TQCD.TO vs. ZCN.TO

Last updated Jun 4, 2026

TQCD.TO (TD Q Canadian Dividend ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both Canada Equities funds. TQCD.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, TQCD.TO returned 17.84%/yr vs 14.90%/yr for ZCN.TO. Their correlation of 0.82 suggests significant overlap in exposure. TQCD.TO charges 0.39%/yr vs 0.06%/yr for ZCN.TO.

Performance

TQCD.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q Canadian Dividend ETF (TQCD.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQCD.TO achieves a 14.98% return, which is significantly higher than ZCN.TO's 10.70% return.

TQCD.TO

• 1D: -0.42%
• 1M: 3.98%
• YTD: 14.98%
• 6M: 17.36%
• 1Y: 37.82%
• 3Y*: 26.50%
• 5Y*: 17.84%
• 10Y*: —

ZCN.TO

• 1D: -1.14%
• 1M: 3.62%
• YTD: 10.70%
• 6M: 12.95%
• 1Y: 34.77%
• 3Y*: 23.62%
• 5Y*: 14.90%
• 10Y*: 12.62%

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

TQCD.TO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TQCD.TO TD Q Canadian Dividend ETF	14.98%	33.11%	22.27%	12.29%	1.68%	26.29%	-13.24%	3.12%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.70%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	0.12%

Correlation

The correlation between TQCD.TO and ZCN.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019	0.82

The correlation between TQCD.TO and ZCN.TO has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

TQCD.TO vs. ZCN.TO - Sectors Allocation Comparison

Sectors	TQCD.TO	ZCN.TO
Financial Services	35.4%	32.8%
Energy	21.1%	17.5%
Basic Materials	15.1%	18.4%
Industrials	10.2%	10.3%
Utilities	5.1%	3.2%
Real Estate	3.8%	1.6%
Communication Services	3.4%	1.8%
Consumer Cyclical	2.6%	3.8%
Consumer Defensive	2.0%	2.9%
Technology	1.1%	7.6%
Healthcare	0.3%	0.1%

Return for Risk

TQCD.TO vs. ZCN.TO — Risk / Return Rank

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

TQCD.TO

TQCD.TO Risk / Return Rank: 93
TQCD.TO Sharpe Ratio Rank: 95
TQCD.TO Sortino Ratio Rank: 94
TQCD.TO Omega Ratio Rank: 94
TQCD.TO Calmar Ratio Rank: 88
TQCD.TO Martin Ratio Rank: 93

ZCN.TO

ZCN.TO Risk / Return Rank: 80
ZCN.TO Sharpe Ratio Rank: 83
ZCN.TO Sortino Ratio Rank: 78
ZCN.TO Omega Ratio Rank: 81
ZCN.TO Calmar Ratio Rank: 74
ZCN.TO Martin Ratio Rank: 84

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.

TQCD.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q Canadian Dividend ETF (TQCD.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

	TQCD.TO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.83	2.76	+1.07
Sortino ratio: Return per unit of downside risk	5.01	3.56	+1.44
Omega ratio: Gain probability vs. loss probability	1.71	1.50	+0.21
Calmar ratio: Return relative to maximum drawdown	5.22	3.75	+1.47
Martin ratio: Return relative to average drawdown	25.92	17.48	+8.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQCD.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current TQCD.TO Sharpe Ratio is 3.83, which is higher than the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of TQCD.TO and ZCN.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.

Sharpe Ratios by Period

	TQCD.TO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.83	2.76	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.46	1.15	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.68	+0.07

Drawdowns

TQCD.TO vs. ZCN.TO - Drawdown Comparison

The maximum TQCD.TO drawdown since its inception was -46.47%, which is greater than ZCN.TO's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for TQCD.TO and ZCN.TO.

Drawdown Indicators

	TQCD.TO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-37.18%	-9.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-9.30%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-12.42%	-12.25%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-16.25%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-0.42%	-1.14%	+0.72%
Average Drawdown Average peak-to-trough decline	-5.99%	-4.76%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.99%	-0.53%

Volatility

TQCD.TO vs. ZCN.TO - Volatility Comparison

The current volatility for TD Q Canadian Dividend ETF (TQCD.TO) is 2.86%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.49%. This indicates that TQCD.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQCD.TO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	3.49%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	10.31%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	12.66%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.33%	13.09%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	14.99%	+4.44%

TQCD.TO vs. ZCN.TO - Expense Ratio Comparison

TQCD.TO has a 0.39% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

TQCD.TO vs. ZCN.TO - Dividend Comparison

TQCD.TO's dividend yield for the trailing twelve months is around 2.77%, more than ZCN.TO's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQCD.TO TD Q Canadian Dividend ETF	2.77%	2.95%	3.47%	3.73%	4.03%	4.09%	6.20%	0.39%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.03%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Frequently Asked Questions

Can I hold both TQCD.TO and ZCN.TO in my portfolio?

TQCD.TO and ZCN.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TQCD.TO or ZCN.TO?

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TQCD.TO or ZCN.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.39% for TQCD.TO.

What is the main difference between TQCD.TO and ZCN.TO?

They also come from different issuers: TD and BMO. Their fees differ too: 0.39% for TQCD.TO and 0.06% for ZCN.TO.