UDA.TO vs. ZDIV.TO

Last updated Aug 4, 2026

UDA.TO (Caldwell U.S. Dividend Advantage Fund) and ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) are both Dividend funds. UDA.TO is actively managed, while ZDIV.TO is passively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. UDA.TO charges 0.73%/yr vs 0.09%/yr for ZDIV.TO.

Performance

UDA.TO vs. ZDIV.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 BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

ZDIV.TO

• 1D: 0.55%
• 1M: 5.18%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	CA$35.33K	CA$48.44K	CA$70.10K

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

	2026 (YTD)
UDA.TO Caldwell U.S. Dividend Advantage Fund	10.27%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	21.52%

Correlation

The correlation between UDA.TO and ZDIV.TO is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 6, 2026	-0.04

Return for Risk

UDA.TO vs. ZDIV.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

ZDIV.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ZDIV.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 BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.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	ZDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.04	—	—
Sortino ratio: Return per unit of downside risk	1.50	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	2.12	—	—
Martin ratio: Return relative to average drawdown	6.62	—	—

Drawdowns

UDA.TO vs. ZDIV.TO - Drawdown Comparison

The maximum UDA.TO drawdown since its inception was -24.77%, which is greater than ZDIV.TO's maximum drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for UDA.TO and ZDIV.TO.

Drawdown Indicators

	UDA.TO	ZDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-2.60%	-22.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	—	—
Current Drawdown Current decline from peak	-8.61%	0.00%	-8.61%
Average Drawdown Average peak-to-trough decline	-6.70%	-0.50%	-6.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	—	—

Volatility

Volatility by Period

	UDA.TO	ZDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	9.57%	+8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	9.57%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	9.57%	+6.18%

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

UDA.TO has a 0.73% expense ratio, which is higher than ZDIV.TO's 0.09% expense ratio.

Dividends

UDA.TO vs. ZDIV.TO - Dividend Comparison

UDA.TO's dividend yield for the trailing twelve months is around 4.13%, more than ZDIV.TO's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
UDA.TO Caldwell U.S. Dividend Advantage Fund	4.13%	4.57%	7.06%	3.33%	4.17%	9.14%	2.50%
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	1.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

UDA.TO and ZDIV.TO have a correlation of -0.04, 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 ZDIV.TO?

On fees, ZDIV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.73% for UDA.TO.

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

They also come from different issuers: Caldwell and BMO. Their fees differ too: 0.73% for UDA.TO and 0.09% for ZDIV.TO.