ZDV.TO vs. HCAL.TO

Last updated Jun 24, 2026

ZDV.TO (BMO Canadian Dividend ETF) and HCAL.TO (Hamilton Enhanced Canadian Bank ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while HCAL.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%). ZDV.TO is actively managed, while HCAL.TO is passively managed. Over the past 5 years, ZDV.TO returned 16.04%/yr vs 23.64%/yr for HCAL.TO. A 0.78 correlation means they provide meaningful diversification when combined. ZDV.TO charges 0.39%/yr vs 0.65%/yr for HCAL.TO.

Performance

ZDV.TO vs. HCAL.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 Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZDV.TO achieves a 20.55% return, which is significantly lower than HCAL.TO's 38.28% return.

ZDV.TO

• 1D: 0.22%
• 1M: 1.64%
• YTD: 20.55%
• 6M: 20.38%
• 1Y: 42.49%
• 3Y*: 25.40%
• 5Y*: 16.04%
• 10Y*: 12.42%

HCAL.TO

• 1D: 0.49%
• 1M: 10.30%
• YTD: 38.28%
• 6M: 38.09%
• 1Y: 95.86%
• 3Y*: 46.64%
• 5Y*: 23.64%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZDV.TO BMO Canadian Dividend ETF	20.55%	28.82%	16.83%	8.14%	-1.66%	28.75%	9.01%
HCAL.TO Hamilton Enhanced Canadian Bank ETF	38.28%	54.09%	29.04%	11.73%	-17.54%	51.61%	17.59%

Correlation

The correlation between ZDV.TO and HCAL.TO is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.78

The correlation between ZDV.TO and HCAL.TO shifts across timeframes, from 0.63 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	ZDV.TO	HCAL.TO
Financial Services	38.1%	100.0%
Energy	24.0%	-
Utilities	10.2%	-
Basic Materials	9.8%	-
Communication Services	5.2%	-
Real Estate	4.1%	-
Industrials	3.5%	-
Consumer Defensive	2.4%	-
Consumer Cyclical	1.3%	-
Healthcare	0.9%	-
Technology	-	-

Return for Risk

ZDV.TO vs. HCAL.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: 97
ZDV.TO Sharpe Ratio Rank: 98
ZDV.TO Sortino Ratio Rank: 98
ZDV.TO Omega Ratio Rank: 97
ZDV.TO Calmar Ratio Rank: 95
ZDV.TO Martin Ratio Rank: 97

HCAL.TO

HCAL.TO Risk / Return Rank: 98
HCAL.TO Sharpe Ratio Rank: 99
HCAL.TO Sortino Ratio Rank: 98
HCAL.TO Omega Ratio Rank: 98
HCAL.TO Calmar Ratio Rank: 96
HCAL.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.

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

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZDV.TO	HCAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.97	5.99	-1.02
Sortino ratio: Return per unit of downside risk	6.73	7.48	-0.75
Omega ratio: Gain probability vs. loss probability	1.97	2.05	-0.07
Calmar ratio: Return relative to maximum drawdown	7.88	9.05	-1.17
Martin ratio: Return relative to average drawdown	40.67	39.30	+1.37

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

The current ZDV.TO Sharpe Ratio is 4.97, which is comparable to the HCAL.TO Sharpe Ratio of 5.99. The chart below compares the historical Sharpe Ratios of ZDV.TO and HCAL.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.

Drawdowns

ZDV.TO vs. HCAL.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.20%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and HCAL.TO.

Drawdown Indicators

	ZDV.TO	HCAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.20%	-35.05%	-8.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-10.65%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-18.77%	+9.73%
Max Drawdown (5Y) Largest decline over 5 years	-16.61%	-35.05%	+18.44%
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	—	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-4.92%	-9.52%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.45%	-1.40%

Volatility

ZDV.TO vs. HCAL.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.73%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 4.90%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDV.TO	HCAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	4.90%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	14.00%	-6.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	16.10%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	17.20%	-6.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	16.99%	-2.04%

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

ZDV.TO has a 0.39% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

Dividends

ZDV.TO vs. HCAL.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.64%, less than HCAL.TO's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.12%	4.20%	6.12%	7.37%	7.46%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%
ZDV.TO BMO Canadian Dividend ETF	2.64%	3.07%	3.82%	4.39%	4.38%	3.88%	4.79%	4.53%	5.28%	4.04%	4.31%	4.95%

Frequently Asked Questions

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

ZDV.TO and HCAL.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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.

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

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for HCAL.TO.

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

ZDV.TO is categorized as Canada Equities, while HCAL.TO is Financials Equities. They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.39% for ZDV.TO and 0.65% for HCAL.TO.