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

VGH.TO vs. ZDY.TO

Last updated Jun 4, 2026

VGH.TO (Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged) and ZDY.TO (BMO US Dividend ETF (CAD)) are both Dividend funds. VGH.TO is passively managed, while ZDY.TO is actively managed. Over the past 10 years, VGH.TO returned 11.43%/yr vs 11.07%/yr for ZDY.TO. A 0.66 correlation means they provide meaningful diversification when combined. VGH.TO charges 0.31%/yr vs 0.30%/yr for ZDY.TO.

Performance

VGH.TO vs. ZDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.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, VGH.TO achieves a 6.70% return, which is significantly lower than ZDY.TO's 18.13% return. Both investments have delivered pretty close results over the past 10 years, with VGH.TO having a 11.43% annualized return and ZDY.TO not far behind at 11.07%.

VGH.TO

1D
0.07%
1M
4.04%
YTD
6.70%
6M
5.84%
1Y
17.06%
3Y*
14.24%
5Y*
8.84%
10Y*
11.43%

ZDY.TO

1D
-0.12%
1M
9.13%
YTD
18.13%
6M
10.45%
1Y
26.90%
3Y*
18.28%
5Y*
13.55%
10Y*
11.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
VGH.TO
Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged		6.70%11.44%15.35%12.77%-11.08%22.47%12.97%27.74%-4.59%21.46%
ZDY.TO
BMO US Dividend ETF (CAD)		18.13%4.45%26.22%4.58%1.64%22.92%-5.18%16.96%3.22%6.74%

Correlation

The correlation between VGH.TO and ZDY.TO is 0.75, 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

0.75

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

0.76

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

0.75

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

0.70

Correlation (All Time)
Calculated using the full available price history since Aug 16, 2013

0.66

The correlation between VGH.TO and ZDY.TO has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.

VGH.TO vs. ZDY.TO - Sectors Allocation Comparison

Sectors
VGH.TO
ZDY.TO

Technology

26.2%
29.0%

Financial Services

20.6%
9.5%

Healthcare

16.5%
11.9%

Industrials

11.8%
4.4%

Consumer Defensive

10.1%
9.5%

Consumer Cyclical

4.7%
5.4%

Energy

3.5%
9.8%

Basic Materials

3.5%
1.6%

Utilities

3.2%
6.4%

Communication Services

0.5%
6.9%

Real Estate

-

5.6%

Technology

VGH.TO
26.2%
ZDY.TO
29.0%

Financial Services

VGH.TO
20.6%
ZDY.TO
9.5%

Healthcare

VGH.TO
16.5%
ZDY.TO
11.9%

Industrials

VGH.TO
11.8%
ZDY.TO
4.4%

Consumer Defensive

VGH.TO
10.1%
ZDY.TO
9.5%

Consumer Cyclical

VGH.TO
4.7%
ZDY.TO
5.4%

Energy

VGH.TO
3.5%
ZDY.TO
9.8%

Basic Materials

VGH.TO
3.5%
ZDY.TO
1.6%

Utilities

VGH.TO
3.2%
ZDY.TO
6.4%

Communication Services

VGH.TO
0.5%
ZDY.TO
6.9%

Real Estate

VGH.TO

-

ZDY.TO
5.6%

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Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged

BMO US Dividend ETF (CAD)

Often compared with VGH.TO:
VGH.TO vs. XDIV.TOVGH.TO vs. VDY.TOVGH.TO vs. TQCD.TOVGH.TO vs. SCHDVGH.TO vs. VGG.TOVGH.TO vs. VCN.TOVGH.TO vs. XDUH.TO
Often compared with ZDY.TO:
ZDY.TO vs. VDY.TOZDY.TO vs. ZDV.TOZDY.TO vs. SCHDZDY.TO vs. ZLU.TOZDY.TO vs. VIGZDY.TO vs. ZGRO.TOZDY.TO vs. XEI.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGH.TO
VGH.TO Risk / Return Rank: 4747
Overall Rank
VGH.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGH.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
VGH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
VGH.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
VGH.TO Martin Ratio Rank: 4949
Martin Ratio Rank
ZDY.TO
ZDY.TO Risk / Return Rank: 7171
Overall Rank
ZDY.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZDY.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZDY.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZDY.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
ZDY.TO Martin Ratio Rank: 7373
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.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.

VGH.TOZDY.TODifference
Sharpe ratioReturn per unit of total volatility
1.68
2.28

-0.60

Sortino ratioReturn per unit of downside risk
2.46
2.97

-0.51

Omega ratioGain probability vs. loss probability

1.30

1.44

-0.14

Calmar ratioReturn relative to maximum drawdown

2.03

3.98

-1.95

Martin ratioReturn relative to average drawdown

8.05

13.78

-5.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VGH.TO Sharpe Ratio is 1.68, which is comparable to the ZDY.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VGH.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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Sharpe Ratios by Period

VGH.TOZDY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

2.28

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.12

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.73

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.95

-0.23

Drawdowns

VGH.TO vs. ZDY.TO - Drawdown Comparison

The maximum VGH.TO drawdown since its inception was -32.82%, roughly equal to the maximum ZDY.TO drawdown of -33.01%. Use the drawdown chart below to compare losses from any high point for VGH.TO and ZDY.TO.

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Drawdown Indicators

VGH.TOZDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.82%

-33.01%

+0.19%

Max Drawdown (1Y)

Largest decline over 1 year

-8.42%

-6.78%

-1.64%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-15.32%

+0.16%

Max Drawdown (5Y)

Largest decline over 5 years

-21.34%

-15.32%

-6.02%

Max Drawdown (10Y)

Largest decline over 10 years

-32.82%

-33.01%

+0.19%

Current Drawdown

Current decline from peak

0.00%

-0.19%

+0.19%

Average Drawdown

Average peak-to-trough decline

-3.67%

-3.30%

-0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.12%

1.96%

+0.16%

Volatility

VGH.TO vs. ZDY.TO - Volatility Comparison

The current volatility for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.TO) is 2.19%, while BMO US Dividend ETF (CAD) (ZDY.TO) has a volatility of 4.73%. This indicates that VGH.TO experiences smaller price fluctuations and is considered to be less risky 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

VGH.TOZDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.19%

4.73%

-2.54%

Volatility (6M)

Calculated over the trailing 6-month period

7.56%

9.85%

-2.29%

Volatility (1Y)

Calculated over the trailing 1-year period

10.22%

11.85%

-1.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.21%

12.17%

+2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.75%

15.18%

+0.57%

VGH.TO vs. ZDY.TO - Expense Ratio Comparison

VGH.TO has a 0.31% expense ratio, which is higher than ZDY.TO's 0.30% expense ratio.

Dividends

VGH.TO vs. ZDY.TO - Dividend Comparison

VGH.TO's dividend yield for the trailing twelve months is around 1.04%, less than ZDY.TO's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
VGH.TO
Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged		1.04%1.15%1.28%1.34%1.39%1.22%1.21%1.23%1.58%1.39%1.63%1.81%
ZDY.TO
BMO US Dividend ETF (CAD)		1.46%1.72%1.97%2.43%2.48%2.33%3.65%3.02%2.80%2.63%2.46%2.54%

Frequently Asked Questions

VGH.TO and ZDY.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDY.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDY.TO is cheaper with a 0.30% expense ratio, compared with 0.31% for VGH.TO.

They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.31% for VGH.TO and 0.30% for ZDY.TO.

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