IDIV-B.TO vs. ZDIV.TO

Last updated Jun 4, 2026

IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds. IDIV-B.TO is actively managed, while ZDIV.TO is passively managed. At a 0.04 correlation, their price movements are largely independent. IDIV-B.TO charges 0.55%/yr vs 0.09%/yr for ZDIV.TO.

Performance

IDIV-B.TO vs. ZDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.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

IDIV-B.TO

• 1D: 0.00%
• 1M: 3.35%
• YTD: 10.75%
• 6M: 8.02%
• 1Y: 25.99%
• 3Y*: 21.08%
• 5Y*: —
• 10Y*: —

ZDIV.TO

• 1D: -0.14%
• 1M: 2.47%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IDIV-B.TO vs. ZDIV.TO - Yearly Performance Comparison

	2026 (YTD)
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.16%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	15.21%

Correlation

The correlation between IDIV-B.TO and ZDIV.TO is 0.04, 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 9, 2026	0.04

Return for Risk

IDIV-B.TO vs. ZDIV.TO — Risk / Return Rank

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

IDIV-B.TO

IDIV-B.TO Risk / Return Rank: 53
IDIV-B.TO Sharpe Ratio Rank: 50
IDIV-B.TO Sortino Ratio Rank: 47
IDIV-B.TO Omega Ratio Rank: 52
IDIV-B.TO Calmar Ratio Rank: 53
IDIV-B.TO Martin Ratio Rank: 62

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.

IDIV-B.TO vs. ZDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.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.

	IDIV-B.TO	ZDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.31	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.60	—	—
Martin ratio: Return relative to average drawdown	11.03	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IDIV-B.TO	ZDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	5.66	-4.07

Drawdowns

IDIV-B.TO vs. ZDIV.TO - Drawdown Comparison

The maximum IDIV-B.TO drawdown since its inception was -13.62%, 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 IDIV-B.TO and ZDIV.TO.

Drawdown Indicators

	IDIV-B.TO	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.62%	-2.60%	-11.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	—	—
Current Drawdown Current decline from peak	-3.00%	-1.02%	-1.98%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.49%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	—	—

Volatility

Volatility by Period

	IDIV-B.TO	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	9.99%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	9.99%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	9.99%	+4.07%

IDIV-B.TO vs. ZDIV.TO - Expense Ratio Comparison

IDIV-B.TO has a 0.55% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio.

Dividends

IDIV-B.TO vs. ZDIV.TO - Dividend Comparison

IDIV-B.TO's dividend yield for the trailing twelve months is around 2.80%, more than ZDIV.TO's 0.90% yield.

Position	TTM	2025	2024	2023	2022
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units	2.80%	3.02%	3.49%	1.73%	0.20%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	0.90%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IDIV-B.TO and ZDIV.TO in my portfolio?

IDIV-B.TO and ZDIV.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IDIV-B.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, IDIV-B.TO or ZDIV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.55% for IDIV-B.TO.

What is the main difference between IDIV-B.TO and ZDIV.TO?

They also come from different issuers: Manulife and BMO. Their fees differ too: 0.55% for IDIV-B.TO and 0.09% for ZDIV.TO.