IQD.TO vs. ZUD.TO

Last updated Jul 1, 2026

IQD.TO (CI International Quality Dividend Growth Index ETF) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 5 years, IQD.TO returned 6.87%/yr vs 10.22%/yr for ZUD.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

IQD.TO vs. ZUD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI International Quality Dividend Growth Index ETF (IQD.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQD.TO achieves a 8.20% return, which is significantly lower than ZUD.TO's 14.29% return.

IQD.TO

• 1D: 0.23%
• 1M: 2.60%
• YTD: 8.20%
• 6M: 7.85%
• 1Y: 16.35%
• 3Y*: 10.30%
• 5Y*: 6.87%
• 10Y*: —

ZUD.TO

• 1D: 0.18%
• 1M: -0.75%
• YTD: 14.29%
• 6M: 13.68%
• 1Y: 21.33%
• 3Y*: 15.49%
• 5Y*: 10.22%
• 10Y*: 9.32%

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

IQD.TO vs. ZUD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQD.TO CI International Quality Dividend Growth Index ETF	8.20%	12.84%	4.33%	18.05%	-12.63%	18.47%	9.12%	30.79%	-12.87%	23.09%
ZUD.TO BMO US Dividend Hedged to CAD ETF	14.29%	11.69%	15.31%	6.36%	-7.23%	25.80%	-5.27%	21.08%	-5.69%	13.59%

Correlation

The correlation between IQD.TO and ZUD.TO is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 22, 2016	0.39

The correlation between IQD.TO and ZUD.TO shifts across timeframes, from 0.39 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IQD.TO vs. ZUD.TO — Risk / Return Rank

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

IQD.TO

IQD.TO Risk / Return Rank: 37
IQD.TO Sharpe Ratio Rank: 36
IQD.TO Sortino Ratio Rank: 37
IQD.TO Omega Ratio Rank: 37
IQD.TO Calmar Ratio Rank: 36
IQD.TO Martin Ratio Rank: 41

ZUD.TO

ZUD.TO Risk / Return Rank: 72
ZUD.TO Sharpe Ratio Rank: 67
ZUD.TO Sortino Ratio Rank: 67
ZUD.TO Omega Ratio Rank: 66
ZUD.TO Calmar Ratio Rank: 82
ZUD.TO Martin Ratio Rank: 75

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.

IQD.TO vs. ZUD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI International Quality Dividend Growth Index ETF (IQD.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.

	IQD.TO	ZUD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.88	-0.74
Sortino ratio: Return per unit of downside risk	1.72	2.64	-0.92
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.59	3.78	-2.19
Martin ratio: Return relative to average drawdown	5.68	12.14	-6.46

IQD.TO vs. ZUD.TO - Sharpe Ratio Comparison

The current IQD.TO Sharpe Ratio is 1.14, which is lower than the ZUD.TO Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IQD.TO and ZUD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IQD.TO vs. ZUD.TO - Drawdown Comparison

The maximum IQD.TO drawdown since its inception was -30.69%, smaller than the maximum ZUD.TO drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for IQD.TO and ZUD.TO.

Drawdown Indicators

	IQD.TO	ZUD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.69%	-40.60%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.31%	-5.67%	-4.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-14.94%	-4.00%
Max Drawdown (5Y) Largest decline over 5 years	-20.52%	-17.65%	-2.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.60%	—
Current Drawdown Current decline from peak	-0.31%	-1.23%	+0.92%
Average Drawdown Average peak-to-trough decline	-4.13%	-4.08%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	1.76%	+1.12%

Volatility

IQD.TO vs. ZUD.TO - Volatility Comparison

CI International Quality Dividend Growth Index ETF (IQD.TO) has a higher volatility of 4.32% compared to BMO US Dividend Hedged to CAD ETF (ZUD.TO) at 3.42%. This indicates that IQD.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.

Volatility by Period

	IQD.TO	ZUD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.42%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	7.74%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	11.46%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	15.24%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	16.99%	-1.58%

Dividends

IQD.TO vs. ZUD.TO - Dividend Comparison

IQD.TO's dividend yield for the trailing twelve months is around 2.37%, more than ZUD.TO's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQD.TO CI International Quality Dividend Growth Index ETF	2.37%	3.08%	1.38%	1.66%	4.21%	2.19%	1.24%	1.79%	2.10%	1.12%	0.48%	0.00%
ZUD.TO BMO US Dividend Hedged to CAD ETF	1.47%	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

Can I hold both IQD.TO and ZUD.TO in my portfolio?

IQD.TO and ZUD.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between IQD.TO and ZUD.TO?

They also come from different issuers: CI and BMO.