ZCLN.TO vs. ZDV.TO
ZCLN.TO (BMO Clean Energy Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZCLN.TO is passively managed, while ZDV.TO is actively managed. Over the past 5 years, ZCLN.TO returned 4.92%/yr vs 13.72%/yr for ZDV.TO. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.
Performance
ZCLN.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCLN.TO achieves a 43.19% return, which is significantly higher than ZDV.TO's 18.56% return.
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
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%
ZCLN.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 43.19% | 37.90% | -20.23% | -20.37% | 1.41% | -34.06% |
ZDV.TO BMO Canadian Dividend ETF | 18.56% | 20.17% | 16.52% | 7.83% | -1.93% | 23.91% |
Correlation
The correlation between ZCLN.TO and ZDV.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.40 |
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Return for Risk
ZCLN.TO vs. ZDV.TO — Risk / Return Rank
ZCLN.TO
ZDV.TO
ZCLN.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Clean Energy Index ETF (ZCLN.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.
| ZCLN.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.66 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 4.69 | +1.75 |
| Martin ratioReturn relative to average drawdown | 19.07 | 18.24 | +0.82 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZCLN.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 2.95 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 1.26 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.68 | -0.80 |
Drawdowns
ZCLN.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZCLN.TO drawdown since its inception was -61.07%, which is greater than ZDV.TO's maximum drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and ZDV.TO.
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Drawdown Indicators
| ZCLN.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.07% | -43.21% | -17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -6.65% | -6.30% |
Max Drawdown (3Y)Largest decline over 3 years | -38.80% | -9.04% | -29.76% |
Max Drawdown (5Y)Largest decline over 5 years | -50.26% | -16.72% | -33.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.21% | — |
Current DrawdownCurrent decline from peak | -16.13% | -0.22% | -15.91% |
Average DrawdownAverage peak-to-trough decline | -40.49% | -5.12% | -35.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 1.71% | +2.66% |
Volatility
ZCLN.TO vs. ZDV.TO - Volatility Comparison
BMO Clean Energy Index ETF (ZCLN.TO) has a higher volatility of 9.92% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZCLN.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
| ZCLN.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.92% | 2.49% | +7.43% |
Volatility (6M)Calculated over the trailing 6-month period | 20.45% | 9.69% | +10.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 10.57% | +16.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.89% | 10.94% | +14.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 15.11% | +11.95% |
ZCLN.TO vs. ZDV.TO - Expense Ratio Comparison
Both ZCLN.TO and ZDV.TO have an expense ratio of 0.39%.
Dividends
ZCLN.TO vs. ZDV.TO - Dividend Comparison
ZCLN.TO's dividend yield for the trailing twelve months is around 1.19%, less than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
ZCLN.TO and ZDV.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO and ZDV.TO have the same expense ratio: 0.39% per year.
ZCLN.TO is categorized as Alternative Energy Equities, while ZDV.TO is Canada Equities.
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