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HAL.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HAL.TO vs. ZDV.TO

Last updated Jun 4, 2026

HAL.TO (Global X Active Canadian Dividend ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both Canada Equities funds. Both are actively managed. Over the past 10 years, HAL.TO returned 11.69%/yr vs 10.97%/yr for ZDV.TO. A 0.68 correlation means they provide meaningful diversification when combined. HAL.TO charges 0.67%/yr vs 0.39%/yr for ZDV.TO.

Performance

HAL.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Active Canadian Dividend ETF (HAL.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HAL.TO achieves a 17.28% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, HAL.TO has outperformed ZDV.TO with an annualized return of 11.69%, while ZDV.TO has yielded a comparatively lower 10.97% annualized return.

HAL.TO

1D
1.49%
1M
3.85%
YTD
17.28%
6M
20.97%
1Y
42.29%
3Y*
21.26%
5Y*
14.92%
10Y*
11.69%

ZDV.TO

1D
-0.22%
1M
4.61%
YTD
18.56%
6M
13.14%
1Y
31.08%
3Y*
20.39%
5Y*
13.72%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HAL.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HAL.TO
Global X Active Canadian Dividend ETF		17.28%24.60%21.69%-0.73%3.43%21.17%-2.64%25.04%-6.22%7.10%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%

Correlation

The correlation between HAL.TO and ZDV.TO is 0.69, 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

0.69

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

0.75

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

0.81

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

0.76

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.68

The correlation between HAL.TO and ZDV.TO shifts across timeframes, from 0.68 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

HAL.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
HAL.TO
ZDV.TO

Energy

25.2%
27.2%

Financial Services

24.9%
35.2%

Industrials

15.3%
2.7%

Basic Materials

12.9%
10.6%

Utilities

12.6%
10.1%

Consumer Defensive

4.0%
2.2%

Real Estate

3.2%
4.1%

Consumer Cyclical

1.8%
1.4%

Communication Services

-

5.7%

Healthcare

-

0.9%

Technology

-

-

Energy

HAL.TO
25.2%
ZDV.TO
27.2%

Financial Services

HAL.TO
24.9%
ZDV.TO
35.2%

Industrials

HAL.TO
15.3%
ZDV.TO
2.7%

Basic Materials

HAL.TO
12.9%
ZDV.TO
10.6%

Utilities

HAL.TO
12.6%
ZDV.TO
10.1%

Consumer Defensive

HAL.TO
4.0%
ZDV.TO
2.2%

Real Estate

HAL.TO
3.2%
ZDV.TO
4.1%

Consumer Cyclical

HAL.TO
1.8%
ZDV.TO
1.4%

Communication Services

HAL.TO

-

ZDV.TO
5.7%

Healthcare

HAL.TO

-

ZDV.TO
0.9%

Technology

HAL.TO

-

ZDV.TO

-

Compare stocks, funds, or ETFs

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Global X Active Canadian Dividend ETF

BMO Canadian Dividend ETF

Often compared with HAL.TO:
HAL.TO vs. HXH.TOHAL.TO vs. HCA.TOHAL.TO vs. CASH.TOHAL.TO vs. CFOU.TOHAL.TO vs. CBIL.TOHAL.TO vs. HBNK.TOHAL.TO vs. XCS.TO
Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO

Return for Risk

HAL.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HAL.TO
HAL.TO Risk / Return Rank: 9696
Overall Rank
HAL.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
HAL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HAL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
HAL.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HAL.TO Martin Ratio Rank: 9696
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
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.

HAL.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Active Canadian Dividend ETF (HAL.TO) and BMO Canadian Dividend ETF (ZDV.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.

HAL.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
4.46
2.95

+1.50

Sortino ratioReturn per unit of downside risk
6.04
3.40

+2.64

Omega ratioGain probability vs. loss probability

1.93

1.66

+0.27

Calmar ratioReturn relative to maximum drawdown

8.26

4.69

+3.57

Martin ratioReturn relative to average drawdown

37.67

18.24

+19.43

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAL.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current HAL.TO Sharpe Ratio is 4.46, which is higher than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of HAL.TO and ZDV.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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Sharpe Ratios by Period

HAL.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.46

2.95

+1.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.21

1.26

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.73

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.68

+0.11

Drawdowns

HAL.TO vs. ZDV.TO - Drawdown Comparison

The maximum HAL.TO drawdown since its inception was -39.70%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for HAL.TO and ZDV.TO.

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Drawdown Indicators

HAL.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.70%

-43.21%

+3.51%

Max Drawdown (1Y)

Largest decline over 1 year

-5.15%

-6.65%

+1.50%

Max Drawdown (3Y)

Largest decline over 3 years

-12.44%

-9.04%

-3.40%

Max Drawdown (5Y)

Largest decline over 5 years

-16.43%

-16.72%

+0.29%

Max Drawdown (10Y)

Largest decline over 10 years

-39.70%

-43.21%

+3.51%

Current Drawdown

Current decline from peak

0.00%

-0.22%

+0.22%

Average Drawdown

Average peak-to-trough decline

-4.19%

-5.12%

+0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.13%

1.71%

-0.58%

Volatility

HAL.TO vs. ZDV.TO - Volatility Comparison

Global X Active Canadian Dividend ETF (HAL.TO) and BMO Canadian Dividend ETF (ZDV.TO) have volatilities of 2.48% and 2.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HAL.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.48%

2.49%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

7.85%

9.69%

-1.84%

Volatility (1Y)

Calculated over the trailing 1-year period

9.53%

10.57%

-1.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.36%

10.94%

+1.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.85%

15.11%

-0.26%

HAL.TO vs. ZDV.TO - Expense Ratio Comparison

HAL.TO has a 0.67% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

HAL.TO vs. ZDV.TO - Dividend Comparison

HAL.TO's dividend yield for the trailing twelve months is around 1.97%, less than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
HAL.TO
Global X Active Canadian Dividend ETF		1.97%2.37%2.79%3.60%4.84%2.99%3.56%2.96%3.43%3.17%2.84%3.19%
ZDV.TO
BMO Canadian Dividend ETF		2.68%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%

Frequently Asked Questions

HAL.TO and ZDV.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.67% for HAL.TO.

They also come from different issuers: Global X and BMO. Their fees differ too: 0.67% for HAL.TO and 0.39% for ZDV.TO.

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