ZCM.TO vs. ZDV.TO
ZCM.TO (BMO Mid Corporate Bond Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZCM.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZCM.TO returned 3.01%/yr vs 10.97%/yr for ZDV.TO. At a correlation of -0.01, they often move in opposite directions. ZCM.TO charges 0.33%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZCM.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCM.TO achieves a 1.96% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZCM.TO has underperformed ZDV.TO with an annualized return of 3.01%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.
ZCM.TO
- 1D
- -0.06%
- 1M
- 1.85%
- YTD
- 1.96%
- 6M
- 1.40%
- 1Y
- 5.13%
- 3Y*
- 6.78%
- 5Y*
- 2.32%
- 10Y*
- 3.01%
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%
ZCM.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.96% | 4.84% | 8.07% | 7.96% | -10.18% | -2.09% | 10.34% | 8.59% | 0.58% | 2.28% |
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 ZCM.TO and ZDV.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | -0.01 |
The correlation between ZCM.TO and ZDV.TO shifts across timeframes, from -0.01 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCM.TO vs. ZDV.TO — Risk / Return Rank
ZCM.TO
ZDV.TO
ZCM.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid Corporate Bond Index ETF (ZCM.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.
| ZCM.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.66 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 4.69 | -3.02 |
| Martin ratioReturn relative to average drawdown | 4.77 | 18.24 | -13.48 |
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
| ZCM.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 2.95 | -1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 1.26 | -0.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.73 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.68 | -0.12 |
Drawdowns
ZCM.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZCM.TO drawdown since its inception was -26.06%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and ZDV.TO.
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Drawdown Indicators
| ZCM.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.06% | -43.21% | +17.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -6.65% | +3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -9.04% | +5.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -16.72% | +0.90% |
Max Drawdown (10Y)Largest decline over 10 years | -26.06% | -43.21% | +17.15% |
Current DrawdownCurrent decline from peak | -0.37% | -0.22% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -5.12% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.71% | -0.63% |
Volatility
ZCM.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 1.81%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZCM.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
| ZCM.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 2.49% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 9.69% | -6.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.51% | 10.57% | -6.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 10.94% | -4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 15.11% | -6.35% |
ZCM.TO vs. ZDV.TO - Expense Ratio Comparison
ZCM.TO has a 0.33% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZCM.TO vs. ZDV.TO - Dividend Comparison
ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, more than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.84% | 3.93% | 3.80% | 3.29% | 3.12% | 3.33% | 3.22% | 3.04% | 3.18% | 3.42% |
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
ZCM.TO and ZDV.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCM.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCM.TO is cheaper with a 0.33% expense ratio, compared with 0.39% for ZDV.TO.
ZCM.TO is categorized as Corporate Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.33% for ZCM.TO and 0.39% for ZDV.TO.
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