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

ZDV.TO vs. ZUCM.TO

Last updated Jun 25, 2026

ZDV.TO (BMO Canadian Dividend ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while ZUCM.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past year, ZDV.TO returned 40.83% vs 8.00% for ZUCM.TO. At a correlation of -0.14, they often move in opposite directions. ZDV.TO charges 0.39%/yr vs 0.14%/yr for ZUCM.TO.

Performance

ZDV.TO vs. ZUCM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.TO) and BMO USD Cash Management ETF (ZUCM.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 19.41% return, which is significantly higher than ZUCM.TO's 5.52% 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%

ZUCM.TO

1D
0.22%
1M
3.33%
YTD
5.52%
6M
5.92%
1Y
8.00%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZDV.TO
BMO Canadian Dividend ETF		19.41%28.82%16.83%8.97%
ZUCM.TO
BMO USD Cash Management ETF		5.52%-0.61%14.39%-1.38%

Correlation

The correlation between ZDV.TO and ZUCM.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.12

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2023

-0.14

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Canadian Dividend ETF

BMO USD Cash Management 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 ZUCM.TO:
ZUCM.TO vs. CASH.TOZUCM.TO vs. HISU-U.TOZUCM.TO vs. PSU-U.TOZUCM.TO vs. HSUV-U.TOZUCM.TO vs. ZMMK.TOZUCM.TO vs. MNY.TOZUCM.TO vs. CMR.TO

Return for Risk

ZDV.TO vs. ZUCM.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: 9797
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZUCM.TO
ZUCM.TO Risk / Return Rank: 5757
Overall Rank
ZUCM.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
ZUCM.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZUCM.TO Omega Ratio Rank: 6565
Omega Ratio Rank
ZUCM.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZUCM.TO Martin Ratio Rank: 4141
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. ZUCM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and BMO USD Cash Management ETF (ZUCM.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.TOZUCM.TODifference
Sharpe ratioReturn per unit of total volatility
4.73
1.83

+2.91

Sortino ratioReturn per unit of downside risk
6.41
2.52

+3.89

Omega ratioGain probability vs. loss probability

1.92

1.34

+0.58

Calmar ratioReturn relative to maximum drawdown

7.57

2.18

+5.39

Martin ratioReturn relative to average drawdown

39.03

5.82

+33.21

ZDV.TO vs. ZUCM.TO - Sharpe Ratio Comparison

The current ZDV.TO Sharpe Ratio is 4.73, which is higher than the ZUCM.TO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of ZDV.TO and ZUCM.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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Drawdowns

ZDV.TO vs. ZUCM.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.20%, which is greater than ZUCM.TO's maximum drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and ZUCM.TO.

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Drawdown Indicators

ZDV.TOZUCM.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.20%

-5.81%

-37.39%

Max Drawdown (1Y)

Largest decline over 1 year

-5.42%

-3.69%

-1.73%

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 Drawdown

Current decline from peak

-1.04%

0.00%

-1.04%

Average Drawdown

Average peak-to-trough decline

-4.92%

-1.68%

-3.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

1.38%

-0.33%

Volatility

ZDV.TO vs. ZUCM.TO - Volatility Comparison

BMO Canadian Dividend ETF (ZDV.TO) has a higher volatility of 2.90% compared to BMO USD Cash Management ETF (ZUCM.TO) at 1.08%. This indicates that ZDV.TO's price experiences larger fluctuations and is considered to be riskier than ZUCM.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.TOZUCM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

1.08%

+1.82%

Volatility (6M)

Calculated over the trailing 6-month period

7.28%

3.15%

+4.13%

Volatility (1Y)

Calculated over the trailing 1-year period

8.67%

4.41%

+4.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.59%

5.32%

+5.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.95%

5.32%

+9.63%

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

ZDV.TO has a 0.39% expense ratio, which is higher than ZUCM.TO's 0.14% expense ratio.

Dividends

ZDV.TO vs. ZUCM.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.67%, less than ZUCM.TO's 3.71% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZUCM.TO
BMO USD Cash Management ETF		3.71%4.19%4.88%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZDV.TO and ZUCM.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUCM.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.39% for ZDV.TO.

ZDV.TO is categorized as Canada Equities, while ZUCM.TO is Money Market. Their fees differ too: 0.39% for ZDV.TO and 0.14% for ZUCM.TO.

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