. CDZ.TO - Drawdown Comparison

The maximum ENB-PD.TO drawdown since its inception was -49.63%, roughly equal to the maximum CDZ.TO drawdown of -49.23%. Use the drawdown chart below to compare losses from any high point for ENB-PD.TO and CDZ.TO.

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Drawdown Indicators

ENB-PD.TOCDZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.63%

-49.23%

-0.40%

Max Drawdown (1Y)

Largest decline over 1 year

-4.17%

-7.33%

+3.16%

Max Drawdown (3Y)

Largest decline over 3 years

-14.01%

-13.00%

-1.01%

Max Drawdown (5Y)

Largest decline over 5 years

-23.01%

-17.15%

-5.86%

Max Drawdown (10Y)

Largest decline over 10 years

-49.63%

-45.70%

-3.93%

Current Drawdown

Current decline from peak

0.00%

-0.55%

+0.55%

Average Drawdown

Average peak-to-trough decline

-10.58%

-6.11%

-4.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.08%

2.04%

-0.96%

Volatility

ENB-PD.TO vs. CDZ.TO - Volatility Comparison

The current volatility for Enbridge Inc. (ENB-PD.TO) is 2.09%, while iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) has a volatility of 2.21%. This indicates that ENB-PD.TO experiences smaller price fluctuations and is considered to be less risky than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENB-PD.TOCDZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

2.21%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

4.48%

5.84%

-1.36%

Volatility (1Y)

Calculated over the trailing 1-year period

7.25%

11.18%

-3.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.31%

11.31%

+1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.06%

14.77%

+2.29%

Dividends

ENB-PD.TO vs. CDZ.TO - Dividend Comparison

ENB-PD.TO's dividend yield for the trailing twelve months is around 5.61%, more than CDZ.TO's 2.98% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		2.98%3.45%3.61%3.77%3.73%3.04%3.82%3.80%4.51%3.54%3.62%3.85%
ENB-PD.TO
Enbridge Inc.		5.61%6.19%7.05%7.79%4.81%4.20%8.15%7.03%6.50%5.07%5.83%6.19%

Frequently Asked Questions

ENB-PD.TO and CDZ.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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