INOC.TO vs. ZDV.TO
INOC.TO (Global X Inovestor Canadian Equity Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both Canada Equities funds. INOC.TO is passively managed, while ZDV.TO is actively managed. Over the past 5 years, INOC.TO returned 11.20%/yr vs 16.00%/yr for ZDV.TO. At a 0.47 correlation, their price movements are largely independent. INOC.TO charges 0.76%/yr vs 0.39%/yr for ZDV.TO.
Performance
INOC.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, INOC.TO achieves a 11.12% return, which is significantly lower than ZDV.TO's 20.67% return.
INOC.TO
- 1D
- 0.16%
- 1M
- 4.50%
- YTD
- 11.12%
- 6M
- 13.11%
- 1Y
- 23.25%
- 3Y*
- 16.74%
- 5Y*
- 11.20%
- 10Y*
- —
ZDV.TO
- 1D
- 0.15%
- 1M
- 4.27%
- YTD
- 20.67%
- 6M
- 22.50%
- 1Y
- 42.20%
- 3Y*
- 24.29%
- 5Y*
- 16.00%
- 10Y*
- 12.39%
INOC.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INOC.TO Global X Inovestor Canadian Equity Index ETF | 11.12% | 13.17% | 11.66% | 21.10% | -5.66% | 21.14% | 1.62% | 25.41% | -11.41% | 2.70% |
ZDV.TO BMO Canadian Dividend ETF | 20.67% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 1.47% |
Correlation
The correlation between INOC.TO and ZDV.TO is 0.07, 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 (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2017 | 0.47 |
Over the past year, the correlation between INOC.TO and ZDV.TO has dropped to 0.07 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
INOC.TO vs. ZDV.TO — Risk / Return Rank
INOC.TO
ZDV.TO
INOC.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Inovestor Canadian Equity Index ETF (INOC.TO) and BMO Canadian Dividend ETF (ZDV.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.
| INOC.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.97 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 7.82 | -5.29 |
| Martin ratioReturn relative to average drawdown | 8.68 | 40.44 | -31.76 |
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Drawdowns
INOC.TO vs. ZDV.TO - Drawdown Comparison
The maximum INOC.TO drawdown since its inception was -39.65%, smaller than the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for INOC.TO and ZDV.TO.
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Drawdown Indicators
| INOC.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.65% | -43.20% | +3.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -5.42% | -3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.07% | -9.04% | -5.03% |
Max Drawdown (5Y)Largest decline over 5 years | -18.53% | -16.61% | -1.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.20% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -4.93% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 1.05% | +1.63% |
Volatility
INOC.TO vs. ZDV.TO - Volatility Comparison
Global X Inovestor Canadian Equity Index ETF (INOC.TO) has a higher volatility of 3.12% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.84%. This indicates that INOC.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INOC.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 2.84% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.85% | 7.27% | +1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 8.59% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 10.60% | +2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 14.97% | +0.55% |
INOC.TO vs. ZDV.TO - Expense Ratio Comparison
INOC.TO has a 0.76% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.
Dividends
INOC.TO vs. ZDV.TO - Dividend Comparison
INOC.TO's dividend yield for the trailing twelve months is around 1.16%, less than ZDV.TO's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INOC.TO Global X Inovestor Canadian Equity Index ETF | 1.16% | 1.66% | 1.61% | 2.04% | 1.82% | 1.81% | 2.03% | 1.89% | 2.06% | 0.00% | 0.00% | 0.00% |
ZDV.TO BMO Canadian Dividend ETF | 2.64% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
Frequently Asked Questions
INOC.TO and ZDV.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.76% for INOC.TO.
They also come from different issuers: Global X and BMO. Their fees differ too: 0.76% for INOC.TO and 0.39% for ZDV.TO.
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