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

ZDV.TO vs. PXC.TO

Last updated Jun 24, 2026

ZDV.TO (BMO Canadian Dividend ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds. ZDV.TO is actively managed, while PXC.TO is passively managed. Over the past 10 years, ZDV.TO returned 12.42%/yr vs 13.49%/yr for PXC.TO. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

ZDV.TO vs. PXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and Invesco RAFI Canadian Index ETF (PXC.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 20.55% return, which is significantly higher than PXC.TO's 17.87% return. Over the past 10 years, ZDV.TO has underperformed PXC.TO with an annualized return of 12.42%, while PXC.TO has yielded a comparatively higher 13.49% annualized 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%

PXC.TO

1D
0.32%
1M
0.42%
YTD
17.87%
6M
13.71%
1Y
37.88%
3Y*
25.91%
5Y*
17.02%
10Y*
13.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZDV.TO
BMO Canadian Dividend ETF		20.55%28.82%16.83%8.14%-1.66%28.75%-3.51%22.89%-10.76%7.46%
PXC.TO
Invesco RAFI Canadian Index ETF		17.87%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%

Correlation

The correlation between ZDV.TO and PXC.TO is 0.73, 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

0.73

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

0.77

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

0.78

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2012

0.69

The correlation between ZDV.TO and PXC.TO has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

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

Sectors
ZDV.TO
PXC.TO

Financial Services

38.1%
34.7%

Energy

24.0%
26.6%

Utilities

10.2%
3.1%

Basic Materials

9.8%
13.0%

Communication Services

5.2%
2.7%

Real Estate

4.1%
0.8%

Industrials

3.5%
7.2%

Consumer Defensive

2.4%
2.9%

Consumer Cyclical

1.3%
6.6%

Healthcare

0.9%
0.2%

Technology

-

2.2%

Financial Services

ZDV.TO
38.1%
PXC.TO
34.7%

Energy

ZDV.TO
24.0%
PXC.TO
26.6%

Utilities

ZDV.TO
10.2%
PXC.TO
3.1%

Basic Materials

ZDV.TO
9.8%
PXC.TO
13.0%

Communication Services

ZDV.TO
5.2%
PXC.TO
2.7%

Real Estate

ZDV.TO
4.1%
PXC.TO
0.8%

Industrials

ZDV.TO
3.5%
PXC.TO
7.2%

Consumer Defensive

ZDV.TO
2.4%
PXC.TO
2.9%

Consumer Cyclical

ZDV.TO
1.3%
PXC.TO
6.6%

Healthcare

ZDV.TO
0.9%
PXC.TO
0.2%

Technology

ZDV.TO

-

PXC.TO
2.2%

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

Invesco RAFI Canadian Index ETF

Often compared with ZDV.TO:
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 PXC.TO:
PXC.TO vs. INOC.TOPXC.TO vs. XCV.TOPXC.TO vs. EQL.TOPXC.TO vs. PXS.TOPXC.TO vs. QQCE.TOPXC.TO vs. ESGC.TOPXC.TO vs. CLSA.TO

Return for Risk

ZDV.TO vs. PXC.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: 9797
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9797
Martin Ratio Rank
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.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. PXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and Invesco RAFI Canadian Index ETF (PXC.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.TOPXC.TODifference
Sharpe ratioReturn per unit of total volatility
4.97
3.67

+1.29

Sortino ratioReturn per unit of downside risk
6.73
4.79

+1.94

Omega ratioGain probability vs. loss probability

1.97

1.72

+0.25

Calmar ratioReturn relative to maximum drawdown

7.88

8.19

-0.32

Martin ratioReturn relative to average drawdown

40.67

32.63

+8.04

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

The current ZDV.TO Sharpe Ratio is 4.97, which is higher than the PXC.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of ZDV.TO and PXC.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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Drawdowns

ZDV.TO vs. PXC.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.20%, roughly equal to the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and PXC.TO.

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Drawdown Indicators

ZDV.TOPXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.20%

-41.78%

-1.42%

Max Drawdown (1Y)

Largest decline over 1 year

-5.42%

-4.64%

-0.78%

Max Drawdown (3Y)

Largest decline over 3 years

-9.04%

-10.99%

+1.95%

Max Drawdown (5Y)

Largest decline over 5 years

-16.61%

-15.75%

-0.86%

Max Drawdown (10Y)

Largest decline over 10 years

-43.20%

-41.78%

-1.42%

Current Drawdown

Current decline from peak

-0.09%

-0.66%

+0.57%

Average Drawdown

Average peak-to-trough decline

-4.92%

-5.05%

+0.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

1.16%

-0.11%

Volatility

ZDV.TO vs. PXC.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.73%, while Invesco RAFI Canadian Index ETF (PXC.TO) has a volatility of 3.09%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than PXC.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.TOPXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.73%

3.09%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

7.21%

8.53%

-1.32%

Volatility (1Y)

Calculated over the trailing 1-year period

8.60%

10.37%

-1.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.58%

13.28%

-2.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.95%

16.41%

-1.46%

Dividends

ZDV.TO vs. PXC.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.64%, more than PXC.TO's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.26%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
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

ZDV.TO and PXC.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Invesco.

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