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ZDH.TO vs. HAZ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZDH.TO vs. HAZ.TO

Last updated Jul 14, 2026
Documentation

ZDH.TO (BMO International Dividend Hedged to CAD ETF) and HAZ.TO (Global X Active Global Dividend ETF) are both Global Equity Income funds. Over the past 10 years, ZDH.TO returned 10.56%/yr vs 11.19%/yr for HAZ.TO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

ZDH.TO vs. HAZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO International Dividend Hedged to CAD ETF (ZDH.TO) and Global X Active Global Dividend ETF (HAZ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZDH.TO achieves a 12.00% return, which is significantly lower than HAZ.TO's 14.73% return. Over the past 10 years, ZDH.TO has underperformed HAZ.TO with an annualized return of 10.56%, while HAZ.TO has yielded a comparatively higher 11.19% annualized return.

ZDH.TO

1D
-0.77%
1M
0.33%
6M
9.01%
YTD
12.00%
1Y
26.90%
3Y*
17.20%
5Y*
13.79%
10Y*
10.56%

HAZ.TO

1D
-0.75%
1M
3.11%
6M
11.87%
YTD
14.73%
1Y
21.89%
3Y*
18.58%
5Y*
13.67%
10Y*
11.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZDH.TO vs. HAZ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZDH.TO
BMO International Dividend Hedged to CAD ETF		12.00%22.25%10.75%17.44%3.43%19.87%-9.45%19.93%-9.14%13.04%
HAZ.TO
Global X Active Global Dividend ETF		14.73%7.49%25.38%17.61%-8.86%27.34%7.50%15.27%-4.50%12.50%

Correlation

The correlation between ZDH.TO and HAZ.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.63

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.55

Correlation (10Y)
Calculated over the trailing 10-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2015

0.51

The correlation between ZDH.TO and HAZ.TO shifts across timeframes, from 0.51 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

ZDH.TO vs. HAZ.TO - Sectors Allocation Comparison

Sectors
ZDH.TO
HAZ.TO

Financial Services

25.0%
17.0%

Industrials

19.5%
9.8%

Healthcare

8.2%
8.6%

Consumer Defensive

7.6%
6.0%

Energy

7.4%
12.0%

Communication Services

6.9%
7.3%

Utilities

6.6%
1.1%

Consumer Cyclical

5.9%
6.4%

Technology

4.9%
28.4%

Basic Materials

4.9%
0.7%

Real Estate

3.0%
2.7%

Financial Services

ZDH.TO
25.0%
HAZ.TO
17.0%

Industrials

ZDH.TO
19.5%
HAZ.TO
9.8%

Healthcare

ZDH.TO
8.2%
HAZ.TO
8.6%

Consumer Defensive

ZDH.TO
7.6%
HAZ.TO
6.0%

Energy

ZDH.TO
7.4%
HAZ.TO
12.0%

Communication Services

ZDH.TO
6.9%
HAZ.TO
7.3%

Utilities

ZDH.TO
6.6%
HAZ.TO
1.1%

Consumer Cyclical

ZDH.TO
5.9%
HAZ.TO
6.4%

Technology

ZDH.TO
4.9%
HAZ.TO
28.4%

Basic Materials

ZDH.TO
4.9%
HAZ.TO
0.7%

Real Estate

ZDH.TO
3.0%
HAZ.TO
2.7%

Compare stocks, funds, or ETFs

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

BMO International Dividend Hedged to CAD ETF

Global X Active Global Dividend ETF

Often compared with ZDH.TO:
ZDH.TO vs. ZDI.TOZDH.TO vs. ZMMK.TOZDH.TO vs. TGED.TOZDH.TO vs. ZEQT.TOZDH.TO vs. ZCN.TOZDH.TO vs. ZLB.TOZDH.TO vs. ZSP.TO
Often compared with HAZ.TO:
HAZ.TO vs. TGED.TOHAZ.TO vs. TQGD.TOHAZ.TO vs. CASH.TOHAZ.TO vs. PAYG.TOHAZ.TO vs. QQCL.TOHAZ.TO vs. HBNK.TOHAZ.TO vs. CHPS.TO

Return for Risk

ZDH.TO vs. HAZ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDH.TO
ZDH.TO Risk / Return Rank: 8585
Overall Rank
ZDH.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZDH.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZDH.TO Omega Ratio Rank: 8888
Omega Ratio Rank
ZDH.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
ZDH.TO Martin Ratio Rank: 8282
Martin Ratio Rank
HAZ.TO
HAZ.TO Risk / Return Rank: 8585
Overall Rank
HAZ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HAZ.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
HAZ.TO Omega Ratio Rank: 8181
Omega Ratio Rank
HAZ.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HAZ.TO Martin Ratio Rank: 8686
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.

ZDH.TO vs. HAZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO International Dividend Hedged to CAD ETF (ZDH.TO) and Global X Active Global Dividend ETF (HAZ.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.

ZDH.TOHAZ.TODifference
Sharpe ratioReturn per unit of total volatility
2.31
2.14

+0.17

Sortino ratioReturn per unit of downside risk
3.30
3.11

+0.19

Omega ratioGain probability vs. loss probability

1.43

1.37

+0.06

Calmar ratioReturn relative to maximum drawdown

3.03

4.01

-0.98

Martin ratioReturn relative to average drawdown

12.73

14.01

-1.27

ZDH.TO vs. HAZ.TO - Sharpe Ratio Comparison

The current ZDH.TO Sharpe Ratio is 2.31, which is comparable to the HAZ.TO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ZDH.TO and HAZ.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ZDH.TO vs. HAZ.TO - Drawdown Comparison

The maximum ZDH.TO drawdown since its inception was -37.62%, which is greater than HAZ.TO's maximum drawdown of -25.55%. Use the drawdown chart below to compare losses from any high point for ZDH.TO and HAZ.TO.

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Drawdown Indicators

ZDH.TOHAZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.62%

-25.55%

-12.07%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-5.48%

-3.44%

Max Drawdown (3Y)

Largest decline over 3 years

-13.74%

-14.09%

+0.35%

Max Drawdown (5Y)

Largest decline over 5 years

-13.74%

-18.07%

+4.33%

Max Drawdown (10Y)

Largest decline over 10 years

-37.62%

-25.55%

-12.07%

Current Drawdown

Current decline from peak

-1.55%

-0.75%

-0.80%

Average Drawdown

Average peak-to-trough decline

-4.03%

-3.23%

-0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.12%

1.57%

+0.55%

Volatility

ZDH.TO vs. HAZ.TO - Volatility Comparison

BMO International Dividend Hedged to CAD ETF (ZDH.TO) has a higher volatility of 2.97% compared to Global X Active Global Dividend ETF (HAZ.TO) at 2.47%. This indicates that ZDH.TO's price experiences larger fluctuations and is considered to be riskier than HAZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDH.TOHAZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.97%

2.47%

+0.50%

Volatility (6M)

Calculated over the trailing 6-month period

9.63%

7.83%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

11.74%

10.29%

+1.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.30%

12.15%

+1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.31%

14.28%

+2.03%

Dividends

ZDH.TO vs. HAZ.TO - Dividend Comparison

ZDH.TO's dividend yield for the trailing twelve months is around 2.76%, more than HAZ.TO's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
HAZ.TO
Global X Active Global Dividend ETF		1.25%1.48%0.96%1.78%3.40%1.71%1.93%2.27%2.31%2.20%2.40%2.51%
ZDH.TO
BMO International Dividend Hedged to CAD ETF		2.76%3.09%4.03%4.25%4.06%3.72%5.35%4.88%5.37%4.43%4.38%1.67%

Frequently Asked Questions

ZDH.TO and HAZ.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Global X.

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