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PXC.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXC.TO vs. ZDV.TO

Last updated Jun 17, 2026

PXC.TO (Invesco RAFI Canadian Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both Canada Equities funds. PXC.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, PXC.TO returned 13.49%/yr vs 12.39%/yr for ZDV.TO. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

PXC.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco RAFI Canadian Index ETF (PXC.TO) and BMO Canadian Dividend ETF (ZDV.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, PXC.TO achieves a 18.54% return, which is significantly lower than ZDV.TO's 20.67% return. Over the past 10 years, PXC.TO has outperformed ZDV.TO with an annualized return of 13.49%, while ZDV.TO has yielded a comparatively lower 12.39% annualized return.

PXC.TO

1D
1.18%
1M
3.49%
YTD
18.54%
6M
16.15%
1Y
38.06%
3Y*
24.74%
5Y*
17.15%
10Y*
13.49%

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

PXC.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXC.TO
Invesco RAFI Canadian Index ETF		18.54%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%
ZDV.TO
BMO Canadian Dividend ETF		20.67%28.82%16.83%8.14%-1.66%28.75%-3.51%22.89%-10.76%7.46%

Correlation

The correlation between PXC.TO and ZDV.TO is 0.74, 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

0.74

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

0.78

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

0.78

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2012

0.69

The correlation between PXC.TO and ZDV.TO has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco RAFI Canadian Index ETF

BMO Canadian Dividend ETF

Often compared with PXC.TO:
PXC.TO vs. INOC.TOPXC.TO vs. ESGC.TOPXC.TO vs. CFOU.TOPXC.TO vs. CLSA.TOPXC.TO vs. EQL.TOPXC.TO vs. EQLI.TOPXC.TO vs. HCA.TO
Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO

Return for Risk

PXC.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 9797
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9797
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.

PXC.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

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

PXC.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
3.72
4.94

-1.22

Sortino ratioReturn per unit of downside risk
4.88
6.70

-1.82

Omega ratioGain probability vs. loss probability

1.74

1.97

-0.24

Calmar ratioReturn relative to maximum drawdown

8.23

7.82

+0.41

Martin ratioReturn relative to average drawdown

32.94

40.44

-7.51

PXC.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current PXC.TO Sharpe Ratio is 3.72, which is comparable to the ZDV.TO Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of PXC.TO and ZDV.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

PXC.TO vs. ZDV.TO - Drawdown Comparison

The maximum PXC.TO drawdown since its inception was -41.78%, roughly equal to the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for PXC.TO and ZDV.TO.

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Drawdown Indicators

PXC.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.78%

-43.20%

+1.42%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-5.42%

+0.78%

Max Drawdown (3Y)

Largest decline over 3 years

-10.99%

-9.04%

-1.95%

Max Drawdown (5Y)

Largest decline over 5 years

-15.75%

-16.61%

+0.86%

Max Drawdown (10Y)

Largest decline over 10 years

-41.78%

-43.20%

+1.42%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.05%

-4.93%

-0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

1.05%

+0.11%

Volatility

PXC.TO vs. ZDV.TO - Volatility Comparison

Invesco RAFI Canadian Index ETF (PXC.TO) and BMO Canadian Dividend ETF (ZDV.TO) have volatilities of 2.93% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXC.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

2.84%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

8.49%

7.27%

+1.22%

Volatility (1Y)

Calculated over the trailing 1-year period

10.29%

8.59%

+1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.29%

10.60%

+2.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.43%

14.97%

+1.46%

Dividends

PXC.TO vs. ZDV.TO - Dividend Comparison

PXC.TO's dividend yield for the trailing twelve months is around 2.24%, less than ZDV.TO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.24%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
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

PXC.TO and ZDV.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Invesco and BMO.

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