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ZDB.TO vs. XDV.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZDB.TO vs. XDV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Discount Bond (ZDB.TO) and iShares Canadian Select Dividend Index ETF (XDV.TO).

ZDB.TO and XDV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Discount Bond Index. It was launched on Feb 10, 2014. XDV.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada GR CAD. It was launched on Dec 19, 2005. Both ZDB.TO and XDV.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZDB.TO vs. XDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Discount Bond (ZDB.TO) and iShares Canadian Select Dividend Index ETF (XDV.TO). The values are adjusted to include any dividend payments, if applicable.

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ZDB.TO vs. XDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZDB.TO
BMO Discount Bond		0.17%2.03%4.26%6.69%-11.99%-2.77%9.50%6.74%1.33%2.00%
XDV.TO
iShares Canadian Select Dividend Index ETF		6.02%24.80%21.08%7.83%-8.70%29.08%-0.64%21.04%-12.68%10.85%

Returns By Period

In the year-to-date period, ZDB.TO achieves a 0.17% return, which is significantly lower than XDV.TO's 6.02% return. Over the past 10 years, ZDB.TO has underperformed XDV.TO with an annualized return of 1.58%, while XDV.TO has yielded a comparatively higher 10.67% annualized return.

ZDB.TO

1D
0.33%
1M
-1.94%
YTD
0.17%
6M
-0.46%
1Y
0.41%
3Y*
3.25%
5Y*
0.50%
10Y*
1.58%

XDV.TO

1D
1.66%
1M
-1.78%
YTD
6.02%
6M
12.67%
1Y
30.91%
3Y*
18.06%
5Y*
12.33%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

BMO Discount Bond

iShares Canadian Select Dividend Index ETF

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Often compared with XDV.TO:
XDV.TO vs. XDIV.TOXDV.TO vs. VDY.TOXDV.TO vs. XEI.TOXDV.TO vs. CDZ.TOXDV.TO vs. ZDV.TOXDV.TO vs. XIU.TOXDV.TO vs. ZSP.TO

ZDB.TO vs. XDV.TO - Expense Ratio Comparison

ZDB.TO has a 0.10% expense ratio, which is lower than XDV.TO's 0.55% expense ratio.

XDV.TO
iShares Canadian Select Dividend Index ETF
ZDB.TO
BMO Discount Bond

Return for Risk

ZDB.TO vs. XDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDB.TO
ZDB.TO Risk / Return Rank: 1414
Overall Rank
ZDB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
ZDB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZDB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
ZDB.TO Calmar Ratio Rank: 1717
Calmar Ratio Rank
ZDB.TO Martin Ratio Rank: 1515
Martin Ratio Rank
XDV.TO
XDV.TO Risk / Return Rank: 9797
Overall Rank
XDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XDV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XDV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDV.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
XDV.TO Martin Ratio Rank: 9797
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.

ZDB.TO vs. XDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Discount Bond (ZDB.TO) and iShares Canadian Select Dividend Index ETF (XDV.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.

ZDB.TOXDV.TODifference

Sharpe ratio

Return per unit of total volatility

0.09

3.05

-2.96

Sortino ratio

Return per unit of downside risk

0.15

3.77

-3.62

Omega ratio

Gain probability vs. loss probability

1.02

1.65

-0.63

Calmar ratio

Return relative to maximum drawdown

0.23

4.11

-3.87

Martin ratio

Return relative to average drawdown

0.47

19.15

-18.68

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

ZDB.TO vs. XDV.TO - Sharpe Ratio Comparison

The current ZDB.TO Sharpe Ratio is 0.09, which is lower than the XDV.TO Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of ZDB.TO and XDV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZDB.TOXDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.09

3.05

-2.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

1.15

-1.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

0.73

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.54

-0.17

Correlation

The correlation between ZDB.TO and XDV.TO is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ZDB.TO vs. XDV.TO - Dividend Comparison

ZDB.TO's dividend yield for the trailing twelve months is around 2.13%, less than XDV.TO's 3.26% yield.

TTM20252024202320222021202020192018201720162015
ZDB.TO
BMO Discount Bond		2.13%2.28%2.38%2.42%2.52%2.16%2.06%2.20%2.07%2.06%1.95%1.99%
XDV.TO
iShares Canadian Select Dividend Index ETF		3.26%3.46%4.20%4.46%4.34%3.69%4.55%4.01%4.68%3.47%3.72%4.52%

Drawdowns

ZDB.TO vs. XDV.TO - Drawdown Comparison

The maximum ZDB.TO drawdown since its inception was -18.09%, smaller than the maximum XDV.TO drawdown of -48.79%. Use the drawdown chart below to compare losses from any high point for ZDB.TO and XDV.TO.

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Drawdown Indicators

ZDB.TOXDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.09%

-48.79%

+30.70%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-7.77%

+4.90%

Max Drawdown (5Y)

Largest decline over 5 years

-16.25%

-20.59%

+4.34%

Max Drawdown (10Y)

Largest decline over 10 years

-18.09%

-39.09%

+21.00%

Current Drawdown

Current decline from peak

-2.76%

-2.26%

-0.50%

Average Drawdown

Average peak-to-trough decline

-4.24%

-6.97%

+2.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.43%

1.67%

-0.24%

Volatility

ZDB.TO vs. XDV.TO - Volatility Comparison

The current volatility for BMO Discount Bond (ZDB.TO) is 1.95%, while iShares Canadian Select Dividend Index ETF (XDV.TO) has a volatility of 4.10%. This indicates that ZDB.TO experiences smaller price fluctuations and is considered to be less risky than XDV.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.TOXDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

4.10%

-2.15%

Volatility (6M)

Calculated over the trailing 6-month period

3.06%

7.18%

-4.12%

Volatility (1Y)

Calculated over the trailing 1-year period

4.64%

10.20%

-5.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.50%

10.80%

-4.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

14.68%

-8.29%