ZDIV.TO vs. VDY.TO

Last updated Apr 5, 2026

Compare and contrast key facts about BMO MSCI Canada IMI High Dividend Yield Index ETF (ZDIV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO).

ZDIV.TO and VDY.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. VDY.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada High Dividend Yield Index. It was launched on Nov 2, 2012. Both ZDIV.TO and VDY.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZDIV.TO vs. VDY.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 Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZDIV.TO

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

VDY.TO

• 1D: 0.88%
• 1M: 1.24%
• YTD: 9.76%
• 6M: 15.89%
• 1Y: 48.45%
• 3Y*: 21.64%
• 5Y*: 16.88%
• 10Y*: 13.66%

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

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

	2026 (YTD)
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	8.16%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	4.62%

Correlation

The correlation between ZDIV.TO and VDY.TO is 0.60, 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. VDY.TO - Expense Ratio Comparison

ZDIV.TO has a 0.09% expense ratio, which is lower than VDY.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VDY.TO

Vanguard FTSE Canadian High Dividend Yield Index ETF

ZDIV.TO

BMO MSCI Canada IMI High Dividend Yield Index ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VDY.TO

VDY.TO Risk / Return Rank: 96
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 91
VDY.TO Martin Ratio Rank: 97

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. VDY.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 Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

Sharpe Ratios by Period

	ZDIV.TO	VDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	7.47	0.80	+6.67

Drawdowns

ZDIV.TO vs. VDY.TO - Drawdown Comparison

The maximum ZDIV.TO drawdown since its inception was -1.39%, smaller than the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for ZDIV.TO and VDY.TO.

Drawdown Indicators

	ZDIV.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-1.39%	-39.21%	+37.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.21%	—
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.30%	-4.67%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.76%	—

Volatility

Volatility by Period

	ZDIV.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.25%	11.05%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	11.49%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	15.95%	-6.70%

Dividends

ZDIV.TO vs. VDY.TO - Dividend Comparison

ZDIV.TO's dividend yield for the trailing twelve months is around 0.32%, less than VDY.TO's 3.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%	0.00%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.19%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%