ZDB.TO vs. HDIV.TO
ZDB.TO (BMO Discount Bond) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - ZDB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Discount Bond Index, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. ZDB.TO is passively managed, while HDIV.TO is actively managed. Over the past 3 years, ZDB.TO returned 4.65%/yr vs 27.78%/yr for HDIV.TO. At a 0.15 correlation, their price movements are largely independent. ZDB.TO charges 0.10%/yr vs 0.00%/yr for HDIV.TO.
Performance
ZDB.TO vs. HDIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZDB.TO achieves a 1.60% return, which is significantly lower than HDIV.TO's 17.07% return.
ZDB.TO
- 1D
- 0.00%
- 1M
- 1.27%
- YTD
- 1.60%
- 6M
- 1.97%
- 1Y
- 3.25%
- 3Y*
- 4.65%
- 5Y*
- 0.49%
- 10Y*
- 1.64%
HDIV.TO
- 1D
- 1.08%
- 1M
- 2.90%
- YTD
- 17.07%
- 6M
- 17.58%
- 1Y
- 45.41%
- 3Y*
- 27.78%
- 5Y*
- —
- 10Y*
- —
ZDB.TO vs. HDIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZDB.TO BMO Discount Bond | 1.60% | 2.03% | 4.26% | 6.69% | -11.99% | -0.34% |
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF | 17.07% | 33.87% | 23.15% | 13.91% | -2.53% | 9.13% |
Correlation
The correlation between ZDB.TO and HDIV.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 | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021 | 0.15 |
The correlation between ZDB.TO and HDIV.TO shifts across timeframes, from 0.15 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZDB.TO vs. HDIV.TO — Risk / Return Rank
ZDB.TO
HDIV.TO
ZDB.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Discount Bond (ZDB.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.
| ZDB.TO | HDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.65 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 5.23 | -4.06 |
| Martin ratioReturn relative to average drawdown | 2.68 | 25.02 | -22.34 |
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Drawdowns
ZDB.TO vs. HDIV.TO - Drawdown Comparison
The maximum ZDB.TO drawdown since its inception was -18.09%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ZDB.TO and HDIV.TO.
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Drawdown Indicators
| ZDB.TO | HDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.09% | -22.32% | +4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -8.73% | +5.94% |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | -14.58% | +9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -16.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.09% | — | — |
Current DrawdownCurrent decline from peak | -1.38% | -0.13% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -4.21% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.82% | -0.60% |
Volatility
ZDB.TO vs. HDIV.TO - Volatility Comparison
The current volatility for BMO Discount Bond (ZDB.TO) is 1.54%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 4.51%. This indicates that ZDB.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZDB.TO | HDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 4.51% | -2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 10.74% | -7.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 12.86% | -8.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.49% | 15.64% | -9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.38% | 15.64% | -9.26% |
ZDB.TO vs. HDIV.TO - Expense Ratio Comparison
ZDB.TO has a 0.10% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZDB.TO vs. HDIV.TO - Dividend Comparison
ZDB.TO's dividend yield for the trailing twelve months is around 2.00%, less than HDIV.TO's 9.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF | 9.27% | 10.09% | 11.38% | 10.41% | 9.64% | 3.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZDB.TO BMO Discount Bond | 2.00% | 2.28% | 2.38% | 2.42% | 2.52% | 2.16% | 2.06% | 2.20% | 2.30% | 2.28% | 2.22% | 2.26% |
Frequently Asked Questions
ZDB.TO and HDIV.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, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.10% for ZDB.TO.
ZDB.TO is categorized as Canadian Government Bonds, while HDIV.TO is Derivative Income. They also come from different issuers: BMO and Hamilton ETFs. Their fees differ too: 0.10% for ZDB.TO and 0.00% for HDIV.TO.
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