IDIV-B.TO vs. ZUD.TO
IDIV-B.TO (Manulife Smart International Dividend ETF Unhedged Units) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 3 years, IDIV-B.TO returned 20.10%/yr vs 15.10%/yr for ZUD.TO. At a 0.32 correlation, their price movements are largely independent. IDIV-B.TO charges 0.55%/yr vs 0.30%/yr for ZUD.TO.
Performance
IDIV-B.TO vs. ZUD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, IDIV-B.TO achieves a 15.90% return, which is significantly higher than ZUD.TO's 13.27% return.
IDIV-B.TO
- 1D
- 0.80%
- 1M
- 1.41%
- 6M
- 11.15%
- YTD
- 15.90%
- 1Y
- 24.21%
- 3Y*
- 20.10%
- 5Y*
- —
- 10Y*
- —
ZUD.TO
- 1D
- -0.47%
- 1M
- -1.73%
- 6M
- 11.07%
- YTD
- 13.27%
- 1Y
- 20.60%
- 3Y*
- 15.10%
- 5Y*
- 9.30%
- 10Y*
- 8.82%
IDIV-B.TO vs. ZUD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units | 15.90% | 30.89% | 11.95% | 12.28% | 7.59% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 13.27% | 11.69% | 15.31% | 6.36% | 2.50% |
Correlation
The correlation between IDIV-B.TO and ZUD.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022 | 0.32 |
The correlation between IDIV-B.TO and ZUD.TO shifts across timeframes, from 0.32 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IDIV-B.TO vs. ZUD.TO — Risk / Return Rank
IDIV-B.TO
ZUD.TO
IDIV-B.TO vs. ZUD.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 US Dividend Hedged to CAD ETF (ZUD.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.
| IDIV-B.TO | ZUD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 3.65 | -1.23 |
| Martin ratioReturn relative to average drawdown | 9.37 | 12.65 | -3.27 |
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Drawdowns
IDIV-B.TO vs. ZUD.TO - Drawdown Comparison
The maximum IDIV-B.TO drawdown since its inception was -13.62%, smaller than the maximum ZUD.TO drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for IDIV-B.TO and ZUD.TO.
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Drawdown Indicators
| IDIV-B.TO | ZUD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -40.60% | +26.98% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -5.67% | -4.36% |
Max Drawdown (3Y)Largest decline over 3 years | -13.62% | -14.94% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.60% | — |
Current DrawdownCurrent decline from peak | -0.82% | -2.11% | +1.29% |
Average DrawdownAverage peak-to-trough decline | -1.77% | -4.07% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.63% | +0.96% |
Volatility
IDIV-B.TO vs. ZUD.TO - Volatility Comparison
Manulife Smart International Dividend ETF Unhedged Units (IDIV-B.TO) has a higher volatility of 3.32% compared to BMO US Dividend Hedged to CAD ETF (ZUD.TO) at 2.82%. This indicates that IDIV-B.TO's price experiences larger fluctuations and is considered to be riskier than ZUD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IDIV-B.TO | ZUD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.32% | 2.82% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 13.16% | 7.87% | +5.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.38% | 11.08% | +5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 15.20% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.33% | 16.98% | -2.65% |
IDIV-B.TO vs. ZUD.TO - Expense Ratio Comparison
IDIV-B.TO has a 0.55% expense ratio, which is higher than ZUD.TO's 0.30% expense ratio.
Dividends
IDIV-B.TO vs. ZUD.TO - Dividend Comparison
IDIV-B.TO's dividend yield for the trailing twelve months is around 2.92%, more than ZUD.TO's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDIV-B.TO Manulife Smart International Dividend ETF Unhedged Units | 2.92% | 3.12% | 3.52% | 1.73% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 1.48% | 1.68% | 2.17% | 2.54% | 2.77% | 2.50% | 3.76% | 3.13% | 3.11% | 2.69% | 2.61% | 2.97% |
Frequently Asked Questions
IDIV-B.TO and ZUD.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUD.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUD.TO is cheaper with a 0.30% expense ratio, compared with 0.55% for IDIV-B.TO.
They also come from different issuers: Manulife and BMO. Their fees differ too: 0.55% for IDIV-B.TO and 0.30% for ZUD.TO.
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