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

ZAG.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZAG.TO (BMO Aggregate Bond Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZAG.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZAG.TO returned 1.66%/yr vs 10.97%/yr for ZDV.TO. At a correlation of -0.05, they often move in opposite directions. ZAG.TO charges 0.09%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZAG.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Aggregate Bond Index ETF (ZAG.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, ZAG.TO achieves a 1.70% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZAG.TO has underperformed ZDV.TO with an annualized return of 1.66%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZAG.TO

1D
0.00%
1M
1.75%
YTD
1.70%
6M
0.89%
1Y
3.25%
3Y*
4.24%
5Y*
0.76%
10Y*
1.66%

ZDV.TO

1D
-0.22%
1M
4.61%
YTD
18.56%
6M
13.14%
1Y
31.08%
3Y*
20.39%
5Y*
13.72%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZAG.TO
BMO Aggregate Bond Index ETF		1.70%2.25%4.48%6.41%-11.60%-2.60%8.34%6.84%1.12%2.45%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%

Correlation

The correlation between ZAG.TO and ZDV.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.24

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

0.15

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

0.03

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

-0.05

The correlation between ZAG.TO and ZDV.TO shifts across timeframes, from -0.05 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

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

Sectors
ZAG.TO
ZDV.TO

Real Estate

0.0%
4.1%

Basic Materials

-

10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Energy

-

27.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Technology

-

-

Utilities

-

10.1%

Real Estate

ZAG.TO
0.0%
ZDV.TO
4.1%

Basic Materials

ZAG.TO

-

ZDV.TO
10.6%

Communication Services

ZAG.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZAG.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZAG.TO

-

ZDV.TO
2.2%

Energy

ZAG.TO

-

ZDV.TO
27.2%

Financial Services

ZAG.TO

-

ZDV.TO
35.2%

Healthcare

ZAG.TO

-

ZDV.TO
0.9%

Industrials

ZAG.TO

-

ZDV.TO
2.7%

Technology

ZAG.TO

-

ZDV.TO

-

Utilities

ZAG.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

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

BMO Aggregate Bond Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZAG.TO
ZAG.TO Risk / Return Rank: 2121
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2222
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Aggregate Bond Index ETF (ZAG.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.

ZAG.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
0.73
2.95

-2.22

Sortino ratioReturn per unit of downside risk
1.02
3.40

-2.37

Omega ratioGain probability vs. loss probability

1.13

1.66

-0.52

Calmar ratioReturn relative to maximum drawdown

1.17

4.69

-3.52

Martin ratioReturn relative to average drawdown

2.73

18.24

-15.52

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

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

The current ZAG.TO Sharpe Ratio is 0.73, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZAG.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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Sharpe Ratios by Period

ZAG.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.73

2.95

-2.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

1.26

-1.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.23

0.73

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.68

-0.22

Drawdowns

ZAG.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZAG.TO drawdown since its inception was -18.03%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZAG.TO and ZDV.TO.

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Drawdown Indicators

ZAG.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.03%

-43.21%

+25.18%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

-6.65%

+3.86%

Max Drawdown (3Y)

Largest decline over 3 years

-5.42%

-9.04%

+3.62%

Max Drawdown (5Y)

Largest decline over 5 years

-15.77%

-16.72%

+0.95%

Max Drawdown (10Y)

Largest decline over 10 years

-18.03%

-43.21%

+25.18%

Current Drawdown

Current decline from peak

-1.09%

-0.22%

-0.87%

Average Drawdown

Average peak-to-trough decline

-3.54%

-5.12%

+1.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

1.71%

-0.52%

Volatility

ZAG.TO vs. ZDV.TO - Volatility Comparison

The current volatility for BMO Aggregate Bond Index ETF (ZAG.TO) is 1.68%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZAG.TO experiences smaller price fluctuations and is considered to be less risky 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

ZAG.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.68%

2.49%

-0.81%

Volatility (6M)

Calculated over the trailing 6-month period

3.43%

9.69%

-6.26%

Volatility (1Y)

Calculated over the trailing 1-year period

4.46%

10.57%

-6.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.58%

10.94%

-4.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.11%

15.11%

-8.00%

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

ZAG.TO has a 0.09% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZAG.TO vs. ZDV.TO - Dividend Comparison

ZAG.TO's dividend yield for the trailing twelve months is around 3.42%, more than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ZAG.TO
BMO Aggregate Bond Index ETF		3.42%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%
ZDV.TO
BMO Canadian Dividend ETF		2.68%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%

Frequently Asked Questions

ZAG.TO and ZDV.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZDV.TO.

ZAG.TO is categorized as Canadian Government Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.09% for ZAG.TO and 0.39% for ZDV.TO.

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