ZDIV.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZDIV.TO (BMO MSCI Canada IMI High Dividend Yield Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZDIV.TO is a Dividend fund tracking the MSCI Canada IMI High Dividend Yield Select Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZDIV.TO is passively managed, while ZDV.TO is actively managed. At a 0.44 correlation, their price movements are largely independent. ZDIV.TO charges 0.09%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZDIV.TO vs. ZDV.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 BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZDIV.TO

• 1D: -0.14%
• 1M: 2.47%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

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

	2026 (YTD)
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	15.21%
ZDV.TO BMO Canadian Dividend ETF	11.89%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 9, 2026	0.44

Return for Risk

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

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

ZDV.TO

ZDV.TO Risk / Return Rank: 85
ZDV.TO Sharpe Ratio Rank: 87
ZDV.TO Sortino Ratio Rank: 74
ZDV.TO Omega Ratio Rank: 93
ZDV.TO Calmar Ratio Rank: 85
ZDV.TO Martin Ratio Rank: 85

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. ZDV.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 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.

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	ZDV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.66	0.68	+4.98

Drawdowns

ZDIV.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZDIV.TO drawdown since its inception was -2.60%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZDIV.TO and ZDV.TO.

Drawdown Indicators

	ZDIV.TO	ZDV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.60%	-43.21%	+40.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.65%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.21%	—
Current Drawdown Current decline from peak	-1.02%	-0.22%	-0.80%
Average Drawdown Average peak-to-trough decline	-0.49%	-5.12%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.71%	—

Volatility

Volatility by Period

	ZDIV.TO	ZDV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.99%	10.57%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.99%	10.94%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.99%	15.11%	-5.12%

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

ZDIV.TO has a 0.09% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZDIV.TO vs. ZDV.TO - Dividend Comparison

ZDIV.TO's dividend yield for the trailing twelve months is around 0.90%, less than ZDV.TO's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZDIV.TO BMO MSCI Canada IMI High Dividend Yield Index ETF	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ZDIV.TO and ZDV.TO in my portfolio?

ZDIV.TO and ZDV.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.

Which ETF is better, ZDIV.TO or ZDV.TO?

On fees, ZDIV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZDIV.TO or ZDV.TO?

ZDIV.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZDV.TO.

What is the main difference between ZDIV.TO and ZDV.TO?

ZDIV.TO is categorized as Dividend, while ZDV.TO is Canada Equities. Their fees differ too: 0.09% for ZDIV.TO and 0.39% for ZDV.TO.