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VDY.TO vs. ZUD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VDY.TO vs. ZUD.TO

Last updated Jul 14, 2026
Documentation

VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and ZUD.TO (BMO US Dividend Hedged to CAD ETF) are both Dividend funds. Over the past 10 years, VDY.TO returned 14.60%/yr vs 8.96%/yr for ZUD.TO. A 0.55 correlation means they provide meaningful diversification when combined. VDY.TO charges 0.22%/yr vs 0.30%/yr for ZUD.TO.

Performance

VDY.TO vs. ZUD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.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, VDY.TO achieves a 27.73% return, which is significantly higher than ZUD.TO's 14.83% return. Over the past 10 years, VDY.TO has outperformed ZUD.TO with an annualized return of 14.60%, while ZUD.TO has yielded a comparatively lower 8.96% annualized return.

VDY.TO

1D
0.52%
1M
3.17%
6M
26.53%
YTD
27.73%
1Y
51.46%
3Y*
28.44%
5Y*
18.79%
10Y*
14.60%

ZUD.TO

1D
-0.13%
1M
0.08%
6M
12.59%
YTD
14.83%
1Y
21.18%
3Y*
15.62%
5Y*
9.94%
10Y*
8.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VDY.TO vs. ZUD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		27.73%29.21%21.44%8.41%-0.23%36.60%-1.37%21.42%-10.09%8.32%
ZUD.TO
BMO US Dividend Hedged to CAD ETF		14.83%11.69%15.31%6.36%-7.23%25.80%-5.27%21.08%-5.69%13.59%

Correlation

The correlation between VDY.TO and ZUD.TO is 0.52, 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

0.52

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

0.53

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

0.56

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

0.58

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2013

0.55

The correlation between VDY.TO and ZUD.TO has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

VDY.TO vs. ZUD.TO - Sectors Allocation Comparison

Sectors
VDY.TO
ZUD.TO

Financial Services

57.6%
100.3%

Energy

29.5%

-

Utilities

4.1%

-

Communication Services

3.0%

-

Consumer Cyclical

2.8%

-

Basic Materials

2.0%

-

Technology

0.4%

-

Consumer Defensive

0.4%

-

Industrials

0.2%

-

Healthcare

0.1%

-

Real Estate

-

-

Financial Services

VDY.TO
57.6%
ZUD.TO
100.3%

Energy

VDY.TO
29.5%
ZUD.TO

-

Utilities

VDY.TO
4.1%
ZUD.TO

-

Communication Services

VDY.TO
3.0%
ZUD.TO

-

Consumer Cyclical

VDY.TO
2.8%
ZUD.TO

-

Basic Materials

VDY.TO
2.0%
ZUD.TO

-

Technology

VDY.TO
0.4%
ZUD.TO

-

Consumer Defensive

VDY.TO
0.4%
ZUD.TO

-

Industrials

VDY.TO
0.2%
ZUD.TO

-

Healthcare

VDY.TO
0.1%
ZUD.TO

-

Real Estate

VDY.TO

-

ZUD.TO

-

Compare stocks, funds, or ETFs

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

Vanguard FTSE Canadian High Dividend Yield Index ETF

BMO US Dividend Hedged to CAD ETF

Often compared with VDY.TO:
VDY.TO vs. XEI.TOVDY.TO vs. XDIV.TOVDY.TO vs. VCN.TOVDY.TO vs. SCHDVDY.TO vs. XIC.TOVDY.TO vs. VCE.TOVDY.TO vs. ZDV.TO
Often compared with ZUD.TO:
ZUD.TO vs. DGR.TOZUD.TO vs. IQD.TOZUD.TO vs. XDIV.TOZUD.TO vs. ZZZD.TOZUD.TO vs. TBNK.TOZUD.TO vs. VUDV.TOZUD.TO vs. ZNQ.TO

Return for Risk

VDY.TO vs. ZUD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VDY.TO
VDY.TO Risk / Return Rank: 9999
Overall Rank
VDY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
VDY.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
VDY.TO Omega Ratio Rank: 9898
Omega Ratio Rank
VDY.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
VDY.TO Martin Ratio Rank: 9999
Martin Ratio Rank
ZUD.TO
ZUD.TO Risk / Return Rank: 7979
Overall Rank
ZUD.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZUD.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZUD.TO Omega Ratio Rank: 7474
Omega Ratio Rank
ZUD.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZUD.TO Martin Ratio Rank: 8383
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.

VDY.TO vs. ZUD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and BMO US Dividend Hedged to CAD ETF (ZUD.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.

VDY.TOZUD.TODifference
Sharpe ratioReturn per unit of total volatility
6.09
1.93

+4.16

Sortino ratioReturn per unit of downside risk
8.64
2.75

+5.89

Omega ratioGain probability vs. loss probability

2.20

1.35

+0.86

Calmar ratioReturn relative to maximum drawdown

16.58

3.75

+12.83

Martin ratioReturn relative to average drawdown

67.12

13.06

+54.06

VDY.TO vs. ZUD.TO - Sharpe Ratio Comparison

The current VDY.TO Sharpe Ratio is 6.09, which is higher than the ZUD.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VDY.TO and ZUD.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

VDY.TO vs. ZUD.TO - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, roughly equal to the maximum ZUD.TO drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for VDY.TO and ZUD.TO.

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Drawdown Indicators

VDY.TOZUD.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.21%

-40.60%

+1.39%

Max Drawdown (1Y)

Largest decline over 1 year

-3.12%

-5.67%

+2.55%

Max Drawdown (3Y)

Largest decline over 3 years

-10.38%

-14.94%

+4.56%

Max Drawdown (5Y)

Largest decline over 5 years

-16.17%

-17.65%

+1.48%

Max Drawdown (10Y)

Largest decline over 10 years

-39.21%

-40.60%

+1.39%

Current Drawdown

Current decline from peak

0.00%

-0.77%

+0.77%

Average Drawdown

Average peak-to-trough decline

-4.45%

-4.07%

-0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

1.63%

-0.86%

Volatility

VDY.TO vs. ZUD.TO - Volatility Comparison

The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 2.22%, while BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a volatility of 2.72%. This indicates that VDY.TO experiences smaller price fluctuations and is considered to be less risky than ZUD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VDY.TOZUD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.22%

2.72%

-0.50%

Volatility (6M)

Calculated over the trailing 6-month period

6.85%

7.81%

-0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

8.51%

11.05%

-2.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.57%

15.19%

-3.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.91%

16.98%

-1.07%

VDY.TO vs. ZUD.TO - Expense Ratio Comparison

VDY.TO has a 0.22% expense ratio, which is lower than ZUD.TO's 0.30% expense ratio.

Dividends

VDY.TO vs. ZUD.TO - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 2.79%, more than ZUD.TO's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		2.79%3.59%4.37%4.64%4.42%3.46%4.59%4.25%4.44%3.42%3.25%4.11%
ZUD.TO
BMO US Dividend Hedged to CAD ETF		1.46%1.68%2.17%2.54%2.77%2.50%3.76%3.13%3.11%2.69%2.61%2.97%

Frequently Asked Questions

VDY.TO and ZUD.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.30% for ZUD.TO.

They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.22% for VDY.TO and 0.30% for ZUD.TO.

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