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THU.TO vs. ZDY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THU.TO vs. ZDY.TO

Last updated Jul 16, 2026
Documentation

THU.TO (TD U.S. Equity CAD Hedged Index ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both exchange-traded funds - THU.TO is a Large Cap Blend Equities fund actively managed by TD, while ZDY.TO is a Dividend fund actively managed by BMO. Both are actively managed. Over the past 10 years, THU.TO returned 13.51%/yr vs 9.76%/yr for ZDY.TO. At a 0.45 correlation, their price movements are largely independent.

Performance

THU.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Equity CAD Hedged Index ETF (THU.TO) and BMO US Dividend ETF (CAD) (ZDY.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, THU.TO achieves a 10.16% return, which is significantly lower than ZDY.TO's 17.03% return. Over the past 10 years, THU.TO has outperformed ZDY.TO with an annualized return of 13.51%, while ZDY.TO has yielded a comparatively lower 9.76% annualized return.

THU.TO

1D
0.31%
1M
0.07%
6M
9.01%
YTD
10.16%
1Y
20.09%
3Y*
18.83%
5Y*
11.29%
10Y*
13.51%

ZDY.TO

1D
-0.53%
1M
-1.23%
6M
13.43%
YTD
17.03%
1Y
14.47%
3Y*
15.39%
5Y*
11.14%
10Y*
9.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THU.TO vs. ZDY.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THU.TO
TD U.S. Equity CAD Hedged Index ETF		10.16%15.44%23.50%26.50%-21.80%27.16%18.06%29.00%-6.79%20.92%
ZDY.TO
BMO US Dividend ETF (CAD)		17.03%-0.87%26.24%4.58%1.64%22.92%-5.18%16.94%3.23%6.74%

Correlation

The correlation between THU.TO and ZDY.TO is 0.59, 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

0.59

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

0.56

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

0.56

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

0.46

Correlation (All Time)
Calculated using the full available price history since Mar 30, 2016

0.45

The correlation between THU.TO and ZDY.TO shifts across timeframes, from 0.45 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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TD U.S. Equity CAD Hedged Index ETF

BMO US Dividend ETF (CAD)

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Return for Risk

THU.TO vs. ZDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THU.TO
THU.TO Risk / Return Rank: 5656
Overall Rank
THU.TO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
THU.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
THU.TO Omega Ratio Rank: 5555
Omega Ratio Rank
THU.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
THU.TO Martin Ratio Rank: 6363
Martin Ratio Rank
ZDY.TO
ZDY.TO Risk / Return Rank: 3434
Overall Rank
ZDY.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
ZDY.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
ZDY.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZDY.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZDY.TO Martin Ratio Rank: 2929
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.

THU.TO vs. ZDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity CAD Hedged Index ETF (THU.TO) and BMO US Dividend ETF (CAD) (ZDY.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.

THU.TOZDY.TODifference
Sharpe ratioReturn per unit of total volatility
1.57
1.13

+0.44

Sortino ratioReturn per unit of downside risk
2.21
1.48

+0.73

Omega ratioGain probability vs. loss probability

1.28

1.23

+0.05

Calmar ratioReturn relative to maximum drawdown

2.11

1.26

+0.84

Martin ratioReturn relative to average drawdown

9.01

3.23

+5.79

THU.TO vs. ZDY.TO - Sharpe Ratio Comparison

The current THU.TO Sharpe Ratio is 1.57, which is higher than the ZDY.TO Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of THU.TO and ZDY.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

THU.TO vs. ZDY.TO - Drawdown Comparison

The maximum THU.TO drawdown since its inception was -34.64%, which is greater than ZDY.TO's maximum drawdown of -32.99%. Use the drawdown chart below to compare losses from any high point for THU.TO and ZDY.TO.

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Drawdown Indicators

THU.TOZDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.64%

-32.99%

-1.65%

Max Drawdown (1Y)

Largest decline over 1 year

-9.59%

-11.53%

+1.94%

Max Drawdown (3Y)

Largest decline over 3 years

-19.16%

-15.33%

-3.83%

Max Drawdown (5Y)

Largest decline over 5 years

-26.37%

-15.33%

-11.04%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

-32.99%

-1.65%

Current Drawdown

Current decline from peak

-0.64%

-2.14%

+1.50%

Average Drawdown

Average peak-to-trough decline

-4.81%

-3.40%

-1.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.23%

4.49%

-2.26%

Volatility

THU.TO vs. ZDY.TO - Volatility Comparison

TD U.S. Equity CAD Hedged Index ETF (THU.TO) has a higher volatility of 3.40% compared to BMO US Dividend ETF (CAD) (ZDY.TO) at 2.26%. This indicates that THU.TO's price experiences larger fluctuations and is considered to be riskier than ZDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

THU.TOZDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.40%

2.26%

+1.14%

Volatility (6M)

Calculated over the trailing 6-month period

10.17%

8.66%

+1.51%

Volatility (1Y)

Calculated over the trailing 1-year period

12.84%

12.90%

-0.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.75%

12.44%

+4.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.40%

15.27%

+2.13%

Dividends

THU.TO vs. ZDY.TO - Dividend Comparison

THU.TO's dividend yield for the trailing twelve months is around 0.96%, less than ZDY.TO's 1.51% yield.

PositionTTM20252024202320222021202020192018201720162015
THU.TO
TD U.S. Equity CAD Hedged Index ETF		0.96%1.05%1.25%1.20%1.42%1.00%1.28%1.21%1.66%1.54%1.37%0.00%
ZDY.TO
BMO US Dividend ETF (CAD)		1.51%1.80%1.97%2.43%2.48%2.33%3.65%3.02%2.80%2.63%2.46%2.54%

Frequently Asked Questions

THU.TO and ZDY.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

THU.TO is categorized as Large Cap Blend Equities, while ZDY.TO is Dividend. They also come from different issuers: TD and BMO.

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