ETSX.TO vs. ZDY.TO

Last updated Jun 4, 2026

ETSX.TO (Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - ETSX.TO is a Large Cap Blend Equities fund tracking the S&P/TSX 60, while ZDY.TO is a Dividend fund actively managed by BMO. ETSX.TO is passively managed, while ZDY.TO is actively managed. Over the past 3 years, ETSX.TO returned 19.01%/yr vs 18.28%/yr for ZDY.TO. A 0.50 correlation means they provide meaningful diversification when combined. ETSX.TO charges 0.45%/yr vs 0.30%/yr for ZDY.TO.

Performance

ETSX.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) and BMO US Dividend ETF (CAD) (ZDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETSX.TO achieves a 7.49% return, which is significantly lower than ZDY.TO's 18.13% return.

ETSX.TO

• 1D: -0.37%
• 1M: 3.34%
• YTD: 7.49%
• 6M: 9.59%
• 1Y: 26.55%
• 3Y*: 19.01%
• 5Y*: —
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	7.49%	25.93%	18.50%	6.16%
ZDY.TO BMO US Dividend ETF (CAD)	18.13%	4.45%	26.22%	2.59%

Correlation

The correlation between ETSX.TO and ZDY.TO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.50

The correlation between ETSX.TO and ZDY.TO has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

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

Sectors	ETSX.TO	ZDY.TO
Financial Services	39.1%	9.5%
Energy	18.5%	9.8%
Basic Materials	13.6%	1.6%
Technology	9.0%	29.0%
Industrials	7.8%	4.4%
Consumer Cyclical	4.0%	5.4%
Consumer Defensive	3.2%	9.5%
Utilities	2.6%	6.4%
Communication Services	1.9%	6.9%
Real Estate	0.2%	5.6%
Healthcare	-	11.9%

Return for Risk

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

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

ETSX.TO

ETSX.TO Risk / Return Rank: 75
ETSX.TO Sharpe Ratio Rank: 74
ETSX.TO Sortino Ratio Rank: 75
ETSX.TO Omega Ratio Rank: 75
ETSX.TO Calmar Ratio Rank: 69
ETSX.TO Martin Ratio Rank: 81

ZDY.TO

ZDY.TO Risk / Return Rank: 71
ZDY.TO Sharpe Ratio Rank: 68
ZDY.TO Sortino Ratio Rank: 62
ZDY.TO Omega Ratio Rank: 72
ZDY.TO Calmar Ratio Rank: 78
ZDY.TO Martin Ratio Rank: 73

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.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.

	ETSX.TO	ZDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.28	+0.14
Sortino ratio: Return per unit of downside risk	3.36	2.97	+0.40
Omega ratio: Gain probability vs. loss probability	1.45	1.44	+0.01
Calmar ratio: Return relative to maximum drawdown	3.45	3.98	-0.53
Martin ratio: Return relative to average drawdown	15.85	13.78	+2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ETSX.TO Sharpe Ratio is 2.43, which is comparable to the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ETSX.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.

Sharpe Ratios by Period

	ETSX.TO	ZDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.28	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	0.95	+0.50

Drawdowns

ETSX.TO vs. ZDY.TO - Drawdown Comparison

The maximum ETSX.TO drawdown since its inception was -12.23%, smaller than the maximum ZDY.TO drawdown of -33.01%. Use the drawdown chart below to compare losses from any high point for ETSX.TO and ZDY.TO.

Drawdown Indicators

	ETSX.TO	ZDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-33.01%	+20.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-6.78%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-15.32%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.01%	—
Current Drawdown Current decline from peak	-0.37%	-0.19%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.67%	-3.30%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.96%	-0.28%

Volatility

ETSX.TO vs. ZDY.TO - Volatility Comparison

The current volatility for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.TO) is 2.70%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that ETSX.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.

Volatility by Period

	ETSX.TO	ZDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	4.73%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	9.85%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	11.85%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	12.17%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.71%	15.18%	-3.47%

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

ETSX.TO has a 0.45% expense ratio, which is higher than ZDY.TO's 0.30% expense ratio.

Dividends

ETSX.TO vs. ZDY.TO - Dividend Comparison

ETSX.TO's dividend yield for the trailing twelve months is around 9.19%, more than ZDY.TO's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	9.19%	9.39%	9.20%	9.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ETSX.TO and ZDY.TO in my portfolio?

ETSX.TO and ZDY.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETSX.TO or ZDY.TO?

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.

Which ETF is cheaper, ETSX.TO or ZDY.TO?

ZDY.TO is cheaper with a 0.30% expense ratio, compared with 0.45% for ETSX.TO.

What is the main difference between ETSX.TO and ZDY.TO?

ETSX.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: Evolve and BMO. Their fees differ too: 0.45% for ETSX.TO and 0.30% for ZDY.TO.