XDIV.TO vs. ZDI.TO

Last updated Jun 13, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) and ZDI.TO (BMO International Dividend ETF) are both exchange-traded funds - XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index, while ZDI.TO is a International Equity fund actively managed by BMO. XDIV.TO is passively managed, while ZDI.TO is actively managed. Over the past 5 years, XDIV.TO returned 17.21%/yr vs 12.30%/yr for ZDI.TO. A 0.57 correlation means they provide meaningful diversification when combined. XDIV.TO charges 0.11%/yr vs 0.44%/yr for ZDI.TO.

Performance

XDIV.TO vs. ZDI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and BMO International Dividend ETF (ZDI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XDIV.TO achieves a 21.85% return, which is significantly higher than ZDI.TO's 12.58% return.

XDIV.TO

• 1D: 0.57%
• 1M: 5.40%
• YTD: 21.85%
• 6M: 20.22%
• 1Y: 40.60%
• 3Y*: 24.13%
• 5Y*: 17.21%
• 10Y*: —

ZDI.TO

• 1D: 0.60%
• 1M: 2.24%
• YTD: 12.58%
• 6M: 8.52%
• 1Y: 19.76%
• 3Y*: 16.51%
• 5Y*: 12.30%
• 10Y*: 9.90%

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

XDIV.TO vs. ZDI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	21.85%	25.04%	19.84%	11.95%	0.49%	33.31%	-7.53%	25.14%	-9.81%	8.00%
ZDI.TO BMO International Dividend ETF	12.58%	19.42%	10.59%	17.04%	0.31%	12.86%	-6.23%	13.00%	-6.86%	0.79%

Correlation

The correlation between XDIV.TO and ZDI.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.57

The correlation between XDIV.TO and ZDI.TO shifts across timeframes, from 0.44 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

XDIV.TO vs. ZDI.TO - Sectors Allocation Comparison

Sectors	XDIV.TO	ZDI.TO
Financial Services	46.7%	25.0%
Energy	28.8%	7.6%
Consumer Cyclical	11.5%	6.0%
Utilities	11.3%	6.6%
Technology	1.3%	4.8%
Communication Services	0.4%	6.9%
Basic Materials	-	4.8%
Consumer Defensive	-	7.7%
Healthcare	-	8.3%
Industrials	-	19.3%
Real Estate	-	3.0%

Return for Risk

XDIV.TO vs. ZDI.TO — Risk / Return Rank

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

XDIV.TO

XDIV.TO Risk / Return Rank: 98
XDIV.TO Sharpe Ratio Rank: 98
XDIV.TO Sortino Ratio Rank: 98
XDIV.TO Omega Ratio Rank: 98
XDIV.TO Calmar Ratio Rank: 99
XDIV.TO Martin Ratio Rank: 98

ZDI.TO

ZDI.TO Risk / Return Rank: 46
ZDI.TO Sharpe Ratio Rank: 46
ZDI.TO Sortino Ratio Rank: 44
ZDI.TO Omega Ratio Rank: 46
ZDI.TO Calmar Ratio Rank: 44
ZDI.TO Martin Ratio Rank: 49

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.

XDIV.TO vs. ZDI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and BMO International Dividend ETF (ZDI.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.

	XDIV.TO	ZDI.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.14	1.41	+3.73
Sortino ratio: Return per unit of downside risk	7.59	1.99	+5.60
Omega ratio: Gain probability vs. loss probability	2.07	1.26	+0.81
Calmar ratio: Return relative to maximum drawdown	17.55	1.94	+15.61
Martin ratio: Return relative to average drawdown	59.35	7.24	+52.10

XDIV.TO vs. ZDI.TO - Sharpe Ratio Comparison

The current XDIV.TO Sharpe Ratio is 5.14, which is higher than the ZDI.TO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of XDIV.TO and ZDI.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

XDIV.TO vs. ZDI.TO - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.29%, which is greater than ZDI.TO's maximum drawdown of -33.87%. Use the drawdown chart below to compare losses from any high point for XDIV.TO and ZDI.TO.

Drawdown Indicators

	XDIV.TO	ZDI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.29%	-33.87%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.32%	-10.23%	+7.91%
Max Drawdown (3Y) Largest decline over 3 years	-10.53%	-14.13%	+3.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.33%	-18.96%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	0.00%	-0.55%	+0.55%
Average Drawdown Average peak-to-trough decline	-4.39%	-4.85%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	2.75%	-2.06%

Volatility

XDIV.TO vs. ZDI.TO - Volatility Comparison

The current volatility for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) is 2.47%, while BMO International Dividend ETF (ZDI.TO) has a volatility of 5.18%. This indicates that XDIV.TO experiences smaller price fluctuations and is considered to be less risky than ZDI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDIV.TO	ZDI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	5.18%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	6.45%	11.72%	-5.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.95%	14.09%	-6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	13.26%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	15.80%	+0.53%

XDIV.TO vs. ZDI.TO - Expense Ratio Comparison

XDIV.TO has a 0.11% expense ratio, which is lower than ZDI.TO's 0.44% expense ratio.

Dividends

XDIV.TO vs. ZDI.TO - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.25%, more than ZDI.TO's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	3.25%	3.90%	4.50%	4.42%	4.15%	3.76%	4.85%	4.24%	5.13%	1.92%	0.00%	0.00%
ZDI.TO BMO International Dividend ETF	3.04%	3.41%	3.94%	4.15%	3.99%	3.72%	4.96%	4.92%	5.23%	4.23%	4.62%	4.27%

Frequently Asked Questions

Can I hold both XDIV.TO and ZDI.TO in my portfolio?

XDIV.TO and ZDI.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDIV.TO or ZDI.TO?

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDIV.TO or ZDI.TO?

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.44% for ZDI.TO.

What is the main difference between XDIV.TO and ZDI.TO?

XDIV.TO is categorized as Dividend, while ZDI.TO is International Equity. They also come from different issuers: iShares and BMO. Their fees differ too: 0.11% for XDIV.TO and 0.44% for ZDI.TO.