ZEB.TO vs. ZDV.TO
ZEB.TO (BMO Equal Weight Banks Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZEB.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZEB.TO returned 15.82%/yr vs 10.97%/yr for ZDV.TO. A 0.76 correlation means they provide meaningful diversification when combined. ZEB.TO charges 0.25%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZEB.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZEB.TO having a 19.22% return and ZDV.TO slightly lower at 18.56%. Over the past 10 years, ZEB.TO has outperformed ZDV.TO with an annualized return of 15.82%, while ZDV.TO has yielded a comparatively lower 10.97% annualized return.
ZEB.TO
- 1D
- -0.43%
- 1M
- 5.51%
- YTD
- 19.22%
- 6M
- 24.72%
- 1Y
- 60.22%
- 3Y*
- 32.73%
- 5Y*
- 18.18%
- 10Y*
- 15.82%
ZDV.TO
- 1D
- -0.22%
- 1M
- 4.61%
- YTD
- 18.56%
- 6M
- 13.14%
- 1Y
- 31.08%
- 3Y*
- 20.39%
- 5Y*
- 13.72%
- 10Y*
- 10.97%
ZEB.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 19.22% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
ZDV.TO BMO Canadian Dividend ETF | 18.56% | 20.17% | 16.52% | 7.83% | -1.93% | 28.40% | -3.84% | 22.34% | -10.95% | 7.38% |
Correlation
The correlation between ZEB.TO and ZDV.TO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.76 |
The correlation between ZEB.TO and ZDV.TO shifts across timeframes, from 0.67 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.
ZEB.TO vs. ZDV.TO - Sectors Allocation Comparison
Sectors
ZEB.TO
ZDV.TO
Financial Services
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Healthcare
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Industrials
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Real Estate
-
Technology
-
-
Utilities
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Financial Services
ZEB.TO
ZDV.TO
Basic Materials
ZEB.TO
-
ZDV.TO
Communication Services
ZEB.TO
-
ZDV.TO
Consumer Cyclical
ZEB.TO
-
ZDV.TO
Consumer Defensive
ZEB.TO
-
ZDV.TO
Energy
ZEB.TO
-
ZDV.TO
Healthcare
ZEB.TO
-
ZDV.TO
Industrials
ZEB.TO
-
ZDV.TO
Real Estate
ZEB.TO
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ZDV.TO
Technology
ZEB.TO
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ZDV.TO
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Utilities
ZEB.TO
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ZDV.TO
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Return for Risk
ZEB.TO vs. ZDV.TO — Risk / Return Rank
ZEB.TO
ZDV.TO
ZEB.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.TO) and BMO Canadian Dividend ETF (ZDV.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.
| ZEB.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.66 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 7.17 | 4.69 | +2.48 |
| Martin ratioReturn relative to average drawdown | 30.84 | 18.24 | +12.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZEB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.79 | 2.95 | +1.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.35 | 1.26 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.94 | 0.73 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.68 | +0.20 |
Drawdowns
ZEB.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and ZDV.TO.
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Drawdown Indicators
| ZEB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -43.21% | +3.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -6.65% | -1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | -9.04% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | -16.72% | -9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -43.21% | +3.52% |
Current DrawdownCurrent decline from peak | -2.00% | -0.22% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -5.12% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.71% | +0.25% |
Volatility
ZEB.TO vs. ZDV.TO - Volatility Comparison
BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.89% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZEB.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 2.49% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 11.14% | 9.69% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 10.57% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 10.94% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 15.11% | +1.80% |
ZEB.TO vs. ZDV.TO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZEB.TO vs. ZDV.TO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.54%, less than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.68% | 3.07% | 3.57% | 4.10% | 4.10% | 3.63% | 4.48% | 4.11% | 5.06% | 3.96% | 3.84% | 4.63% |
ZEB.TO BMO Equal Weight Banks Index ETF | 2.54% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
Frequently Asked Questions
ZEB.TO and ZDV.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.39% for ZDV.TO.
ZEB.TO is categorized as Financials Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.25% for ZEB.TO and 0.39% for ZDV.TO.
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