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ZDI.TO vs. XDIV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZDI.TO vs. XDIV.TO

Last updated Jun 14, 2026

ZDI.TO (BMO International Dividend ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both exchange-traded funds - ZDI.TO is a International Equity fund actively managed by BMO, while XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index. ZDI.TO is actively managed, while XDIV.TO is passively managed. Over the past 5 years, ZDI.TO returned 12.30%/yr vs 17.21%/yr for XDIV.TO. A 0.57 correlation means they provide meaningful diversification when combined. ZDI.TO charges 0.44%/yr vs 0.11%/yr for XDIV.TO.

Performance

ZDI.TO vs. XDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO International Dividend ETF (ZDI.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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, ZDI.TO achieves a 12.58% return, which is significantly lower than XDIV.TO's 21.85% return.

ZDI.TO

1D
0.60%
1M
3.66%
YTD
12.58%
6M
8.52%
1Y
21.53%
3Y*
16.51%
5Y*
12.30%
10Y*
9.90%

XDIV.TO

1D
0.57%
1M
4.53%
YTD
21.85%
6M
20.22%
1Y
40.47%
3Y*
24.13%
5Y*
17.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZDI.TO vs. XDIV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZDI.TO
BMO International Dividend ETF		12.58%19.42%10.59%17.04%0.31%12.86%-6.23%13.00%-6.86%0.79%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		21.85%25.04%19.84%11.95%0.49%33.31%-7.53%25.14%-9.81%8.00%

Correlation

The correlation between ZDI.TO and XDIV.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.52

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

0.53

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2017

0.57

The correlation between ZDI.TO and XDIV.TO shifts across timeframes, from 0.44 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

ZDI.TO vs. XDIV.TO - Sectors Allocation Comparison

Sectors
ZDI.TO
XDIV.TO

Financial Services

24.8%
46.7%

Industrials

16.9%

-

Healthcare

8.2%

-

Technology

7.7%
1.3%

Energy

7.1%
28.8%

Consumer Defensive

6.9%

-

Communication Services

6.7%
0.4%

Utilities

6.2%
11.3%

Basic Materials

5.8%

-

Consumer Cyclical

5.4%
11.5%

Real Estate

2.7%

-

Financial Services

ZDI.TO
24.8%
XDIV.TO
46.7%

Industrials

ZDI.TO
16.9%
XDIV.TO

-

Healthcare

ZDI.TO
8.2%
XDIV.TO

-

Technology

ZDI.TO
7.7%
XDIV.TO
1.3%

Energy

ZDI.TO
7.1%
XDIV.TO
28.8%

Consumer Defensive

ZDI.TO
6.9%
XDIV.TO

-

Communication Services

ZDI.TO
6.7%
XDIV.TO
0.4%

Utilities

ZDI.TO
6.2%
XDIV.TO
11.3%

Basic Materials

ZDI.TO
5.8%
XDIV.TO

-

Consumer Cyclical

ZDI.TO
5.4%
XDIV.TO
11.5%

Real Estate

ZDI.TO
2.7%
XDIV.TO

-

Compare stocks, funds, or ETFs

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BMO International Dividend ETF

iShares Core MSCI Canadian Quality Dividend Index ETF

Often compared with ZDI.TO:
ZDI.TO vs. XEI.TOZDI.TO vs. ZEM.TOZDI.TO vs. HXX.TOZDI.TO vs. VYMIZDI.TO vs. VFV.TOZDI.TO vs. ZDH.TOZDI.TO vs. XEF.TO
Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO

Return for Risk

ZDI.TO vs. XDIV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDI.TO
ZDI.TO Risk / Return Rank: 4646
Overall Rank
ZDI.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZDI.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZDI.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZDI.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
ZDI.TO Martin Ratio Rank: 4949
Martin Ratio Rank
XDIV.TO
XDIV.TO Risk / Return Rank: 9898
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XDIV.TO Martin Ratio Rank: 9898
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.

ZDI.TO vs. XDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO International Dividend ETF (ZDI.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.

ZDI.TOXDIV.TODifference
Sharpe ratioReturn per unit of total volatility
1.41
5.14

-3.73

Sortino ratioReturn per unit of downside risk
1.99
7.59

-5.60

Omega ratioGain probability vs. loss probability

1.26

2.07

-0.81

Calmar ratioReturn relative to maximum drawdown

1.94

17.55

-15.61

Martin ratioReturn relative to average drawdown

7.24

59.35

-52.10

ZDI.TO vs. XDIV.TO - Sharpe Ratio Comparison

The current ZDI.TO Sharpe Ratio is 1.41, which is lower than the XDIV.TO Sharpe Ratio of 5.14. The chart below compares the historical Sharpe Ratios of ZDI.TO and XDIV.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

ZDI.TO vs. XDIV.TO - Drawdown Comparison

The maximum ZDI.TO drawdown since its inception was -33.87%, smaller than the maximum XDIV.TO drawdown of -41.29%. Use the drawdown chart below to compare losses from any high point for ZDI.TO and XDIV.TO.

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Drawdown Indicators

ZDI.TOXDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.87%

-41.29%

+7.42%

Max Drawdown (1Y)

Largest decline over 1 year

-10.23%

-2.32%

-7.91%

Max Drawdown (3Y)

Largest decline over 3 years

-14.13%

-10.53%

-3.60%

Max Drawdown (5Y)

Largest decline over 5 years

-18.96%

-17.33%

-1.63%

Max Drawdown (10Y)

Largest decline over 10 years

-33.87%

—

—

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-4.85%

-4.39%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

0.69%

+2.06%

Volatility

ZDI.TO vs. XDIV.TO - Volatility Comparison

BMO International Dividend ETF (ZDI.TO) has a higher volatility of 5.18% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.47%. This indicates that ZDI.TO's price experiences larger fluctuations and is considered to be riskier than XDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDI.TOXDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.18%

2.47%

+2.71%

Volatility (6M)

Calculated over the trailing 6-month period

11.72%

6.45%

+5.27%

Volatility (1Y)

Calculated over the trailing 1-year period

14.09%

7.95%

+6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.26%

10.51%

+2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.80%

16.33%

-0.53%

ZDI.TO vs. XDIV.TO - Expense Ratio Comparison

ZDI.TO has a 0.44% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio.

Dividends

ZDI.TO vs. XDIV.TO - Dividend Comparison

ZDI.TO's dividend yield for the trailing twelve months is around 3.04%, less than XDIV.TO's 3.25% yield.

PositionTTM20252024202320222021202020192018201720162015
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.25%3.90%4.50%4.42%4.15%3.76%4.85%4.24%5.13%1.92%0.00%0.00%
ZDI.TO
BMO International Dividend ETF		3.04%3.41%3.94%4.15%3.99%3.72%4.96%4.92%5.23%4.23%4.62%4.27%

Frequently Asked Questions

ZDI.TO and XDIV.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.44% for ZDI.TO.

ZDI.TO is categorized as International Equity, while XDIV.TO is Dividend. They also come from different issuers: BMO and iShares. Their fees differ too: 0.44% for ZDI.TO and 0.11% for XDIV.TO.

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