ZCS.TO vs. ZDV.TO
ZCS.TO (BMO Short Corporate Bond Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZCS.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZCS.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZCS.TO returned 2.79%/yr vs 10.97%/yr for ZDV.TO. At a 0.04 correlation, their price movements are largely independent. ZCS.TO charges 0.11%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZCS.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCS.TO achieves a 1.29% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZCS.TO has underperformed ZDV.TO with an annualized return of 2.79%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.
ZCS.TO
- 1D
- -0.04%
- 1M
- 1.02%
- YTD
- 1.29%
- 6M
- 1.26%
- 1Y
- 3.96%
- 3Y*
- 5.98%
- 5Y*
- 2.85%
- 10Y*
- 2.79%
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%
ZCS.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCS.TO BMO Short Corporate Bond Index ETF | 1.29% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
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 ZCS.TO and ZDV.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.04 |
Over the past year, ZCS.TO and ZDV.TO have become more correlated (0.25) than their long-term average of 0.04, meaning their price movements have been converging.
ZCS.TO vs. ZDV.TO - Sectors Allocation Comparison
Sectors
ZCS.TO
ZDV.TO
Real Estate
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
-
Technology
-
-
Utilities
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Real Estate
ZCS.TO
ZDV.TO
Basic Materials
ZCS.TO
-
ZDV.TO
Communication Services
ZCS.TO
-
ZDV.TO
Consumer Cyclical
ZCS.TO
-
ZDV.TO
Consumer Defensive
ZCS.TO
-
ZDV.TO
Energy
ZCS.TO
-
ZDV.TO
Financial Services
ZCS.TO
-
ZDV.TO
Healthcare
ZCS.TO
-
ZDV.TO
Industrials
ZCS.TO
-
ZDV.TO
Technology
ZCS.TO
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ZDV.TO
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Utilities
ZCS.TO
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ZDV.TO
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Return for Risk
ZCS.TO vs. ZDV.TO — Risk / Return Rank
ZCS.TO
ZDV.TO
ZCS.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short Corporate Bond Index ETF (ZCS.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.
| ZCS.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.66 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 4.69 | -2.26 |
| Martin ratioReturn relative to average drawdown | 9.64 | 18.24 | -8.60 |
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
| ZCS.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.95 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 1.26 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.73 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.68 | +0.12 |
Drawdowns
ZCS.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZCS.TO drawdown since its inception was -13.95%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and ZDV.TO.
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Drawdown Indicators
| ZCS.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.95% | -43.21% | +29.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.63% | -6.65% | +5.02% |
Max Drawdown (3Y)Largest decline over 3 years | -1.63% | -9.04% | +7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -7.76% | -16.72% | +8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -13.95% | -43.21% | +29.26% |
Current DrawdownCurrent decline from peak | -0.04% | -0.22% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -5.12% | +4.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 1.71% | -1.30% |
Volatility
ZCS.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Short Corporate Bond Index ETF (ZCS.TO) is 0.69%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZCS.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
| ZCS.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 2.49% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 9.69% | -7.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.05% | 10.57% | -8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.87% | 10.94% | -8.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 15.11% | -10.73% |
ZCS.TO vs. ZDV.TO - Expense Ratio Comparison
ZCS.TO has a 0.11% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZCS.TO vs. ZDV.TO - Dividend Comparison
ZCS.TO's dividend yield for the trailing twelve months is around 3.93%, more than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCS.TO BMO Short Corporate Bond Index ETF | 3.93% | 3.60% | 3.27% | 3.35% | 3.23% | 2.99% | 2.88% | 2.96% | 2.88% | 3.04% | 3.34% | 3.53% |
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
ZCS.TO and ZDV.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.39% for ZDV.TO.
ZCS.TO is categorized as Canadian Government Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.11% for ZCS.TO and 0.39% for ZDV.TO.
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