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

ZDV.TO vs. HCA.TO

Last updated Jun 5, 2026

ZDV.TO (BMO Canadian Dividend ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds. ZDV.TO is actively managed, while HCA.TO is passively managed. Over the past 5 years, ZDV.TO returned 14.00%/yr vs 28.89%/yr for HCA.TO. A 0.70 correlation means they provide meaningful diversification when combined. ZDV.TO charges 0.39%/yr vs 0.45%/yr for HCA.TO.

Performance

ZDV.TO vs. HCA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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, ZDV.TO achieves a 19.98% return, which is significantly lower than HCA.TO's 23.36% return.

ZDV.TO

1D
1.20%
1M
5.35%
YTD
19.98%
6M
13.61%
1Y
33.16%
3Y*
21.12%
5Y*
14.00%
10Y*
11.00%

HCA.TO

1D
1.32%
1M
8.67%
YTD
23.36%
6M
26.59%
1Y
66.74%
3Y*
45.48%
5Y*
28.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
ZDV.TO
BMO Canadian Dividend ETF		19.98%20.17%16.52%7.83%-1.93%28.40%19.96%
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		23.36%51.09%33.32%26.95%-4.34%48.13%23.46%

Correlation

The correlation between ZDV.TO and HCA.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.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

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

0.68

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

0.72

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2020

0.70

The correlation between ZDV.TO and HCA.TO shifts across timeframes, from 0.55 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZDV.TO
HCA.TO

Financial Services

35.2%
100.0%

Energy

27.2%

-

Basic Materials

10.6%

-

Utilities

10.1%

-

Communication Services

5.7%

-

Real Estate

4.1%

-

Industrials

2.7%

-

Consumer Defensive

2.2%

-

Consumer Cyclical

1.4%

-

Healthcare

0.9%

-

Technology

-

-

Financial Services

ZDV.TO
35.2%
HCA.TO
100.0%

Energy

ZDV.TO
27.2%
HCA.TO

-

Basic Materials

ZDV.TO
10.6%
HCA.TO

-

Utilities

ZDV.TO
10.1%
HCA.TO

-

Communication Services

ZDV.TO
5.7%
HCA.TO

-

Real Estate

ZDV.TO
4.1%
HCA.TO

-

Industrials

ZDV.TO
2.7%
HCA.TO

-

Consumer Defensive

ZDV.TO
2.2%
HCA.TO

-

Consumer Cyclical

ZDV.TO
1.4%
HCA.TO

-

Healthcare

ZDV.TO
0.9%
HCA.TO

-

Technology

ZDV.TO

-

HCA.TO

-

Compare stocks, funds, or ETFs

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

BMO Canadian Dividend ETF

Hamilton Canadian Bank Mean Reversion Index ETF

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ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO
Often compared with HCA.TO:
HCA.TO vs. HCAL.TOHCA.TO vs. HEB.TOHCA.TO vs. VCE.TOHCA.TO vs. PMIF.TOHCA.TO vs. XIC.TOHCA.TO vs. LMAX.TOHCA.TO vs. FCCM.NEO

Return for Risk

ZDV.TO vs. HCA.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: 8989
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8989
Martin Ratio Rank
HCA.TO
HCA.TO Risk / Return Rank: 9797
Overall Rank
HCA.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HCA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCA.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HCA.TO Martin Ratio Rank: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.

ZDV.TOHCA.TODifference
Sharpe ratioReturn per unit of total volatility
3.14
5.16

-2.03

Sortino ratioReturn per unit of downside risk
3.60
7.53

-3.94

Omega ratioGain probability vs. loss probability

1.70

2.03

-0.33

Calmar ratioReturn relative to maximum drawdown

5.01

7.87

-2.86

Martin ratioReturn relative to average drawdown

19.47

35.72

-16.25

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

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

The current ZDV.TO Sharpe Ratio is 3.14, which is lower than the HCA.TO Sharpe Ratio of 5.16. The chart below compares the historical Sharpe Ratios of ZDV.TO and HCA.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

ZDV.TOHCA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.14

5.16

-2.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.29

1.92

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

2.22

-1.54

Drawdowns

ZDV.TO vs. HCA.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, which is greater than HCA.TO's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and HCA.TO.

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Drawdown Indicators

ZDV.TOHCA.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.21%

-17.82%

-25.39%

Max Drawdown (1Y)

Largest decline over 1 year

-6.65%

-8.52%

+1.87%

Max Drawdown (3Y)

Largest decline over 3 years

-9.04%

-12.51%

+3.47%

Max Drawdown (5Y)

Largest decline over 5 years

-16.72%

-17.82%

+1.10%

Max Drawdown (10Y)

Largest decline over 10 years

-43.21%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.12%

-3.35%

-1.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

1.87%

-0.16%

Volatility

ZDV.TO vs. HCA.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.67%, while Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) has a volatility of 4.21%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDV.TOHCA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.67%

4.21%

-1.54%

Volatility (6M)

Calculated over the trailing 6-month period

9.75%

11.28%

-1.53%

Volatility (1Y)

Calculated over the trailing 1-year period

10.63%

12.99%

-2.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.95%

15.12%

-4.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

15.10%

+0.01%

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

ZDV.TO has a 0.39% expense ratio, which is lower than HCA.TO's 0.45% expense ratio.

Dividends

ZDV.TO vs. HCA.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.65%, less than HCA.TO's 2.83% yield.

PositionTTM20252024202320222021202020192018201720162015
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		2.83%5.59%15.89%20.26%16.23%11.79%3.54%0.00%0.00%0.00%0.00%0.00%
ZDV.TO
BMO Canadian Dividend ETF		2.65%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

ZDV.TO and HCA.TO have a correlation of 0.55, 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 0.45% for HCA.TO.

They also come from different issuers: BMO and Hamilton. Their fees differ too: 0.39% for ZDV.TO and 0.45% for HCA.TO.

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