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

ZDI.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZDI.TO (BMO International Dividend ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZDI.TO is a International Equity fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZDI.TO returned 9.28%/yr vs 10.97%/yr for ZDV.TO. A 0.55 correlation means they provide meaningful diversification when combined. ZDI.TO charges 0.44%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZDI.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO International Dividend ETF (ZDI.TO) and BMO Canadian Dividend ETF (ZDV.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 10.68% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZDI.TO has underperformed ZDV.TO with an annualized return of 9.28%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZDI.TO

1D
-0.03%
1M
4.16%
YTD
10.68%
6M
9.50%
1Y
21.55%
3Y*
17.08%
5Y*
12.72%
10Y*
9.28%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZDI.TO
BMO International Dividend ETF		10.68%22.48%10.57%17.05%0.31%12.87%-6.21%12.96%-6.84%15.07%
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 ZDI.TO and ZDV.TO is 0.58, 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

0.58

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

0.60

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

0.60

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

0.61

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.55

The correlation between ZDI.TO and ZDV.TO has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

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

Sectors
ZDI.TO
ZDV.TO

Financial Services

25.0%
35.2%

Industrials

19.3%
2.7%

Healthcare

8.4%
0.9%

Consumer Defensive

7.7%
2.2%

Energy

7.1%
27.2%

Communication Services

7.0%
5.7%

Utilities

6.5%
10.1%

Consumer Cyclical

6.3%
1.4%

Technology

4.9%

-

Basic Materials

4.9%
10.6%

Real Estate

2.9%
4.1%

Financial Services

ZDI.TO
25.0%
ZDV.TO
35.2%

Industrials

ZDI.TO
19.3%
ZDV.TO
2.7%

Healthcare

ZDI.TO
8.4%
ZDV.TO
0.9%

Consumer Defensive

ZDI.TO
7.7%
ZDV.TO
2.2%

Energy

ZDI.TO
7.1%
ZDV.TO
27.2%

Communication Services

ZDI.TO
7.0%
ZDV.TO
5.7%

Utilities

ZDI.TO
6.5%
ZDV.TO
10.1%

Consumer Cyclical

ZDI.TO
6.3%
ZDV.TO
1.4%

Technology

ZDI.TO
4.9%
ZDV.TO

-

Basic Materials

ZDI.TO
4.9%
ZDV.TO
10.6%

Real Estate

ZDI.TO
2.9%
ZDV.TO
4.1%

Compare stocks, funds, or ETFs

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BMO International Dividend ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

ZDI.TO vs. ZDV.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: 4545
Sharpe Ratio Rank
ZDI.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
ZDI.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZDI.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
ZDI.TO Martin Ratio Rank: 4949
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
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. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO International Dividend ETF (ZDI.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.

ZDI.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
1.61
2.95

-1.34

Sortino ratioReturn per unit of downside risk
2.27
3.40

-1.13

Omega ratioGain probability vs. loss probability

1.30

1.66

-0.36

Calmar ratioReturn relative to maximum drawdown

2.12

4.69

-2.58

Martin ratioReturn relative to average drawdown

8.20

18.24

-10.05

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

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

The current ZDI.TO Sharpe Ratio is 1.61, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZDI.TO and ZDV.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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Sharpe Ratios by Period

ZDI.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.61

2.95

-1.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

1.26

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.73

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.68

-0.15

Drawdowns

ZDI.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZDI.TO drawdown since its inception was -33.89%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZDI.TO and ZDV.TO.

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Drawdown Indicators

ZDI.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.89%

-43.21%

+9.32%

Max Drawdown (1Y)

Largest decline over 1 year

-10.23%

-6.65%

-3.58%

Max Drawdown (3Y)

Largest decline over 3 years

-14.11%

-9.04%

-5.07%

Max Drawdown (5Y)

Largest decline over 5 years

-18.97%

-16.72%

-2.25%

Max Drawdown (10Y)

Largest decline over 10 years

-33.89%

-43.21%

+9.32%

Current Drawdown

Current decline from peak

-2.23%

-0.22%

-2.01%

Average Drawdown

Average peak-to-trough decline

-4.85%

-5.12%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

1.71%

+0.93%

Volatility

ZDI.TO vs. ZDV.TO - Volatility Comparison

BMO International Dividend ETF (ZDI.TO) has a higher volatility of 4.92% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZDI.TO's price experiences larger fluctuations and is considered to be riskier 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

ZDI.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

2.49%

+2.43%

Volatility (6M)

Calculated over the trailing 6-month period

10.96%

9.69%

+1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

13.46%

10.57%

+2.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.11%

10.94%

+2.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.80%

15.11%

+0.69%

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

ZDI.TO has a 0.44% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

ZDI.TO vs. ZDV.TO - Dividend Comparison

ZDI.TO's dividend yield for the trailing twelve months is around 3.05%, more than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDI.TO
BMO International Dividend ETF		3.05%3.34%3.94%4.15%3.99%3.72%4.96%4.92%5.23%4.23%4.62%4.26%
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

ZDI.TO and ZDV.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.44% for ZDI.TO.

ZDI.TO is categorized as International Equity, while ZDV.TO is Canada Equities. Their fees differ too: 0.44% for ZDI.TO and 0.39% for ZDV.TO.

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