HULC.TO vs. ZDY.TO

Last updated Jun 4, 2026

HULC.TO (Global X US Large Cap Index Corporate Class ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - HULC.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap Index (CA NTR), while ZDY.TO is a Dividend fund actively managed by BMO. HULC.TO is passively managed, while ZDY.TO is actively managed. Over the past 5 years, HULC.TO returned 34.17%/yr vs 13.55%/yr for ZDY.TO. A 0.61 correlation means they provide meaningful diversification when combined. HULC.TO charges 0.08%/yr vs 0.30%/yr for ZDY.TO.

Performance

HULC.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X US Large Cap Index Corporate Class ETF (HULC.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, HULC.TO achieves a 12.50% return, which is significantly lower than ZDY.TO's 18.13% return.

HULC.TO

• 1D: -0.15%
• 1M: 7.49%
• YTD: 12.50%
• 6M: 10.64%
• 1Y: 29.64%
• 3Y*: 24.34%
• 5Y*: 34.17%
• 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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HULC.TO Global X US Large Cap Index Corporate Class ETF	12.50%	12.69%	35.93%	24.43%	-14.75%	153.78%	26.06%
ZDY.TO BMO US Dividend ETF (CAD)	18.13%	4.45%	26.22%	4.58%	1.64%	22.92%	6.79%

Correlation

The correlation between HULC.TO and ZDY.TO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020	0.61

The correlation between HULC.TO and ZDY.TO has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

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

Sectors	HULC.TO	ZDY.TO
Technology	35.3%	29.0%
Communication Services	11.6%	6.9%
Financial Services	11.5%	9.5%
Consumer Cyclical	10.0%	5.4%
Healthcare	8.8%	11.9%
Industrials	8.5%	4.4%
Consumer Defensive	4.8%	9.5%
Energy	3.6%	9.8%
Utilities	2.3%	6.4%
Basic Materials	1.8%	1.6%
Real Estate	1.8%	5.6%

Return for Risk

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

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

HULC.TO

HULC.TO Risk / Return Rank: 71
HULC.TO Sharpe Ratio Rank: 73
HULC.TO Sortino Ratio Rank: 72
HULC.TO Omega Ratio Rank: 75
HULC.TO Calmar Ratio Rank: 69
HULC.TO Martin Ratio Rank: 67

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X US Large Cap Index Corporate Class ETF (HULC.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.

	HULC.TO	ZDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.28	+0.10
Sortino ratio: Return per unit of downside risk	3.26	2.97	+0.29
Omega ratio: Gain probability vs. loss probability	1.44	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	3.41	3.98	-0.57
Martin ratio: Return relative to average drawdown	12.23	13.78	-1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HULC.TO Sharpe Ratio is 2.38, which is comparable to the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HULC.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

	HULC.TO	ZDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.28	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	1.12	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.95	-0.21

Drawdowns

HULC.TO vs. ZDY.TO - Drawdown Comparison

The maximum HULC.TO drawdown since its inception was -23.94%, smaller than the maximum ZDY.TO drawdown of -33.01%. Use the drawdown chart below to compare losses from any high point for HULC.TO and ZDY.TO.

Drawdown Indicators

	HULC.TO	ZDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-33.01%	+9.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.78%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-15.32%	-4.14%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-15.32%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.01%	—
Current Drawdown Current decline from peak	-0.15%	-0.19%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.68%	-3.30%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.96%	+0.47%

Volatility

HULC.TO vs. ZDY.TO - Volatility Comparison

The current volatility for Global X US Large Cap Index Corporate Class ETF (HULC.TO) is 3.01%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that HULC.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

	HULC.TO	ZDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	4.73%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	9.85%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	11.85%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.99%	12.17%	+34.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.82%	15.18%	+28.64%

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

HULC.TO has a 0.08% expense ratio, which is lower than ZDY.TO's 0.30% expense ratio.

Dividends

HULC.TO vs. ZDY.TO - Dividend Comparison

HULC.TO has not paid dividends to shareholders, while ZDY.TO's dividend yield for the trailing twelve months is around 1.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HULC.TO Global X US Large Cap Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	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 HULC.TO and ZDY.TO in my portfolio?

HULC.TO and ZDY.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HULC.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HULC.TO is cheaper with a 0.08% expense ratio, compared with 0.30% for ZDY.TO.

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

HULC.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: Global X and BMO. Their fees differ too: 0.08% for HULC.TO and 0.30% for ZDY.TO.