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ZDIV.TO vs. CDIV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZDIV.TO vs. CDIV.TO

Last updated Apr 5, 2026

Compare and contrast key facts about BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO) and Manulife Smart Dividend ETF (CDIV.TO).

ZDIV.TO and CDIV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDIV.TO is a passively managed fund by BMO that tracks the performance of the MSCI Canada IMI High Dividend Yield Select Index. It was launched on Feb 5, 2026. CDIV.TO is an actively managed fund by Manulife. It was launched on Nov 25, 2020.

Performance

ZDIV.TO vs. CDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO) and Manulife Smart Dividend ETF (CDIV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

ZDIV.TO

1D
0.65%
1M
1.92%
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

CDIV.TO

1D
0.62%
1M
-0.74%
YTD
8.42%
6M
8.88%
1Y
39.16%
3Y*
18.01%
5Y*
14.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZDIV.TO vs. CDIV.TO - Yearly Performance Comparison

2026 (YTD)
ZDIV.TO
BMO MSCI Canada IMI High Dividend Yield Index ETF		8.16%
CDIV.TO
Manulife Smart Dividend ETF		3.77%

Correlation

The correlation between ZDIV.TO and CDIV.TO is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

ZDIV.TO vs. CDIV.TO - Expense Ratio Comparison

ZDIV.TO has a 0.09% expense ratio, which is lower than CDIV.TO's 0.28% expense ratio.

CDIV.TO
Manulife Smart Dividend ETF
ZDIV.TO
BMO MSCI Canada IMI High Dividend Yield Index ETF

Compare stocks, funds, or ETFs

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

BMO MSCI Canada IMI High Dividend Yield Index ETF

Manulife Smart Dividend ETF

Often compared with ZDIV.TO:
ZDIV.TO vs. XDIV.TOZDIV.TO vs. PDIV.TOZDIV.TO vs. CWIN.TOZDIV.TO vs. DXU.TOZDIV.TO vs. FCCD.TOZDIV.TO vs. TBNK.TOZDIV.TO vs. VDY.TO
Often compared with CDIV.TO:
CDIV.TO vs. XDIV.TOCDIV.TO vs. XEI.TOCDIV.TO vs. XDG.TOCDIV.TO vs. ZEA.TOCDIV.TO vs. VDY.TOCDIV.TO vs. TBNK.TOCDIV.TO vs. CWIN.TO

Return for Risk

ZDIV.TO vs. CDIV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDIV.TO
CDIV.TO
CDIV.TO Risk / Return Rank: 9191
Overall Rank
CDIV.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
CDIV.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
CDIV.TO Omega Ratio Rank: 9494
Omega Ratio Rank
CDIV.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
CDIV.TO Martin Ratio Rank: 9191
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.

ZDIV.TO vs. CDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO) and Manulife Smart Dividend ETF (CDIV.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZDIV.TO vs. CDIV.TO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

ZDIV.TOCDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

2.19

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.18

—

Sharpe Ratio (All Time)

Calculated using the full available price history

7.47

1.34

+6.13

Drawdowns

ZDIV.TO vs. CDIV.TO - Drawdown Comparison

The maximum ZDIV.TO drawdown since its inception was -1.39%, smaller than the maximum CDIV.TO drawdown of -16.44%. Use the drawdown chart below to compare losses from any high point for ZDIV.TO and CDIV.TO.

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Drawdown Indicators

ZDIV.TOCDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-1.39%

-16.44%

+15.05%

Max Drawdown (1Y)

Largest decline over 1 year

—

-7.48%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.44%

—

Current Drawdown

Current decline from peak

-0.40%

-2.62%

+2.22%

Average Drawdown

Average peak-to-trough decline

-0.30%

-2.90%

+2.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.20%

—

Volatility

ZDIV.TO vs. CDIV.TO - Volatility Comparison

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Volatility by Period

ZDIV.TOCDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

—

5.48%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

10.89%

—

Volatility (1Y)

Calculated over the trailing 1-year period

9.25%

13.99%

-4.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.25%

12.00%

-2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.25%

11.96%

-2.71%

Dividends

ZDIV.TO vs. CDIV.TO - Dividend Comparison

ZDIV.TO's dividend yield for the trailing twelve months is around 0.32%, less than CDIV.TO's 2.40% yield.

TTM202520242023202220212020
ZDIV.TO
BMO MSCI Canada IMI High Dividend Yield Index ETF		0.32%0.00%0.00%0.00%0.00%0.00%0.00%
CDIV.TO
Manulife Smart Dividend ETF		2.40%3.02%3.41%3.45%3.41%2.38%0.07%