ZDV.TO vs. ZTIP.TO
ZDV.TO (BMO Canadian Dividend ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. ZDV.TO is actively managed, while ZTIP.TO is passively managed. Over the past 5 years, ZDV.TO returned 15.77%/yr vs 6.27%/yr for ZTIP.TO. At a correlation of -0.14, they often move in opposite directions. ZDV.TO charges 0.39%/yr vs 0.17%/yr for ZTIP.TO.
Performance
ZDV.TO vs. ZTIP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZDV.TO achieves a 19.41% return, which is significantly higher than ZTIP.TO's 5.25% return.
ZDV.TO
- 1D
- -0.95%
- 1M
- 0.52%
- YTD
- 19.41%
- 6M
- 19.32%
- 1Y
- 40.83%
- 3Y*
- 25.00%
- 5Y*
- 15.77%
- 10Y*
- 12.31%
ZTIP.TO
- 1D
- 0.27%
- 1M
- 2.87%
- YTD
- 5.25%
- 6M
- 5.58%
- 1Y
- 7.50%
- 3Y*
- 7.76%
- 5Y*
- 6.27%
- 10Y*
- —
ZDV.TO vs. ZTIP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 19.41% | 28.82% | 16.83% | 8.14% | -1.66% | 23.95% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 5.25% | 1.12% | 13.84% | 1.93% | 3.96% | 4.47% |
Correlation
The correlation between ZDV.TO and ZTIP.TO is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021 | -0.14 |
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Return for Risk
ZDV.TO vs. ZTIP.TO — Risk / Return Rank
ZDV.TO
ZTIP.TO
ZDV.TO vs. ZTIP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and BMO Short-Term US TIPS Index ETF (ZTIP.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 | ZTIP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.08 | ||
| Sortino ratioReturn per unit of downside risk | +4.11 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 1.38 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 7.57 | 2.00 | +5.57 |
| Martin ratioReturn relative to average drawdown | 39.03 | 5.36 | +33.67 |
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Drawdowns
ZDV.TO vs. ZTIP.TO - Drawdown Comparison
The maximum ZDV.TO drawdown since its inception was -43.20%, which is greater than ZTIP.TO's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and ZTIP.TO.
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Drawdown Indicators
| ZDV.TO | ZTIP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.20% | -5.60% | -37.60% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -3.78% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -9.04% | -5.60% | -3.44% |
Max Drawdown (5Y)Largest decline over 5 years | -16.61% | -5.60% | -11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -43.20% | — | — |
Current DrawdownCurrent decline from peak | -1.04% | 0.00% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -4.92% | -1.52% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.40% | -0.35% |
Volatility
ZDV.TO vs. ZTIP.TO - Volatility Comparison
BMO Canadian Dividend ETF (ZDV.TO) has a higher volatility of 2.90% compared to BMO Short-Term US TIPS Index ETF (ZTIP.TO) at 1.04%. This indicates that ZDV.TO's price experiences larger fluctuations and is considered to be riskier than ZTIP.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.TO | ZTIP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 1.04% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 7.28% | 3.08% | +4.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.67% | 4.58% | +4.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.59% | 6.34% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.95% | 6.26% | +8.69% |
ZDV.TO vs. ZTIP.TO - Expense Ratio Comparison
ZDV.TO has a 0.39% expense ratio, which is higher than ZTIP.TO's 0.17% expense ratio.
Dividends
ZDV.TO vs. ZTIP.TO - Dividend Comparison
ZDV.TO's dividend yield for the trailing twelve months is around 2.67%, less than ZTIP.TO's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.67% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.37% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZDV.TO and ZTIP.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZTIP.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZTIP.TO is cheaper with a 0.17% expense ratio, compared with 0.39% for ZDV.TO.
ZDV.TO is categorized as Canada Equities, while ZTIP.TO is Inflation-Protected Bonds. Their fees differ too: 0.39% for ZDV.TO and 0.17% for ZTIP.TO.
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