ZDB.TO vs. ZDV.TO
ZDB.TO (BMO Discount Bond) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZDB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Discount Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZDB.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZDB.TO returned 1.57%/yr vs 10.97%/yr for ZDV.TO. At a correlation of -0.00, they often move in opposite directions. ZDB.TO charges 0.10%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZDB.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZDB.TO achieves a 1.53% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZDB.TO has underperformed ZDV.TO with an annualized return of 1.57%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.
ZDB.TO
- 1D
- -0.13%
- 1M
- 1.48%
- YTD
- 1.53%
- 6M
- 0.70%
- 1Y
- 2.71%
- 3Y*
- 4.07%
- 5Y*
- 0.56%
- 10Y*
- 1.57%
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%
ZDB.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZDB.TO BMO Discount Bond | 1.53% | 2.03% | 4.26% | 6.69% | -11.99% | -2.77% | 9.50% | 6.74% | 1.33% | 2.00% |
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 ZDB.TO and ZDV.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2014 | -0.00 |
The correlation between ZDB.TO and ZDV.TO shifts across timeframes, from -0.00 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZDB.TO vs. ZDV.TO — Risk / Return Rank
ZDB.TO
ZDV.TO
ZDB.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Discount Bond (ZDB.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.
| ZDB.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.66 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 4.69 | -3.72 |
| Martin ratioReturn relative to average drawdown | 2.23 | 18.24 | -16.02 |
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
| ZDB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 2.95 | -2.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 1.26 | -1.18 |
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 | 0.38 | 0.68 | -0.30 |
Drawdowns
ZDB.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZDB.TO drawdown since its inception was -18.09%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZDB.TO and ZDV.TO.
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Drawdown Indicators
| ZDB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.09% | -43.21% | +25.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -6.65% | +3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | -9.04% | +3.97% |
Max Drawdown (5Y)Largest decline over 5 years | -16.25% | -16.72% | +0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -18.09% | -43.21% | +25.12% |
Current DrawdownCurrent decline from peak | -1.45% | -0.22% | -1.23% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -5.12% | +0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.71% | -0.49% |
Volatility
ZDB.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Discount Bond (ZDB.TO) is 1.55%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZDB.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
| ZDB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 2.49% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | 9.69% | -6.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.34% | 10.57% | -6.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.52% | 10.94% | -4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.40% | 15.11% | -8.71% |
ZDB.TO vs. ZDV.TO - Expense Ratio Comparison
ZDB.TO has a 0.10% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZDB.TO vs. ZDV.TO - Dividend Comparison
ZDB.TO's dividend yield for the trailing twelve months is around 2.00%, less than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDB.TO BMO Discount Bond | 2.00% | 2.28% | 2.38% | 2.42% | 2.52% | 2.16% | 2.06% | 2.20% | 2.07% | 2.06% | 1.95% | 1.99% |
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
ZDB.TO and ZDV.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZDB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZDB.TO is cheaper with a 0.10% expense ratio, compared with 0.39% for ZDV.TO.
ZDB.TO is categorized as Canadian Government Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.10% for ZDB.TO and 0.39% for ZDV.TO.
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