UDA.TO vs. XMTM.TO

Last updated Aug 4, 2026

UDA.TO (Caldwell U.S. Dividend Advantage Fund) and XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) are both exchange-traded funds - UDA.TO is a Dividend fund actively managed by Caldwell, while XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. UDA.TO is actively managed, while XMTM.TO is passively managed. Over the past 5 years, UDA.TO returned 8.55%/yr vs 14.48%/yr for XMTM.TO. Their 0.25 correlation means their historical movements had little consistent relationship. UDA.TO charges 0.73%/yr vs 0.31%/yr for XMTM.TO.

Performance

UDA.TO vs. XMTM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Caldwell U.S. Dividend Advantage Fund (UDA.TO) and iShares MSCI USA Momentum Factor Index ETF (XMTM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDA.TO achieves a 12.32% return, which is significantly lower than XMTM.TO's 22.91% return.

UDA.TO

• 1D: -0.19%
• 1M: -3.99%
• 6M: 10.41%
• YTD: 12.32%
• 1Y: 18.58%
• 3Y*: 11.85%
• 5Y*: 8.55%
• 10Y*: —
• ALL TIME*: 12.57%

XMTM.TO

• 1D: 1.04%
• 1M: -5.45%
• 6M: 19.51%
• YTD: 22.91%
• 1Y: 26.34%
• 3Y*: 29.22%
• 5Y*: 14.48%
• 10Y*: —
• ALL TIME*: 15.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UDA.TO Caldwell U.S. Dividend Advantage Fund	CA$1.94K	CA$933.66	CA$5.97K
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	CA$128.57K	CA$232.06K	CA$277.99K

UDA.TO vs. XMTM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UDA.TO Caldwell U.S. Dividend Advantage Fund	12.32%	-3.43%	31.01%	1.33%	-3.90%	21.59%	26.33%
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	22.91%	14.03%	43.59%	6.48%	-14.53%	15.00%	41.92%

Correlation

The correlation between UDA.TO and XMTM.TO is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (All Time) Calculated using the full available price history since Mar 18, 2020	0.25

The correlation between UDA.TO and XMTM.TO shifts across timeframes, from 0.09 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

UDA.TO vs. XMTM.TO - Sectors Allocation Comparison

Sectors	UDA.TO	XMTM.TO
Industrials	44.2%	11.7%
Technology	17.3%	47.7%
Financial Services	10.6%	5.3%
Consumer Cyclical	10.5%	3.1%
Healthcare	5.8%	4.3%
Basic Materials	4.4%	2.7%
Consumer Defensive	4.4%	3.8%
Real Estate	2.8%	1.5%
Communication Services	-	4.6%
Energy	-	11.5%
Utilities	-	3.7%

Return for Risk

UDA.TO vs. XMTM.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UDA.TO

UDA.TO Risk / Return Rank: 44
UDA.TO Sharpe Ratio Rank: 38
UDA.TO Sortino Ratio Rank: 37
UDA.TO Omega Ratio Rank: 37
UDA.TO Calmar Ratio Rank: 54
UDA.TO Martin Ratio Rank: 52

XMTM.TO

XMTM.TO Risk / Return Rank: 40
XMTM.TO Sharpe Ratio Rank: 39
XMTM.TO Sortino Ratio Rank: 37
XMTM.TO Omega Ratio Rank: 40
XMTM.TO Calmar Ratio Rank: 41
XMTM.TO Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UDA.TO vs. XMTM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caldwell U.S. Dividend Advantage Fund (UDA.TO) and iShares MSCI USA Momentum Factor Index ETF (XMTM.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.

	UDA.TO	XMTM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.99	+0.05
Sortino ratio: Return per unit of downside risk	1.50	1.41	+0.09
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	2.12	1.51	+0.62
Martin ratio: Return relative to average drawdown	6.62	4.74	+1.89

UDA.TO vs. XMTM.TO - Sharpe Ratio Comparison

The current UDA.TO Sharpe Ratio is 1.04, which is comparable to the XMTM.TO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of UDA.TO and XMTM.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.

Drawdowns

UDA.TO vs. XMTM.TO - Drawdown Comparison

The maximum UDA.TO drawdown since its inception was -24.77%, smaller than the maximum XMTM.TO drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for UDA.TO and XMTM.TO.

Drawdown Indicators

	UDA.TO	XMTM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-29.01%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-16.28%	+7.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	-20.64%	-4.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	-29.01%	+4.24%
Current Drawdown Current decline from peak	-8.61%	-13.28%	+4.67%
Average Drawdown Average peak-to-trough decline	-6.70%	-7.94%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	5.16%	-2.41%

Volatility

UDA.TO vs. XMTM.TO - Volatility Comparison

The current volatility for Caldwell U.S. Dividend Advantage Fund (UDA.TO) is 6.17%, while iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a volatility of 9.21%. This indicates that UDA.TO experiences smaller price fluctuations and is considered to be less risky than XMTM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDA.TO	XMTM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	9.21%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	22.47%	-8.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	24.85%	-7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	20.24%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	20.89%	-5.14%

UDA.TO vs. XMTM.TO - Expense Ratio Comparison

UDA.TO has a 0.73% expense ratio, which is higher than XMTM.TO's 0.31% expense ratio.

Dividends

UDA.TO vs. XMTM.TO - Dividend Comparison

UDA.TO's dividend yield for the trailing twelve months is around 4.13%, more than XMTM.TO's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
UDA.TO Caldwell U.S. Dividend Advantage Fund	4.13%	4.57%	7.06%	3.33%	4.17%	9.14%	2.50%	0.00%
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	0.52%	0.71%	0.62%	0.84%	1.66%	0.32%	0.64%	1.24%

Frequently Asked Questions

Can I hold both UDA.TO and XMTM.TO in my portfolio?

UDA.TO and XMTM.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UDA.TO or XMTM.TO?

On fees, XMTM.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UDA.TO or XMTM.TO?

XMTM.TO is cheaper with a 0.31% expense ratio, compared with 0.73% for UDA.TO.

What is the main difference between UDA.TO and XMTM.TO?

UDA.TO is categorized as Dividend, while XMTM.TO is Momentum. They also come from different issuers: Caldwell and iShares. Their fees differ too: 0.73% for UDA.TO and 0.31% for XMTM.TO.