PDC.TO vs. ZDIV.TO

Last updated Jun 4, 2026

PDC.TO (Invesco Canadian Dividend Index ETF) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds. A 0.52 correlation means they provide meaningful diversification when combined. PDC.TO charges 0.58%/yr vs 0.09%/yr for ZDIV.TO.

Performance

PDC.TO vs. ZDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Canadian Dividend Index ETF (PDC.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

PDC.TO

• 1D: 0.25%
• 1M: 4.67%
• YTD: 19.02%
• 6M: 17.30%
• 1Y: 35.38%
• 3Y*: 20.15%
• 5Y*: 13.12%
• 10Y*: 10.86%

ZDIV.TO

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

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

PDC.TO vs. ZDIV.TO - Yearly Performance Comparison

	2026 (YTD)
PDC.TO Invesco Canadian Dividend Index ETF	12.95%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	15.21%

Correlation

The correlation between PDC.TO and ZDIV.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 9, 2026	0.52

Return for Risk

PDC.TO vs. ZDIV.TO — Risk / Return Rank

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

PDC.TO

PDC.TO Risk / Return Rank: 96
PDC.TO Sharpe Ratio Rank: 96
PDC.TO Sortino Ratio Rank: 96
PDC.TO Omega Ratio Rank: 97
PDC.TO Calmar Ratio Rank: 96
PDC.TO Martin Ratio Rank: 96

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.

PDC.TO vs. ZDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Dividend Index ETF (PDC.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.

	PDC.TO	ZDIV.TO	Difference
Sharpe ratio Return per unit of total volatility	4.30	—	—
Sortino ratio Return per unit of downside risk	5.59	—	—
Omega ratio Gain probability vs. loss probability	1.89	—	—
Calmar ratio Return relative to maximum drawdown	9.20	—	—
Martin ratio Return relative to average drawdown	34.01	—	—
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

	PDC.TO	ZDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	5.66	-4.91

Drawdowns

PDC.TO vs. ZDIV.TO - Drawdown Comparison

The maximum PDC.TO drawdown since its inception was -41.94%, 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 PDC.TO and ZDIV.TO.

Drawdown Indicators

	PDC.TO	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.94%	-2.60%	-39.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.94%	—	—
Current Drawdown Current decline from peak	-0.26%	-1.02%	+0.76%
Average Drawdown Average peak-to-trough decline	-4.56%	-0.49%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	—	—

Volatility

Volatility by Period

	PDC.TO	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.27%	9.99%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.84%	9.99%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	9.99%	+5.30%

PDC.TO vs. ZDIV.TO - Expense Ratio Comparison

PDC.TO has a 0.58% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio.

Dividends

PDC.TO vs. ZDIV.TO - Dividend Comparison

PDC.TO's dividend yield for the trailing twelve months is around 3.26%, more than ZDIV.TO's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDC.TO Invesco Canadian Dividend Index ETF	3.26%	3.84%	4.29%	4.56%	4.05%	3.49%	4.85%	4.14%	4.90%	4.05%	3.61%	4.20%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDC.TO and ZDIV.TO in my portfolio?

PDC.TO and ZDIV.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDC.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, PDC.TO or ZDIV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.58% for PDC.TO.

What is the main difference between PDC.TO and ZDIV.TO?

They also come from different issuers: Invesco and BMO. Their fees differ too: 0.58% for PDC.TO and 0.09% for ZDIV.TO.