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

ZDV.TO vs. ZWC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Canadian Dividend ETF (ZDV.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO).

ZDV.TO and ZWC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDV.TO is an actively managed fund by BMO. It was launched on Oct 21, 2011. ZWC.TO is an actively managed fund by BMO. It was launched on Feb 3, 2017.

Performance

ZDV.TO vs. ZWC.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 CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZDV.TO
BMO Canadian Dividend ETF		10.62%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%5.20%
ZWC.TO
BMO CA High Dividend Covered Call ETF		6.38%22.79%12.00%7.54%-3.54%25.39%-6.92%17.32%-10.05%7.34%

Returns By Period

In the year-to-date period, ZDV.TO achieves a 10.62% return, which is significantly higher than ZWC.TO's 6.38% return.

ZDV.TO

1D
1.59%
1M
-1.16%
YTD
10.62%
6M
9.99%
1Y
27.72%
3Y*
17.29%
5Y*
13.61%
10Y*
10.77%

ZWC.TO

1D
1.51%
1M
-1.96%
YTD
6.38%
6M
12.84%
1Y
27.26%
3Y*
15.07%
5Y*
11.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Canadian Dividend ETF

BMO CA High Dividend Covered Call ETF

Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. XDV.TOZDV.TO vs. ZCN.TOZDV.TO vs. ZDY.TOZDV.TO vs. VCN.TO
Often compared with ZWC.TO:
ZWC.TO vs. ZWB.TOZWC.TO vs. VDY.TOZWC.TO vs. HDIV.TOZWC.TO vs. XEI.TOZWC.TO vs. ZWH.TOZWC.TO vs. HMAX.TOZWC.TO vs. ZLB.TO

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

ZDV.TO has a 0.39% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

ZWC.TO
BMO CA High Dividend Covered Call ETF
ZDV.TO
BMO Canadian Dividend ETF

Return for Risk

ZDV.TO vs. ZWC.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: 9494
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 9393
Martin Ratio Rank
ZWC.TO
ZWC.TO Risk / Return Rank: 9696
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9696
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. ZWC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.TO) and BMO CA High Dividend Covered Call ETF (ZWC.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.TOZWC.TODifference

Sharpe ratio

Return per unit of total volatility

2.25

2.70

-0.45

Sortino ratio

Return per unit of downside risk

2.61

3.45

-0.84

Omega ratio

Gain probability vs. loss probability

1.52

1.58

-0.06

Calmar ratio

Return relative to maximum drawdown

3.19

3.15

+0.04

Martin ratio

Return relative to average drawdown

13.36

16.47

-3.11

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. ZWC.TO - Sharpe Ratio Comparison

The current ZDV.TO Sharpe Ratio is 2.25, which is comparable to the ZWC.TO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ZDV.TO and ZWC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZDV.TOZWC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

2.70

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

1.16

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.72

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.53

+0.12

Correlation

The correlation between ZDV.TO and ZWC.TO is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZDV.TO vs. ZWC.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.83%, less than ZWC.TO's 5.72% yield.

TTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.83%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.72%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%0.00%0.00%

Drawdowns

ZDV.TO vs. ZWC.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, which is greater than ZWC.TO's maximum drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and ZWC.TO.

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Drawdown Indicators

ZDV.TOZWC.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.21%

-40.57%

-2.64%

Max Drawdown (1Y)

Largest decline over 1 year

-9.04%

-8.93%

-0.11%

Max Drawdown (5Y)

Largest decline over 5 years

-16.72%

-16.43%

-0.29%

Max Drawdown (10Y)

Largest decline over 10 years

-43.21%

—

—

Current Drawdown

Current decline from peak

-1.71%

-2.63%

+0.92%

Average Drawdown

Average peak-to-trough decline

-5.18%

-4.76%

-0.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

1.71%

+0.45%

Volatility

ZDV.TO vs. ZWC.TO - Volatility Comparison

BMO Canadian Dividend ETF (ZDV.TO) has a higher volatility of 4.14% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 3.93%. This indicates that ZDV.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.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.TOZWC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

3.93%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

9.73%

6.60%

+3.13%

Volatility (1Y)

Calculated over the trailing 1-year period

12.39%

10.17%

+2.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.90%

10.09%

+0.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

15.04%

+0.07%