ZDV.TO vs. ZAAA.NEO
ZDV.TO (BMO Canadian Dividend ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while ZAAA.NEO is a CLO fund actively managed by BMO. Both are actively managed. Over the past year, ZDV.TO returned 42.49% vs 8.64% for ZAAA.NEO. At a correlation of -0.08, they often move in opposite directions. ZDV.TO charges 0.39%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZDV.TO vs. ZAAA.NEO - Performance Comparison
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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 ZAAA.NEO's 5.64% 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%
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZDV.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 20.55% | 23.80% |
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
Correlation
The correlation between ZDV.TO and ZAAA.NEO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.08 |
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Return for Risk
ZDV.TO vs. ZAAA.NEO — Risk / Return Rank
ZDV.TO
ZAAA.NEO
ZDV.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.11 | ||
| Sortino ratioReturn per unit of downside risk | +4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.97 | 1.37 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 7.88 | 2.89 | +4.98 |
| Martin ratioReturn relative to average drawdown | 40.67 | 7.00 | +33.68 |
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Drawdowns
ZDV.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZDV.TO drawdown since its inception was -43.20%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and ZAAA.NEO.
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Drawdown Indicators
| ZDV.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.20% | -3.01% | -40.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -3.01% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.20% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -4.92% | -1.03% | -3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.24% | -0.19% |
Volatility
ZDV.TO vs. ZAAA.NEO - Volatility Comparison
BMO Canadian Dividend ETF (ZDV.TO) has a higher volatility of 2.73% compared to BMO AAA CLO ETF (ZAAA.NEO) at 1.38%. This indicates that ZDV.TO's price experiences larger fluctuations and is considered to be riskier than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZDV.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 1.38% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 7.21% | 3.38% | +3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.60% | 4.71% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.58% | 4.68% | +5.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.95% | 4.68% | +10.27% |
ZDV.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZDV.TO has a 0.39% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio.
Dividends
ZDV.TO vs. ZAAA.NEO - Dividend Comparison
ZDV.TO's dividend yield for the trailing twelve months is around 2.64%, less than ZAAA.NEO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 ZAAA.NEO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.39% for ZDV.TO.
ZDV.TO is categorized as Canada Equities, while ZAAA.NEO is CLO. Their fees differ too: 0.39% for ZDV.TO and 0.23% for ZAAA.NEO.
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