ICAE.TO vs. ZDIV.TO

Last updated Jul 4, 2026

ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds - ICAE.TO tracks the S&P/TSX Canadian Dividend Aristocrats ESG Index while ZDIV.TO tracks the MSCI Canada IMI High Dividend Yield Select Index. Both are passively managed. At a 0.06 correlation, their price movements are largely independent. ICAE.TO charges 0.23%/yr vs 0.09%/yr for ZDIV.TO.

Performance

ICAE.TO vs. ZDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ICAE.TO

• 1D: 0.77%
• 1M: 4.66%
• 6M: 16.72%
• YTD: 16.94%
• 1Y: 16.60%
• 3Y*: 16.01%
• 5Y*: —
• 10Y*: —

ZDIV.TO

• 1D: 1.20%
• 1M: 0.71%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICAE.TO vs. ZDIV.TO - Yearly Performance Comparison

	2026 (YTD)
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	13.97%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	15.53%

Correlation

The correlation between ICAE.TO and ZDIV.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 6, 2026	0.06

Return for Risk

ICAE.TO vs. ZDIV.TO — Risk / Return Rank

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

ICAE.TO

ICAE.TO Risk / Return Rank: 29
ICAE.TO Sharpe Ratio Rank: 26
ICAE.TO Sortino Ratio Rank: 22
ICAE.TO Omega Ratio Rank: 52
ICAE.TO Calmar Ratio Rank: 24
ICAE.TO Martin Ratio Rank: 20

ZDIV.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ICAE.TO vs. ZDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.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.

	ICAE.TO	ZDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.11	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	1.01	—	—
Martin ratio: Return relative to average drawdown	2.02	—	—

Drawdowns

ICAE.TO vs. ZDIV.TO - Drawdown Comparison

The maximum ICAE.TO drawdown since its inception was -16.49%, which is greater than ZDIV.TO's maximum drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and ZDIV.TO.

Drawdown Indicators

	ICAE.TO	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.49%	-2.60%	-13.89%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Current Drawdown Current decline from peak	-2.23%	-0.47%	-1.76%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.57%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	—	—

Volatility

Volatility by Period

	ICAE.TO	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	9.89%	+9.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	9.89%	+6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	9.89%	+6.14%

ICAE.TO vs. ZDIV.TO - Expense Ratio Comparison

ICAE.TO has a 0.23% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ICAE.TO vs. ZDIV.TO - Dividend Comparison

ICAE.TO's dividend yield for the trailing twelve months is around 2.74%, more than ZDIV.TO's 1.20% yield.

Position	TTM	2025	2024	2023
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.74%	3.29%	3.33%	2.87%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	1.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICAE.TO and ZDIV.TO in my portfolio?

ICAE.TO and ZDIV.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICAE.TO or ZDIV.TO?

On fees, ZDIV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICAE.TO or ZDIV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.23% for ICAE.TO.

What is the main difference between ICAE.TO and ZDIV.TO?

ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index, while ZDIV.TO tracks MSCI Canada IMI High Dividend Yield Select Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.23% for ICAE.TO and 0.09% for ZDIV.TO.