PDF.TO vs. CDZ.TO
PDF.TO (Purpose Core Dividend Fund) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both exchange-traded funds - PDF.TO is a Dividend fund actively managed by Purpose Investments Inc., while CDZ.TO is a Canada Equities fund tracking the S&P/TSX Canadian Dividend Aristocrats Index. PDF.TO is actively managed, while CDZ.TO is passively managed. Over the past 10 years, PDF.TO returned 9.50%/yr vs 9.41%/yr for CDZ.TO. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.66% expense ratio.
Performance
PDF.TO vs. CDZ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PDF.TO achieves a 20.07% return, which is significantly higher than CDZ.TO's 13.98% return. Both investments have delivered pretty close results over the past 10 years, with PDF.TO having a 9.50% annualized return and CDZ.TO not far behind at 9.41%.
PDF.TO
- 1D
- 0.62%
- 1M
- 2.88%
- 6M
- 16.53%
- YTD
- 20.07%
- 1Y
- 33.26%
- 3Y*
- 18.64%
- 5Y*
- 12.14%
- 10Y*
- 9.50%
- ALL TIME*
- 10.45%
CDZ.TO
- 1D
- 0.55%
- 1M
- 4.59%
- 6M
- 14.95%
- YTD
- 13.98%
- 1Y
- 18.76%
- 3Y*
- 16.42%
- 5Y*
- 10.22%
- 10Y*
- 9.41%
- ALL TIME*
- 8.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$736.65K | CA$801.48K | CA$803.64K | |
| CA$201.50K | CA$240.90K | CA$226.04K |
PDF.TO vs. CDZ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PDF.TO Purpose Core Dividend Fund | 20.07% | 20.44% | 13.61% | 4.13% | -1.74% | 24.35% | -0.79% | 23.25% | -11.14% | 7.37% |
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF | 13.98% | 13.46% | 17.94% | 9.05% | -4.39% | 22.95% | -3.15% | 25.82% | -8.72% | 5.06% |
Correlation
The correlation between PDF.TO and CDZ.TO is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2013 | 0.77 |
The correlation between PDF.TO and CDZ.TO has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
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Return for Risk
PDF.TO vs. CDZ.TO — Risk / Return Rank
PDF.TO
CDZ.TO
PDF.TO vs. CDZ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Core Dividend Fund (PDF.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.
| PDF.TO | CDZ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.39 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.26 | 2.57 | +2.69 |
| Martin ratioReturn relative to average drawdown | 23.86 | 9.21 | +14.65 |
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Drawdowns
PDF.TO vs. CDZ.TO - Drawdown Comparison
The maximum PDF.TO drawdown since its inception was -36.00%, smaller than the maximum CDZ.TO drawdown of -49.23%. Use the drawdown chart below to compare losses from any high point for PDF.TO and CDZ.TO.
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Drawdown Indicators
| PDF.TO | CDZ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.00% | -49.23% | +13.23% |
Max Drawdown (1Y)Largest decline over 1 year | -6.35% | -7.33% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -9.28% | -13.00% | +3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -17.15% | +1.34% |
Max Drawdown (10Y)Largest decline over 10 years | -36.00% | -45.70% | +9.70% |
Current DrawdownCurrent decline from peak | -0.51% | 0.00% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -6.11% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 2.04% | -0.64% |
Volatility
PDF.TO vs. CDZ.TO - Volatility Comparison
Purpose Core Dividend Fund (PDF.TO) has a higher volatility of 2.48% compared to iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) at 2.12%. This indicates that PDF.TO's price experiences larger fluctuations and is considered to be riskier than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDF.TO | CDZ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.12% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.86% | 5.86% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 11.17% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.33% | 11.30% | -0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.58% | 14.76% | -1.18% |
PDF.TO vs. CDZ.TO - Expense Ratio Comparison
Both PDF.TO and CDZ.TO have an expense ratio of 0.66%.
Dividends
PDF.TO vs. CDZ.TO - Dividend Comparison
PDF.TO's dividend yield for the trailing twelve months is around 2.79%, less than CDZ.TO's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF | 2.96% | 3.45% | 3.61% | 3.77% | 3.73% | 3.04% | 3.82% | 3.80% | 4.51% | 3.54% | 3.62% | 3.85% |
PDF.TO Purpose Core Dividend Fund | 2.79% | 3.49% | 3.82% | 4.17% | 3.77% | 3.19% | 3.84% | 3.65% | 4.33% | 3.50% | 3.38% | 3.40% |
Frequently Asked Questions
PDF.TO and CDZ.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.66% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PDF.TO and CDZ.TO have the same expense ratio: 0.66% per year.
PDF.TO is categorized as Dividend, while CDZ.TO is Canada Equities. They also come from different issuers: Purpose Investments Inc. and iShares.
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