ICAE.TO vs. ZZZD.TO
ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and ZZZD.TO (BMO Tactical Dividend ETF Fund) are both Dividend funds. ICAE.TO is passively managed, while ZZZD.TO is actively managed. Over the past 3 years, ICAE.TO returned 16.01%/yr vs 10.47%/yr for ZZZD.TO. At a 0.17 correlation, their price movements are largely independent.
Performance
ICAE.TO vs. ZZZD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ICAE.TO achieves a 16.94% return, which is significantly higher than ZZZD.TO's 11.51% return.
ICAE.TO
- 1D
- 0.77%
- 1M
- 4.66%
- 6M
- 16.72%
- YTD
- 16.94%
- 1Y
- 16.60%
- 3Y*
- 16.01%
- 5Y*
- —
- 10Y*
- —
ZZZD.TO
- 1D
- 0.78%
- 1M
- 1.35%
- 6M
- 11.82%
- YTD
- 11.51%
- 1Y
- 16.01%
- 3Y*
- 10.47%
- 5Y*
- 7.30%
- 10Y*
- —
ICAE.TO vs. ZZZD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF | 16.94% | 10.02% | 17.62% | 5.84% |
ZZZD.TO BMO Tactical Dividend ETF Fund | 11.51% | 10.01% | 3.96% | 2.76% |
Correlation
The correlation between ICAE.TO and ZZZD.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2023 | 0.17 |
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Return for Risk
ICAE.TO vs. ZZZD.TO — Risk / Return Rank
ICAE.TO
ZZZD.TO
ICAE.TO vs. ZZZD.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 Tactical Dividend ETF Fund (ZZZD.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 | ZZZD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 5.92 | -4.91 |
| Martin ratioReturn relative to average drawdown | 2.02 | 19.54 | -17.52 |
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Drawdowns
ICAE.TO vs. ZZZD.TO - Drawdown Comparison
The maximum ICAE.TO drawdown since its inception was -16.49%, smaller than the maximum ZZZD.TO drawdown of -22.28%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and ZZZD.TO.
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Drawdown Indicators
| ICAE.TO | ZZZD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.49% | -22.28% | +5.79% |
Max Drawdown (1Y)Largest decline over 1 year | -16.49% | -2.72% | -13.77% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -9.21% | -7.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.72% | — |
Current DrawdownCurrent decline from peak | -2.23% | -0.31% | -1.92% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -4.68% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.22% | 0.82% | +7.40% |
Volatility
ICAE.TO vs. ZZZD.TO - Volatility Comparison
The current volatility for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) is 2.22%, while BMO Tactical Dividend ETF Fund (ZZZD.TO) has a volatility of 2.86%. This indicates that ICAE.TO experiences smaller price fluctuations and is considered to be less risky than ZZZD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICAE.TO | ZZZD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 2.86% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 7.91% | 6.54% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 8.45% | +11.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 11.17% | +4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.03% | 12.66% | +3.37% |
Dividends
ICAE.TO vs. ZZZD.TO - Dividend Comparison
ICAE.TO's dividend yield for the trailing twelve months is around 2.74%, less than ZZZD.TO's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF | 2.74% | 3.29% | 3.33% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% |
ZZZD.TO BMO Tactical Dividend ETF Fund | 3.72% | 4.07% | 4.29% | 4.28% | 4.51% | 4.27% | 4.09% | 3.11% |
Frequently Asked Questions
ICAE.TO and ZZZD.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Invesco and BMO.
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