FIE.TO vs. CDZ.TO

Last updated Jun 4, 2026

FIE.TO (iShares Canadian Financial Monthly Income ETF) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both Canada Equities funds from iShares - FIE.TO tracks the Morningstar Can Equity Tgt Alloc NR CAD while CDZ.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, FIE.TO returned 11.90%/yr vs 9.44%/yr for CDZ.TO. A 0.74 correlation means they provide meaningful diversification when combined. FIE.TO charges 0.85%/yr vs 0.66%/yr for CDZ.TO.

Performance

FIE.TO vs. CDZ.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, FIE.TO achieves a 8.54% return, which is significantly lower than CDZ.TO's 13.46% return. Over the past 10 years, FIE.TO has outperformed CDZ.TO with an annualized return of 11.90%, while CDZ.TO has yielded a comparatively lower 9.44% annualized return.

FIE.TO

• 1D: -0.37%
• 1M: 2.99%
• YTD: 8.54%
• 6M: 12.57%
• 1Y: 31.11%
• 3Y*: 24.63%
• 5Y*: 12.71%
• 10Y*: 11.90%

CDZ.TO

• 1D: 0.00%
• 1M: 3.31%
• YTD: 13.46%
• 6M: 10.74%
• 1Y: 22.32%
• 3Y*: 16.81%
• 5Y*: 10.31%
• 10Y*: 9.44%

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

FIE.TO vs. CDZ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIE.TO iShares Canadian Financial Monthly Income ETF	8.54%	28.28%	27.54%	12.58%	-14.35%	29.02%	1.33%	18.97%	-9.12%	12.01%
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF	13.46%	13.45%	17.86%	8.98%	-4.43%	22.80%	-3.27%	25.68%	-8.84%	4.92%

Correlation

The correlation between FIE.TO and CDZ.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 19, 2010	0.74

The correlation between FIE.TO and CDZ.TO shifts across timeframes, from 0.64 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

FIE.TO vs. CDZ.TO - Sectors Allocation Comparison

Sectors	FIE.TO	CDZ.TO
Financial Services	94.1%	17.1%
Real Estate	5.9%	8.9%
Basic Materials	-	3.3%
Communication Services	-	7.5%
Consumer Cyclical	-	7.6%
Consumer Defensive	-	6.7%
Energy	-	22.7%
Healthcare	-	-
Industrials	-	14.5%
Technology	-	2.7%
Utilities	-	9.0%

Return for Risk

FIE.TO vs. CDZ.TO — Risk / Return Rank

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

FIE.TO

FIE.TO Risk / Return Rank: 93
FIE.TO Sharpe Ratio Rank: 94
FIE.TO Sortino Ratio Rank: 96
FIE.TO Omega Ratio Rank: 94
FIE.TO Calmar Ratio Rank: 89
FIE.TO Martin Ratio Rank: 91

CDZ.TO

CDZ.TO Risk / Return Rank: 84
CDZ.TO Sharpe Ratio Rank: 82
CDZ.TO Sortino Ratio Rank: 77
CDZ.TO Omega Ratio Rank: 88
CDZ.TO Calmar Ratio Rank: 89
CDZ.TO Martin Ratio Rank: 86

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.

FIE.TO vs. CDZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Financial Monthly Income ETF (FIE.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.

	FIE.TO	CDZ.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.73	2.72	+1.02
Sortino ratio: Return per unit of downside risk	5.46	3.53	+1.93
Omega ratio: Gain probability vs. loss probability	1.71	1.56	+0.15
Calmar ratio: Return relative to maximum drawdown	5.48	5.46	+0.02
Martin ratio: Return relative to average drawdown	22.60	18.49	+4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIE.TO vs. CDZ.TO - Sharpe Ratio Comparison

The current FIE.TO Sharpe Ratio is 3.73, which is higher than the CDZ.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FIE.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.

Sharpe Ratios by Period

	FIE.TO	CDZ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.73	2.72	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.95	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.65	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.52	+0.23

Drawdowns

FIE.TO vs. CDZ.TO - Drawdown Comparison

The maximum FIE.TO drawdown since its inception was -42.24%, smaller than the maximum CDZ.TO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FIE.TO and CDZ.TO.

Drawdown Indicators

	FIE.TO	CDZ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.24%	-49.33%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-4.11%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-10.70%	-12.99%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-22.93%	-17.15%	-5.78%
Max Drawdown (10Y) Largest decline over 10 years	-42.24%	-45.70%	+3.46%
Current Drawdown Current decline from peak	-1.30%	-0.09%	-1.21%
Average Drawdown Average peak-to-trough decline	-4.87%	-6.14%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.21%	+0.17%

Volatility

FIE.TO vs. CDZ.TO - Volatility Comparison

iShares Canadian Financial Monthly Income ETF (FIE.TO) has a higher volatility of 2.87% compared to iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) at 1.88%. This indicates that FIE.TO's price experiences larger fluctuations and is considered to be riskier than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIE.TO	CDZ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	1.88%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	7.16%	6.91%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.37%	8.26%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	10.86%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	14.63%	-0.59%

FIE.TO vs. CDZ.TO - Expense Ratio Comparison

FIE.TO has a 0.85% expense ratio, which is higher than CDZ.TO's 0.66% expense ratio.

Dividends

FIE.TO vs. CDZ.TO - Dividend Comparison

FIE.TO's dividend yield for the trailing twelve months is around 4.52%, more than CDZ.TO's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF	3.07%	3.46%	3.56%	3.71%	3.67%	2.95%	3.70%	3.68%	4.37%	3.43%	3.51%	3.72%
FIE.TO iShares Canadian Financial Monthly Income ETF	4.52%	4.81%	5.84%	6.98%	7.31%	5.85%	7.10%	6.65%	7.38%	6.28%	6.59%	7.43%

Frequently Asked Questions

Can I hold both FIE.TO and CDZ.TO in my portfolio?

FIE.TO and CDZ.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FIE.TO or CDZ.TO?

On fees, CDZ.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FIE.TO or CDZ.TO?

CDZ.TO is cheaper with a 0.66% expense ratio, compared with 0.85% for FIE.TO.

What is the main difference between FIE.TO and CDZ.TO?

FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD, while CDZ.TO tracks Morningstar Canada GR CAD. Their fees differ too: 0.85% for FIE.TO and 0.66% for CDZ.TO.