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PDIV.TO vs. ZUD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PDIV.TO vs. ZUD.TO

Last updated Jul 14, 2026
Documentation

PDIV.TO (Purpose Enhanced Dividend Fund ETF) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 10 years, PDIV.TO returned 9.09%/yr vs 8.96%/yr for ZUD.TO. At a 0.28 correlation, their price movements are largely independent. PDIV.TO charges 0.77%/yr vs 0.30%/yr for ZUD.TO.

Performance

PDIV.TO vs. ZUD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Dividend Fund ETF (PDIV.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PDIV.TO achieves a 9.98% return, which is significantly lower than ZUD.TO's 14.83% return. Both investments have delivered pretty close results over the past 10 years, with PDIV.TO having a 9.09% annualized return and ZUD.TO not far behind at 8.96%.

PDIV.TO

1D
0.10%
1M
1.93%
6M
8.83%
YTD
9.98%
1Y
20.05%
3Y*
12.11%
5Y*
7.93%
10Y*
9.09%

ZUD.TO

1D
-0.13%
1M
0.08%
6M
12.59%
YTD
14.83%
1Y
21.18%
3Y*
15.62%
5Y*
9.94%
10Y*
8.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
PDIV.TO
Purpose Enhanced Dividend Fund ETF		9.98%14.66%10.71%4.64%-4.39%20.18%-1.15%23.57%-15.24%26.84%
ZUD.TO
BMO US Dividend Hedged to CAD ETF		14.83%11.69%15.31%6.36%-7.23%25.80%-5.27%21.08%-5.69%13.59%

Correlation

The correlation between PDIV.TO and ZUD.TO is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2013

0.28

Over the past year, PDIV.TO and ZUD.TO have become more correlated (0.64) than their long-term average of 0.28, meaning their price movements have been converging.

PDIV.TO vs. ZUD.TO - Sectors Allocation Comparison

Sectors
PDIV.TO
ZUD.TO

Financial Services

35.7%
100.3%

Technology

16.5%

-

Energy

12.9%

-

Consumer Cyclical

7.5%

-

Industrials

5.9%

-

Healthcare

5.4%

-

Basic Materials

4.5%

-

Utilities

4.2%

-

Communication Services

4.0%

-

Consumer Defensive

3.4%

-

Real Estate

-

-

Financial Services

PDIV.TO
35.7%
ZUD.TO
100.3%

Technology

PDIV.TO
16.5%
ZUD.TO

-

Energy

PDIV.TO
12.9%
ZUD.TO

-

Consumer Cyclical

PDIV.TO
7.5%
ZUD.TO

-

Industrials

PDIV.TO
5.9%
ZUD.TO

-

Healthcare

PDIV.TO
5.4%
ZUD.TO

-

Basic Materials

PDIV.TO
4.5%
ZUD.TO

-

Utilities

PDIV.TO
4.2%
ZUD.TO

-

Communication Services

PDIV.TO
4.0%
ZUD.TO

-

Consumer Defensive

PDIV.TO
3.4%
ZUD.TO

-

Real Estate

PDIV.TO

-

ZUD.TO

-

Compare stocks, funds, or ETFs

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Purpose Enhanced Dividend Fund ETF

BMO US Dividend Hedged to CAD ETF

Often compared with PDIV.TO:
PDIV.TO vs. HDIV.TOPDIV.TO vs. MNY.TOPDIV.TO vs. VDY.TOPDIV.TO vs. HYLD.TOPDIV.TO vs. SPYIPDIV.TO vs. PDC.TOPDIV.TO vs. PMIF.TO
Often compared with ZUD.TO:
ZUD.TO vs. DGR.TOZUD.TO vs. IQD.TOZUD.TO vs. XDIV.TOZUD.TO vs. ZZZD.TOZUD.TO vs. TBNK.TOZUD.TO vs. VUDV.TOZUD.TO vs. VDY.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PDIV.TO
PDIV.TO Risk / Return Rank: 9292
Overall Rank
PDIV.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
PDIV.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PDIV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
PDIV.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
PDIV.TO Martin Ratio Rank: 9191
Martin Ratio Rank
ZUD.TO
ZUD.TO Risk / Return Rank: 7979
Overall Rank
ZUD.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZUD.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZUD.TO Omega Ratio Rank: 7474
Omega Ratio Rank
ZUD.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZUD.TO Martin Ratio Rank: 8383
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Dividend Fund ETF (PDIV.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.

PDIV.TOZUD.TODifference
Sharpe ratioReturn per unit of total volatility
2.93
1.93

+1.00

Sortino ratioReturn per unit of downside risk
4.06
2.75

+1.31

Omega ratioGain probability vs. loss probability

1.60

1.35

+0.25

Calmar ratioReturn relative to maximum drawdown

3.82

3.75

+0.07

Martin ratioReturn relative to average drawdown

16.66

13.06

+3.61

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

The current PDIV.TO Sharpe Ratio is 2.93, which is higher than the ZUD.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PDIV.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.

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Drawdowns

PDIV.TO vs. ZUD.TO - Drawdown Comparison

The maximum PDIV.TO drawdown since its inception was -30.64%, smaller than the maximum ZUD.TO drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for PDIV.TO and ZUD.TO.

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Drawdown Indicators

PDIV.TOZUD.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.64%

-40.60%

+9.96%

Max Drawdown (1Y)

Largest decline over 1 year

-5.27%

-5.67%

+0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-8.82%

-14.94%

+6.12%

Max Drawdown (5Y)

Largest decline over 5 years

-15.93%

-17.65%

+1.72%

Max Drawdown (10Y)

Largest decline over 10 years

-30.64%

-40.60%

+9.96%

Current Drawdown

Current decline from peak

0.00%

-0.77%

+0.77%

Average Drawdown

Average peak-to-trough decline

-4.33%

-4.07%

-0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

1.63%

-0.42%

Volatility

PDIV.TO vs. ZUD.TO - Volatility Comparison

The current volatility for Purpose Enhanced Dividend Fund ETF (PDIV.TO) is 1.42%, while BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a volatility of 2.72%. This indicates that PDIV.TO experiences smaller price fluctuations and is considered to be less risky 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

PDIV.TOZUD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.42%

2.72%

-1.30%

Volatility (6M)

Calculated over the trailing 6-month period

5.50%

7.81%

-2.31%

Volatility (1Y)

Calculated over the trailing 1-year period

6.89%

11.05%

-4.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.06%

15.19%

-5.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.91%

16.98%

-3.07%

PDIV.TO vs. ZUD.TO - Expense Ratio Comparison

PDIV.TO has a 0.77% expense ratio, which is higher than ZUD.TO's 0.30% expense ratio.

Dividends

PDIV.TO vs. ZUD.TO - Dividend Comparison

PDIV.TO's dividend yield for the trailing twelve months is around 11.66%, more than ZUD.TO's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
PDIV.TO
Purpose Enhanced Dividend Fund ETF		11.66%11.23%12.35%11.84%6.38%5.59%6.33%5.85%6.80%25.71%5.38%8.10%
ZUD.TO
BMO US Dividend Hedged to CAD ETF		1.46%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

PDIV.TO and ZUD.TO have a correlation of 0.64, 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 0.77% for PDIV.TO.

They also come from different issuers: Purpose Investments and BMO. Their fees differ too: 0.77% for PDIV.TO and 0.30% for ZUD.TO.

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