ZDV.TO vs. WXM.TO

Last updated Jun 4, 2026

ZDV.TO (BMO Canadian Dividend ETF) and WXM.TO (CI Morningstar Canada Momentum Index ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while WXM.TO is a Momentum fund tracking the Morningstar Canada Target Momentum Index. ZDV.TO is actively managed, while WXM.TO is passively managed. Over the past 10 years, ZDV.TO returned 10.97%/yr vs 15.24%/yr for WXM.TO. A 0.67 correlation means they provide meaningful diversification when combined. ZDV.TO charges 0.39%/yr vs 0.65%/yr for WXM.TO.

Performance

ZDV.TO vs. WXM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and CI Morningstar Canada Momentum Index ETF (WXM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZDV.TO having a 18.56% return and WXM.TO slightly higher at 18.83%. Over the past 10 years, ZDV.TO has underperformed WXM.TO with an annualized return of 10.97%, while WXM.TO has yielded a comparatively higher 15.24% 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%

WXM.TO

• 1D: -0.33%
• 1M: 4.70%
• YTD: 18.83%
• 6M: 22.68%
• 1Y: 46.31%
• 3Y*: 29.82%
• 5Y*: 18.57%
• 10Y*: 15.24%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
WXM.TO CI Morningstar Canada Momentum Index ETF	18.83%	38.16%	33.93%	3.35%	-0.42%	20.98%	4.61%	31.48%	-4.88%	10.06%

Correlation

The correlation between ZDV.TO and WXM.TO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012	0.67

The correlation between ZDV.TO and WXM.TO has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

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

Sectors	ZDV.TO	WXM.TO
Financial Services	35.2%	17.3%
Energy	27.2%	18.5%
Basic Materials	10.6%	13.5%
Utilities	10.1%	8.6%
Communication Services	5.7%	6.0%
Real Estate	4.1%	-
Industrials	2.7%	18.2%
Consumer Defensive	2.2%	6.1%
Consumer Cyclical	1.4%	6.9%
Healthcare	0.9%	-
Technology	-	4.9%

Return for Risk

ZDV.TO vs. WXM.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

WXM.TO

WXM.TO Risk / Return Rank: 88
WXM.TO Sharpe Ratio Rank: 90
WXM.TO Sortino Ratio Rank: 87
WXM.TO Omega Ratio Rank: 87
WXM.TO Calmar Ratio Rank: 86
WXM.TO Martin Ratio Rank: 91

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. WXM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and CI Morningstar Canada Momentum Index ETF (WXM.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	WXM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.95	3.10	-0.14
Sortino ratio: Return per unit of downside risk	3.40	4.00	-0.60
Omega ratio: Gain probability vs. loss probability	1.66	1.55	+0.11
Calmar ratio: Return relative to maximum drawdown	4.69	4.90	-0.21
Martin ratio: Return relative to average drawdown	18.24	21.82	-3.58
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. WXM.TO - Sharpe Ratio Comparison

The current ZDV.TO Sharpe Ratio is 2.95, which is comparable to the WXM.TO Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of ZDV.TO and WXM.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	WXM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.10	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	1.18	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.91	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.91	-0.23

Drawdowns

ZDV.TO vs. WXM.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, which is greater than WXM.TO's maximum drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and WXM.TO.

Drawdown Indicators

	ZDV.TO	WXM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.21%	-40.45%	-2.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-9.49%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-12.13%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.72%	-15.87%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-43.21%	-40.45%	-2.76%
Current Drawdown Current decline from peak	-0.22%	-0.33%	+0.11%
Average Drawdown Average peak-to-trough decline	-5.12%	-4.48%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.13%	-0.42%

Volatility

ZDV.TO vs. WXM.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.49%, while CI Morningstar Canada Momentum Index ETF (WXM.TO) has a volatility of 4.06%. This indicates that ZDV.TO experiences smaller price fluctuations and is considered to be less risky than WXM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDV.TO	WXM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	4.06%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	11.86%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	15.02%	-4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	15.85%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	16.78%	-1.67%

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

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

Dividends

ZDV.TO vs. WXM.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.68%, more than WXM.TO's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WXM.TO CI Morningstar Canada Momentum Index ETF	1.15%	1.25%	1.27%	1.38%	2.25%	1.04%	0.78%	0.94%	1.44%	1.38%	1.58%	1.51%
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 WXM.TO in my portfolio?

ZDV.TO and WXM.TO have a correlation of 0.67, 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 WXM.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 WXM.TO?

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

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

ZDV.TO is categorized as Canada Equities, while WXM.TO is Momentum. They also come from different issuers: BMO and CI Global Asset Management. Their fees differ too: 0.39% for ZDV.TO and 0.65% for WXM.TO.