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

ZDV.TO vs. VCE.TO

Last updated Jun 4, 2026

ZDV.TO (BMO Canadian Dividend ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds. ZDV.TO is actively managed, while VCE.TO is passively managed. Over the past 10 years, ZDV.TO returned 10.97%/yr vs 12.58%/yr for VCE.TO. Their correlation of 0.87 suggests significant overlap in exposure. ZDV.TO charges 0.39%/yr vs 0.06%/yr for VCE.TO.

Performance

ZDV.TO vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and Vanguard FTSE Canada Index ETF (VCE.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 18.56% return, which is significantly higher than VCE.TO's 10.03% return. Over the past 10 years, ZDV.TO has underperformed VCE.TO with an annualized return of 10.97%, while VCE.TO has yielded a comparatively higher 12.58% annualized 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%

VCE.TO

1D
-0.96%
1M
3.36%
YTD
10.03%
6M
10.19%
1Y
28.98%
3Y*
22.22%
5Y*
14.43%
10Y*
12.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%
VCE.TO
Vanguard FTSE Canada Index ETF		10.03%26.39%21.43%12.26%-5.20%28.59%4.09%22.99%-7.86%8.79%

Correlation

The correlation between ZDV.TO and VCE.TO is 0.79, 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

0.79

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

0.87

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

0.90

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

0.89

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2011

0.87

The correlation between ZDV.TO and VCE.TO shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZDV.TO
VCE.TO

Financial Services

35.2%
37.4%

Energy

27.2%
18.4%

Basic Materials

10.6%
15.4%

Utilities

10.1%
1.9%

Communication Services

5.7%
1.5%

Real Estate

4.1%
0.2%

Industrials

2.7%
10.6%

Consumer Defensive

2.2%
2.9%

Consumer Cyclical

1.4%
3.4%

Healthcare

0.9%

-

Technology

-

8.2%

Financial Services

ZDV.TO
35.2%
VCE.TO
37.4%

Energy

ZDV.TO
27.2%
VCE.TO
18.4%

Basic Materials

ZDV.TO
10.6%
VCE.TO
15.4%

Utilities

ZDV.TO
10.1%
VCE.TO
1.9%

Communication Services

ZDV.TO
5.7%
VCE.TO
1.5%

Real Estate

ZDV.TO
4.1%
VCE.TO
0.2%

Industrials

ZDV.TO
2.7%
VCE.TO
10.6%

Consumer Defensive

ZDV.TO
2.2%
VCE.TO
2.9%

Consumer Cyclical

ZDV.TO
1.4%
VCE.TO
3.4%

Healthcare

ZDV.TO
0.9%
VCE.TO

-

Technology

ZDV.TO

-

VCE.TO
8.2%

Compare stocks, funds, or ETFs

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BMO Canadian Dividend ETF

Vanguard FTSE Canada 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 VCE.TO:
VCE.TO vs. VDY.TOVCE.TO vs. VCN.TOVCE.TO vs. XIC.TOVCE.TO vs. VFV.TOVCE.TO vs. VEQT.TOVCE.TO vs. ZCN.TOVCE.TO vs. VXC.TO

Return for Risk

ZDV.TO vs. VCE.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: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
Martin Ratio Rank
VCE.TO
VCE.TO Risk / Return Rank: 7272
Overall Rank
VCE.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VCE.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VCE.TO Omega Ratio Rank: 6969
Omega Ratio Rank
VCE.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
VCE.TO Martin Ratio Rank: 8282
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. VCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and Vanguard FTSE Canada Index ETF (VCE.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.TOVCE.TODifference
Sharpe ratioReturn per unit of total volatility
2.95
2.37

+0.59

Sortino ratioReturn per unit of downside risk
3.40
3.16

+0.24

Omega ratioGain probability vs. loss probability

1.66

1.42

+0.23

Calmar ratioReturn relative to maximum drawdown

4.69

3.60

+1.09

Martin ratioReturn relative to average drawdown

18.24

16.77

+1.48

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. VCE.TO - Sharpe Ratio Comparison

The current ZDV.TO Sharpe Ratio is 2.95, which is comparable to the VCE.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ZDV.TO and VCE.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.TOVCE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

2.37

+0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

1.14

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.84

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.77

-0.09

Drawdowns

ZDV.TO vs. VCE.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, which is greater than VCE.TO's maximum drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and VCE.TO.

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Drawdown Indicators

ZDV.TOVCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.21%

-35.92%

-7.29%

Max Drawdown (1Y)

Largest decline over 1 year

-6.65%

-8.09%

+1.44%

Max Drawdown (3Y)

Largest decline over 3 years

-9.04%

-12.16%

+3.12%

Max Drawdown (5Y)

Largest decline over 5 years

-16.72%

-15.90%

-0.82%

Max Drawdown (10Y)

Largest decline over 10 years

-43.21%

-35.92%

-7.29%

Current Drawdown

Current decline from peak

-0.22%

-0.96%

+0.74%

Average Drawdown

Average peak-to-trough decline

-5.12%

-3.73%

-1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

1.73%

-0.02%

Volatility

ZDV.TO vs. VCE.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.49%, while Vanguard FTSE Canada Index ETF (VCE.TO) has a volatility of 3.47%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than VCE.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.TOVCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.49%

3.47%

-0.98%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

10.00%

-0.31%

Volatility (1Y)

Calculated over the trailing 1-year period

10.57%

12.30%

-1.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.94%

12.78%

-1.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

14.99%

+0.12%

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

ZDV.TO has a 0.39% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

ZDV.TO vs. VCE.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.68%, more than VCE.TO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
VCE.TO
Vanguard FTSE Canada Index ETF		2.17%2.42%2.84%3.16%3.21%2.61%2.93%3.01%3.21%2.57%2.64%2.98%
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

ZDV.TO and VCE.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.39% for ZDV.TO.

They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.39% for ZDV.TO and 0.06% for VCE.TO.

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