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

ZDM.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZDM.TO (BMO MSCI EAFE Hedged to CAD Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZDM.TO is a International Equity fund tracking the MSCI EAFE 100% Hedged to CAD Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZDM.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZDM.TO returned 10.97%/yr vs 10.97%/yr for ZDV.TO. A 0.64 correlation means they provide meaningful diversification when combined. ZDM.TO charges 0.22%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZDM.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.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, ZDM.TO achieves a 9.30% return, which is significantly lower than ZDV.TO's 18.56% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: ZDM.TO at 10.97% and ZDV.TO at 10.97%.

ZDM.TO

1D
-0.58%
1M
4.80%
YTD
9.30%
6M
11.27%
1Y
21.75%
3Y*
15.99%
5Y*
11.74%
10Y*
10.97%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZDM.TO
BMO MSCI EAFE Hedged to CAD Index ETF		9.30%20.34%12.72%18.62%-5.78%18.93%0.25%23.21%-10.06%16.18%
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 ZDM.TO and ZDV.TO is 0.52, 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

0.52

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

0.61

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

0.64

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

0.66

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.64

The correlation between ZDM.TO and ZDV.TO shifts across timeframes, from 0.52 (1 year) to 0.66 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
ZDM.TO
ZDV.TO

Financial Services

24.1%
35.2%

Industrials

19.6%
2.7%

Healthcare

11.1%
0.9%

Technology

9.5%

-

Consumer Cyclical

7.9%
1.4%

Consumer Defensive

7.1%
2.2%

Basic Materials

5.8%
10.6%

Communication Services

4.6%
5.7%

Energy

4.3%
27.2%

Utilities

3.9%
10.1%

Real Estate

1.9%
4.1%

Financial Services

ZDM.TO
24.1%
ZDV.TO
35.2%

Industrials

ZDM.TO
19.6%
ZDV.TO
2.7%

Healthcare

ZDM.TO
11.1%
ZDV.TO
0.9%

Technology

ZDM.TO
9.5%
ZDV.TO

-

Consumer Cyclical

ZDM.TO
7.9%
ZDV.TO
1.4%

Consumer Defensive

ZDM.TO
7.1%
ZDV.TO
2.2%

Basic Materials

ZDM.TO
5.8%
ZDV.TO
10.6%

Communication Services

ZDM.TO
4.6%
ZDV.TO
5.7%

Energy

ZDM.TO
4.3%
ZDV.TO
27.2%

Utilities

ZDM.TO
3.9%
ZDV.TO
10.1%

Real Estate

ZDM.TO
1.9%
ZDV.TO
4.1%

Compare stocks, funds, or ETFs

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BMO MSCI EAFE Hedged to CAD Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDM.TO
ZDM.TO Risk / Return Rank: 5050
Overall Rank
ZDM.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZDM.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZDM.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZDM.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
ZDM.TO Martin Ratio Rank: 5454
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.

ZDM.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.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.

ZDM.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
1.68
2.95

-1.27

Sortino ratioReturn per unit of downside risk
2.42
3.40

-0.98

Omega ratioGain probability vs. loss probability

1.32

1.66

-0.34

Calmar ratioReturn relative to maximum drawdown

2.23

4.69

-2.46

Martin ratioReturn relative to average drawdown

9.31

18.24

-8.93

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

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

The current ZDM.TO Sharpe Ratio is 1.68, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZDM.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

ZDM.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.68

2.95

-1.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

1.26

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.73

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.68

-0.16

Drawdowns

ZDM.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZDM.TO drawdown since its inception was -33.13%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZDM.TO and ZDV.TO.

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Drawdown Indicators

ZDM.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.13%

-43.21%

+10.08%

Max Drawdown (1Y)

Largest decline over 1 year

-9.82%

-6.65%

-3.17%

Max Drawdown (3Y)

Largest decline over 3 years

-14.07%

-9.04%

-5.03%

Max Drawdown (5Y)

Largest decline over 5 years

-15.63%

-16.72%

+1.09%

Max Drawdown (10Y)

Largest decline over 10 years

-33.13%

-43.21%

+10.08%

Current Drawdown

Current decline from peak

-1.61%

-0.22%

-1.39%

Average Drawdown

Average peak-to-trough decline

-5.13%

-5.12%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.35%

1.71%

+0.64%

Volatility

ZDM.TO vs. ZDV.TO - Volatility Comparison

BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) has a higher volatility of 4.83% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZDM.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

ZDM.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.83%

2.49%

+2.34%

Volatility (6M)

Calculated over the trailing 6-month period

10.72%

9.69%

+1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

10.57%

+2.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.83%

10.94%

+2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.83%

15.11%

+0.72%

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

ZDM.TO has a 0.22% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZDM.TO vs. ZDV.TO - Dividend Comparison

ZDM.TO's dividend yield for the trailing twelve months is around 1.91%, less than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDM.TO
BMO MSCI EAFE Hedged to CAD Index ETF		1.91%2.13%2.71%2.97%3.20%2.38%2.80%2.90%3.21%2.41%3.23%2.46%
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

ZDM.TO and ZDV.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDM.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDM.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for ZDV.TO.

ZDM.TO is categorized as International Equity, while ZDV.TO is Canada Equities. Their fees differ too: 0.22% for ZDM.TO and 0.39% for ZDV.TO.

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