ZDV.TO vs. TQCD.TO

Last updated Jun 4, 2026

ZDV.TO (BMO Canadian Dividend ETF) and TQCD.TO (TD Q Canadian Dividend ETF) are both Canada Equities funds. Both are actively managed. Over the past 5 years, ZDV.TO returned 13.72%/yr vs 17.84%/yr for TQCD.TO. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

ZDV.TO vs. TQCD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and TD Q Canadian Dividend ETF (TQCD.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 18.56% return, which is significantly higher than TQCD.TO's 14.98% return.

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%

TQCD.TO

• 1D: -0.42%
• 1M: 3.98%
• YTD: 14.98%
• 6M: 17.36%
• 1Y: 37.82%
• 3Y*: 26.50%
• 5Y*: 17.84%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZDV.TO BMO Canadian Dividend ETF	18.56%	20.17%	16.52%	7.83%	-1.93%	28.40%	-3.84%	0.45%
TQCD.TO TD Q Canadian Dividend ETF	14.98%	33.11%	22.27%	12.29%	1.68%	26.29%	-13.24%	3.12%

Correlation

The correlation between ZDV.TO and TQCD.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019	0.84

The correlation between ZDV.TO and TQCD.TO has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

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

Sectors	ZDV.TO	TQCD.TO
Financial Services	35.2%	35.4%
Energy	27.2%	21.1%
Basic Materials	10.6%	15.1%
Utilities	10.1%	5.1%
Communication Services	5.7%	3.4%
Real Estate	4.1%	3.8%
Industrials	2.7%	10.2%
Consumer Defensive	2.2%	2.0%
Consumer Cyclical	1.4%	2.6%
Healthcare	0.9%	0.3%
Technology	-	1.1%

Return for Risk

ZDV.TO vs. TQCD.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: 85
ZDV.TO Sharpe Ratio Rank: 87
ZDV.TO Sortino Ratio Rank: 74
ZDV.TO Omega Ratio Rank: 93
ZDV.TO Calmar Ratio Rank: 85
ZDV.TO Martin Ratio Rank: 85

TQCD.TO

TQCD.TO Risk / Return Rank: 93
TQCD.TO Sharpe Ratio Rank: 95
TQCD.TO Sortino Ratio Rank: 94
TQCD.TO Omega Ratio Rank: 94
TQCD.TO Calmar Ratio Rank: 88
TQCD.TO Martin Ratio Rank: 93

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. TQCD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and TD Q Canadian Dividend ETF (TQCD.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.TO	TQCD.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.95	3.83	-0.88
Sortino ratio: Return per unit of downside risk	3.40	5.01	-1.61
Omega ratio: Gain probability vs. loss probability	1.66	1.71	-0.05
Calmar ratio: Return relative to maximum drawdown	4.69	5.22	-0.53
Martin ratio: Return relative to average drawdown	18.24	25.92	-7.68
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. TQCD.TO - Sharpe Ratio Comparison

The current ZDV.TO Sharpe Ratio is 2.95, which is comparable to the TQCD.TO Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of ZDV.TO and TQCD.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.

Sharpe Ratios by Period

	ZDV.TO	TQCD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.83	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	1.46	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.75	-0.07

Drawdowns

ZDV.TO vs. TQCD.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, smaller than the maximum TQCD.TO drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and TQCD.TO.

Drawdown Indicators

	ZDV.TO	TQCD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.21%	-46.47%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-7.27%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-12.42%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.72%	-15.65%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-43.21%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.42%	+0.20%
Average Drawdown Average peak-to-trough decline	-5.12%	-5.99%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.46%	+0.25%

Volatility

ZDV.TO vs. TQCD.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.49%, while TD Q Canadian Dividend ETF (TQCD.TO) has a volatility of 2.86%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than TQCD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDV.TO	TQCD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.86%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	7.99%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	9.92%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	12.33%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	19.43%	-4.32%

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

Both ZDV.TO and TQCD.TO have an expense ratio of 0.39%.

Dividends

ZDV.TO vs. TQCD.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.68%, less than TQCD.TO's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQCD.TO TD Q Canadian Dividend ETF	2.77%	2.95%	3.47%	3.73%	4.03%	4.09%	6.20%	0.39%	0.00%	0.00%	0.00%	0.00%
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

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

ZDV.TO and TQCD.TO have a correlation of 0.88, 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 TQCD.TO?

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZDV.TO and TQCD.TO have the same expense ratio: 0.39% per year.

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

They also come from different issuers: BMO and TD.