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XIU.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIU.TO vs. ZDV.TO

Last updated Jun 24, 2026

XIU.TO (iShares S&P/TSX 60 Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both Canada Equities funds. XIU.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, XIU.TO returned 13.06%/yr vs 12.42%/yr for ZDV.TO. Their correlation of 0.86 suggests significant overlap in exposure. XIU.TO charges 0.18%/yr vs 0.39%/yr for ZDV.TO.

Performance

XIU.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX 60 Index ETF (XIU.TO) and BMO Canadian Dividend ETF (ZDV.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, XIU.TO achieves a 11.72% return, which is significantly lower than ZDV.TO's 20.55% return. Both investments have delivered pretty close results over the past 10 years, with XIU.TO having a 13.06% annualized return and ZDV.TO not far behind at 12.42%.

XIU.TO

1D
0.15%
1M
2.24%
YTD
11.72%
6M
10.80%
1Y
32.93%
3Y*
24.14%
5Y*
14.42%
10Y*
13.06%

ZDV.TO

1D
0.22%
1M
1.64%
YTD
20.55%
6M
20.38%
1Y
42.49%
3Y*
25.40%
5Y*
16.04%
10Y*
12.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIU.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XIU.TO
iShares S&P/TSX 60 Index ETF		11.72%28.89%20.73%11.85%-6.35%28.06%5.27%21.81%-7.82%9.58%
ZDV.TO
BMO Canadian Dividend ETF		20.55%28.82%16.83%8.14%-1.66%28.75%-3.51%22.89%-10.76%7.46%

Correlation

The correlation between XIU.TO and ZDV.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

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

0.88

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

0.90

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

0.88

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2011

0.86

The correlation between XIU.TO and ZDV.TO has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

XIU.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
XIU.TO
ZDV.TO

Financial Services

40.3%
38.1%

Energy

17.7%
24.0%

Basic Materials

13.6%
9.8%

Technology

8.8%

-

Industrials

7.8%
3.5%

Consumer Cyclical

3.9%
1.3%

Consumer Defensive

3.2%
2.4%

Utilities

2.6%
10.2%

Communication Services

2.0%
5.2%

Real Estate

0.2%
4.1%

Healthcare

-

0.9%

Financial Services

XIU.TO
40.3%
ZDV.TO
38.1%

Energy

XIU.TO
17.7%
ZDV.TO
24.0%

Basic Materials

XIU.TO
13.6%
ZDV.TO
9.8%

Technology

XIU.TO
8.8%
ZDV.TO

-

Industrials

XIU.TO
7.8%
ZDV.TO
3.5%

Consumer Cyclical

XIU.TO
3.9%
ZDV.TO
1.3%

Consumer Defensive

XIU.TO
3.2%
ZDV.TO
2.4%

Utilities

XIU.TO
2.6%
ZDV.TO
10.2%

Communication Services

XIU.TO
2.0%
ZDV.TO
5.2%

Real Estate

XIU.TO
0.2%
ZDV.TO
4.1%

Healthcare

XIU.TO

-

ZDV.TO
0.9%

Compare stocks, funds, or ETFs

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

iShares S&P/TSX 60 Index ETF

BMO Canadian Dividend ETF

Often compared with XIU.TO:
XIU.TO vs. XIC.TOXIU.TO vs. ZCN.TOXIU.TO vs. XDIV.TOXIU.TO vs. XSP.TOXIU.TO vs. HXT.TOXIU.TO vs. SPYXIU.TO vs. XIT.TO
Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO

Return for Risk

XIU.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIU.TO
XIU.TO Risk / Return Rank: 8686
Overall Rank
XIU.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XIU.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XIU.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XIU.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
XIU.TO Martin Ratio Rank: 9090
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 9797
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9797
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.

XIU.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX 60 Index ETF (XIU.TO) and BMO Canadian Dividend ETF (ZDV.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.

XIU.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.74
4.97

-2.22

Sortino ratioReturn per unit of downside risk
3.64
6.73

-3.08

Omega ratioGain probability vs. loss probability

1.49

1.97

-0.49

Calmar ratioReturn relative to maximum drawdown

4.32

7.88

-3.55

Martin ratioReturn relative to average drawdown

19.82

40.67

-20.86

XIU.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current XIU.TO Sharpe Ratio is 2.74, which is lower than the ZDV.TO Sharpe Ratio of 4.97. The chart below compares the historical Sharpe Ratios of XIU.TO and ZDV.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

XIU.TO vs. ZDV.TO - Drawdown Comparison

The maximum XIU.TO drawdown since its inception was -46.98%, which is greater than ZDV.TO's maximum drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for XIU.TO and ZDV.TO.

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Drawdown Indicators

XIU.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.98%

-43.20%

-3.78%

Max Drawdown (1Y)

Largest decline over 1 year

-7.65%

-5.42%

-2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-12.36%

-9.04%

-3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-16.36%

-16.61%

+0.25%

Max Drawdown (10Y)

Largest decline over 10 years

-35.46%

-43.20%

+7.74%

Current Drawdown

Current decline from peak

-0.67%

-0.09%

-0.58%

Average Drawdown

Average peak-to-trough decline

-6.85%

-4.92%

-1.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.67%

1.05%

+0.62%

Volatility

XIU.TO vs. ZDV.TO - Volatility Comparison

iShares S&P/TSX 60 Index ETF (XIU.TO) has a higher volatility of 3.70% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.73%. This indicates that XIU.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIU.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

2.73%

+0.97%

Volatility (6M)

Calculated over the trailing 6-month period

9.59%

7.21%

+2.38%

Volatility (1Y)

Calculated over the trailing 1-year period

12.07%

8.60%

+3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.84%

10.58%

+2.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.01%

14.95%

+0.06%

XIU.TO vs. ZDV.TO - Expense Ratio Comparison

XIU.TO has a 0.18% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

XIU.TO vs. ZDV.TO - Dividend Comparison

XIU.TO's dividend yield for the trailing twelve months is around 2.17%, less than ZDV.TO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
XIU.TO
iShares S&P/TSX 60 Index ETF		2.17%2.39%2.92%3.16%3.02%2.43%3.03%2.87%3.18%2.58%2.65%3.19%
ZDV.TO
BMO Canadian Dividend ETF		2.64%3.07%3.82%4.39%4.38%3.88%4.79%4.53%5.28%4.04%4.31%4.95%

Frequently Asked Questions

XIU.TO and ZDV.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.39% for ZDV.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.18% for XIU.TO and 0.39% for ZDV.TO.

Portfolio Optimizer

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