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ZDY.TO vs. XHD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZDY.TO vs. XHD.TO

Last updated Jun 4, 2026

ZDY.TO (BMO US Dividend ETF (CAD)) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both exchange-traded funds - ZDY.TO is a Dividend fund actively managed by BMO, while XHD.TO is a Large Cap Blend Equities fund tracking the Morningstar US Market TR CAD. ZDY.TO is actively managed, while XHD.TO is passively managed. Over the past 10 years, ZDY.TO returned 11.07%/yr vs 6.22%/yr for XHD.TO. A 0.59 correlation means they provide meaningful diversification when combined. ZDY.TO charges 0.30%/yr vs 0.33%/yr for XHD.TO.

Performance

ZDY.TO vs. XHD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Dividend ETF (CAD) (ZDY.TO) and iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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, ZDY.TO achieves a 18.13% return, which is significantly higher than XHD.TO's 11.94% return. Over the past 10 years, ZDY.TO has outperformed XHD.TO with an annualized return of 11.07%, while XHD.TO has yielded a comparatively lower 6.22% annualized return.

ZDY.TO

1D
-0.12%
1M
9.13%
YTD
18.13%
6M
10.45%
1Y
26.90%
3Y*
18.28%
5Y*
13.55%
10Y*
11.07%

XHD.TO

1D
0.83%
1M
0.69%
YTD
11.94%
6M
5.51%
1Y
11.69%
3Y*
9.73%
5Y*
6.55%
10Y*
6.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZDY.TO vs. XHD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZDY.TO
BMO US Dividend ETF (CAD)		18.13%4.45%26.22%4.58%1.64%22.92%-5.18%16.96%3.22%6.74%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		11.94%3.92%9.50%-0.07%4.22%17.88%-9.51%17.96%-5.62%11.73%

Correlation

The correlation between ZDY.TO and XHD.TO is 0.53, 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

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2013

0.59

The correlation between ZDY.TO and XHD.TO shifts across timeframes, from 0.53 (1 year) to 0.64 (10 years), reflecting how their relationship changes across market environments.

ZDY.TO vs. XHD.TO - Sectors Allocation Comparison

Sectors
ZDY.TO
XHD.TO

Technology

29.0%
8.2%

Healthcare

11.9%
16.5%

Energy

9.8%
22.3%

Consumer Defensive

9.5%
24.1%

Financial Services

9.5%
11.1%

Communication Services

6.9%
0.1%

Utilities

6.4%
9.2%

Real Estate

5.6%

-

Consumer Cyclical

5.4%
6.1%

Industrials

4.4%
1.4%

Basic Materials

1.6%
1.2%

Technology

ZDY.TO
29.0%
XHD.TO
8.2%

Healthcare

ZDY.TO
11.9%
XHD.TO
16.5%

Energy

ZDY.TO
9.8%
XHD.TO
22.3%

Consumer Defensive

ZDY.TO
9.5%
XHD.TO
24.1%

Financial Services

ZDY.TO
9.5%
XHD.TO
11.1%

Communication Services

ZDY.TO
6.9%
XHD.TO
0.1%

Utilities

ZDY.TO
6.4%
XHD.TO
9.2%

Real Estate

ZDY.TO
5.6%
XHD.TO

-

Consumer Cyclical

ZDY.TO
5.4%
XHD.TO
6.1%

Industrials

ZDY.TO
4.4%
XHD.TO
1.4%

Basic Materials

ZDY.TO
1.6%
XHD.TO
1.2%

Compare stocks, funds, or ETFs

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BMO US Dividend ETF (CAD)

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

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Often compared with XHD.TO:
XHD.TO vs. SCHDXHD.TO vs. XDIV.TOXHD.TO vs. VDY.TOXHD.TO vs. XEQT.TOXHD.TO vs. XDGH.TOXHD.TO vs. XDU.TOXHD.TO vs. HDIVX

Return for Risk

ZDY.TO vs. XHD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDY.TO
ZDY.TO Risk / Return Rank: 7171
Overall Rank
ZDY.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZDY.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZDY.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZDY.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
ZDY.TO Martin Ratio Rank: 7373
Martin Ratio Rank
XHD.TO
XHD.TO Risk / Return Rank: 3030
Overall Rank
XHD.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 3333
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.

ZDY.TO vs. XHD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Dividend ETF (CAD) (ZDY.TO) and iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.

ZDY.TOXHD.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
1.04

+1.24

Sortino ratioReturn per unit of downside risk
2.97
1.45

+1.52

Omega ratioGain probability vs. loss probability

1.44

1.20

+0.24

Calmar ratioReturn relative to maximum drawdown

3.98

1.80

+2.18

Martin ratioReturn relative to average drawdown

13.78

5.11

+8.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDY.TO vs. XHD.TO - Sharpe Ratio Comparison

The current ZDY.TO Sharpe Ratio is 2.28, which is higher than the XHD.TO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of ZDY.TO and XHD.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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Sharpe Ratios by Period

ZDY.TOXHD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

1.04

+1.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

0.51

+0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.40

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.95

0.53

+0.43

Drawdowns

ZDY.TO vs. XHD.TO - Drawdown Comparison

The maximum ZDY.TO drawdown since its inception was -33.01%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for ZDY.TO and XHD.TO.

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Drawdown Indicators

ZDY.TOXHD.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.01%

-38.71%

+5.70%

Max Drawdown (1Y)

Largest decline over 1 year

-6.78%

-6.51%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-15.32%

-12.75%

-2.57%

Max Drawdown (5Y)

Largest decline over 5 years

-15.32%

-16.38%

+1.06%

Max Drawdown (10Y)

Largest decline over 10 years

-33.01%

-38.71%

+5.70%

Current Drawdown

Current decline from peak

-0.19%

-2.45%

+2.26%

Average Drawdown

Average peak-to-trough decline

-3.30%

-3.93%

+0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

2.29%

-0.33%

Volatility

ZDY.TO vs. XHD.TO - Volatility Comparison

BMO US Dividend ETF (CAD) (ZDY.TO) has a higher volatility of 4.73% compared to iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) at 3.78%. This indicates that ZDY.TO's price experiences larger fluctuations and is considered to be riskier than XHD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDY.TOXHD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

3.78%

+0.95%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

9.40%

+0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

11.85%

11.28%

+0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.17%

13.03%

-0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.18%

15.53%

-0.35%

ZDY.TO vs. XHD.TO - Expense Ratio Comparison

ZDY.TO has a 0.30% expense ratio, which is lower than XHD.TO's 0.33% expense ratio.

Dividends

ZDY.TO vs. XHD.TO - Dividend Comparison

ZDY.TO's dividend yield for the trailing twelve months is around 1.46%, less than XHD.TO's 2.38% yield.

PositionTTM20252024202320222021202020192018201720162015
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.38%2.61%2.99%3.09%2.69%2.81%3.44%2.46%2.81%2.36%2.48%3.00%
ZDY.TO
BMO US Dividend ETF (CAD)		1.46%1.72%1.97%2.43%2.48%2.33%3.65%3.02%2.80%2.63%2.46%2.54%

Frequently Asked Questions

ZDY.TO and XHD.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDY.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDY.TO is cheaper with a 0.30% expense ratio, compared with 0.33% for XHD.TO.

ZDY.TO is categorized as Dividend, while XHD.TO is Large Cap Blend Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.30% for ZDY.TO and 0.33% for XHD.TO.

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