ZDV.TO vs. QCE.TO

Last updated Aug 2, 2026

ZDV.TO (BMO Canadian Dividend ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both Canada Equities funds. ZDV.TO is actively managed, while QCE.TO is passively managed. Over the past 5 years, ZDV.TO returned 16.31%/yr vs 15.15%/yr for QCE.TO. Their 0.49 correlation means their historical movements had little consistent relationship. ZDV.TO charges 0.39%/yr vs 0.04%/yr for QCE.TO.

Performance

ZDV.TO vs. QCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.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 23.19% return, which is significantly higher than QCE.TO's 13.60% return.

ZDV.TO

• 1D: -0.48%
• 1M: 2.39%
• 6M: 19.40%
• YTD: 23.19%
• 1Y: 42.82%
• 3Y*: 24.48%
• 5Y*: 16.31%
• 10Y*: 12.33%
• ALL TIME*: 10.06%

QCE.TO

• 1D: -0.53%
• 1M: 1.41%
• 6M: 13.85%
• YTD: 13.60%
• 1Y: 32.96%
• 3Y*: 23.11%
• 5Y*: 15.15%
• 10Y*: —
• ALL TIME*: 12.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	CA$55.32K	CA$69.28K	CA$101.71K
ZDV.TO BMO Canadian Dividend ETF	CA$1.53M	CA$1.72M	CA$1.71M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZDV.TO BMO Canadian Dividend ETF	23.19%	28.82%	16.83%	8.14%	-1.66%	28.75%	-3.51%	22.89%	-9.85%
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	13.60%	29.43%	21.54%	12.44%	-6.08%	24.89%	4.28%	22.10%	-7.38%

Correlation

The correlation between ZDV.TO and QCE.TO is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018	0.49

The correlation between ZDV.TO and QCE.TO shifts across timeframes, from 0.49 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.

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

Sectors	ZDV.TO	QCE.TO
Financial Services	38.8%	43.6%
Energy	22.1%	16.5%
Basic Materials	10.3%	13.4%
Utilities	8.5%	2.0%
Industrials	6.1%	9.3%
Communication Services	4.2%	1.7%
Real Estate	4.0%	-
Consumer Cyclical	2.8%	3.0%
Consumer Defensive	2.0%	2.6%
Healthcare	0.9%	-
Technology	-	8.0%

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

ZDV.TO

ZDV.TO Risk / Return Rank: 98
ZDV.TO Sharpe Ratio Rank: 98
ZDV.TO Sortino Ratio Rank: 98
ZDV.TO Omega Ratio Rank: 98
ZDV.TO Calmar Ratio Rank: 97
ZDV.TO Martin Ratio Rank: 98

QCE.TO

QCE.TO Risk / Return Rank: 94
QCE.TO Sharpe Ratio Rank: 95
QCE.TO Sortino Ratio Rank: 94
QCE.TO Omega Ratio Rank: 94
QCE.TO Calmar Ratio Rank: 92
QCE.TO Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.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	QCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.71	2.77	+1.95
Sortino ratio: Return per unit of downside risk	6.35	3.81	+2.54
Omega ratio: Gain probability vs. loss probability	1.89	1.50	+0.39
Calmar ratio: Return relative to maximum drawdown	7.79	4.26	+3.53
Martin ratio: Return relative to average drawdown	39.94	17.99	+21.96

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

The current ZDV.TO Sharpe Ratio is 4.71, which is higher than the QCE.TO Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ZDV.TO and QCE.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. QCE.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.20%, which is greater than QCE.TO's maximum drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and QCE.TO.

Drawdown Indicators

	ZDV.TO	QCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.20%	-35.47%	-7.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-7.54%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-12.48%	+3.44%
Max Drawdown (5Y) Largest decline over 5 years	-16.61%	-16.27%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	—	—
Current Drawdown Current decline from peak	-0.52%	-1.48%	+0.96%
Average Drawdown Average peak-to-trough decline	-4.89%	-3.66%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.78%	-0.72%

Volatility

ZDV.TO vs. QCE.TO - Volatility Comparison

BMO Canadian Dividend ETF (ZDV.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) have volatilities of 2.75% and 2.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDV.TO	QCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	2.62%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	8.39%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.97%	11.62%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.61%	12.87%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	15.76%	-0.82%

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

ZDV.TO has a 0.39% expense ratio, which is higher than QCE.TO's 0.04% expense ratio.

Dividends

ZDV.TO vs. QCE.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.63%, more than QCE.TO's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	2.04%	2.30%	3.01%	3.49%	3.38%	2.57%	3.17%	3.18%	2.78%	0.00%	0.00%	0.00%
ZDV.TO BMO Canadian Dividend ETF	2.63%	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 QCE.TO in my portfolio?

ZDV.TO and QCE.TO have a correlation of 0.61, 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 QCE.TO?

On fees, QCE.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

QCE.TO is cheaper with a 0.04% expense ratio, compared with 0.39% for ZDV.TO.

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

They also come from different issuers: BMO and Mackenzie. Their fees differ too: 0.39% for ZDV.TO and 0.04% for QCE.TO.