FCCD.TO vs. ZUD.TO

Last updated Jul 14, 2026

FCCD.TO (Fidelity Canadian High Dividend Index ETF) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 5 years, FCCD.TO returned 11.99%/yr vs 9.94%/yr for ZUD.TO. A 0.59 correlation means they provide meaningful diversification when combined. FCCD.TO charges 0.35%/yr vs 0.30%/yr for ZUD.TO.

Performance

FCCD.TO vs. ZUD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Canadian High Dividend Index ETF (FCCD.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FCCD.TO having a 15.59% return and ZUD.TO slightly lower at 14.83%.

FCCD.TO

• 1D: 0.45%
• 1M: 0.19%
• 6M: 13.24%
• YTD: 15.59%
• 1Y: 31.19%
• 3Y*: 19.74%
• 5Y*: 11.99%
• 10Y*: —

ZUD.TO

• 1D: -0.13%
• 1M: 0.08%
• 6M: 12.59%
• YTD: 14.83%
• 1Y: 21.18%
• 3Y*: 15.62%
• 5Y*: 9.94%
• 10Y*: 8.96%

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

FCCD.TO vs. ZUD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCCD.TO Fidelity Canadian High Dividend Index ETF	15.59%	25.05%	16.92%	3.35%	-4.04%	29.46%	-8.44%	20.71%	-8.25%
ZUD.TO BMO US Dividend Hedged to CAD ETF	14.83%	11.69%	15.31%	6.36%	-7.23%	25.80%	-5.27%	21.08%	-10.85%

Correlation

The correlation between FCCD.TO and ZUD.TO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 18, 2018	0.59

The correlation between FCCD.TO and ZUD.TO has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

FCCD.TO vs. ZUD.TO - Sectors Allocation Comparison

Sectors	FCCD.TO	ZUD.TO
Financial Services	24.0%	100.3%
Energy	23.0%	-
Basic Materials	9.9%	-
Utilities	9.5%	-
Real Estate	6.8%	-
Consumer Cyclical	3.7%	-
Communication Services	3.5%	-
Industrials	2.8%	-
Technology	0.5%	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

FCCD.TO vs. ZUD.TO — Risk / Return Rank

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

FCCD.TO

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

ZUD.TO

ZUD.TO Risk / Return Rank: 79
ZUD.TO Sharpe Ratio Rank: 76
ZUD.TO Sortino Ratio Rank: 78
ZUD.TO Omega Ratio Rank: 74
ZUD.TO Calmar Ratio Rank: 85
ZUD.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.

FCCD.TO vs. ZUD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Canadian High Dividend Index ETF (FCCD.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.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.

	FCCD.TO	ZUD.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.60	1.93	+1.67
Sortino ratio: Return per unit of downside risk	5.02	2.75	+2.27
Omega ratio: Gain probability vs. loss probability	1.66	1.35	+0.31
Calmar ratio: Return relative to maximum drawdown	5.53	3.75	+1.78
Martin ratio: Return relative to average drawdown	25.37	13.06	+12.31

FCCD.TO vs. ZUD.TO - Sharpe Ratio Comparison

The current FCCD.TO Sharpe Ratio is 3.60, which is higher than the ZUD.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FCCD.TO and ZUD.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.

Drawdowns

FCCD.TO vs. ZUD.TO - Drawdown Comparison

The maximum FCCD.TO drawdown since its inception was -43.53%, which is greater than ZUD.TO's maximum drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for FCCD.TO and ZUD.TO.

Drawdown Indicators

	FCCD.TO	ZUD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.53%	-40.60%	-2.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-5.67%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-9.94%	-14.94%	+5.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.24%	-17.65%	-1.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.60%	—
Current Drawdown Current decline from peak	-0.01%	-0.77%	+0.76%
Average Drawdown Average peak-to-trough decline	-6.31%	-4.07%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.63%	-0.40%

Volatility

FCCD.TO vs. ZUD.TO - Volatility Comparison

The current volatility for Fidelity Canadian High Dividend Index ETF (FCCD.TO) is 2.58%, while BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a volatility of 2.72%. This indicates that FCCD.TO experiences smaller price fluctuations and is considered to be less risky than ZUD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCCD.TO	ZUD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.72%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	7.81%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.72%	11.05%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	15.19%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	16.98%	+0.02%

FCCD.TO vs. ZUD.TO - Expense Ratio Comparison

FCCD.TO has a 0.35% expense ratio, which is higher than ZUD.TO's 0.30% expense ratio.

Dividends

FCCD.TO vs. ZUD.TO - Dividend Comparison

FCCD.TO's dividend yield for the trailing twelve months is around 2.98%, more than ZUD.TO's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCCD.TO Fidelity Canadian High Dividend Index ETF	2.98%	3.56%	4.27%	4.65%	4.01%	3.02%	4.74%	3.80%	0.16%	0.00%	0.00%	0.00%
ZUD.TO BMO US Dividend Hedged to CAD ETF	1.46%	1.68%	2.17%	2.54%	2.77%	2.50%	3.76%	3.13%	3.11%	2.69%	2.61%	2.97%

Frequently Asked Questions

Can I hold both FCCD.TO and ZUD.TO in my portfolio?

FCCD.TO and ZUD.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCCD.TO or ZUD.TO?

On fees, ZUD.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, FCCD.TO or ZUD.TO?

ZUD.TO is cheaper with a 0.30% expense ratio, compared with 0.35% for FCCD.TO.

What is the main difference between FCCD.TO and ZUD.TO?

They also come from different issuers: Fidelity and BMO. Their fees differ too: 0.35% for FCCD.TO and 0.30% for ZUD.TO.