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

ZEO.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZEO.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZEO.TO returned 10.67%/yr vs 10.97%/yr for ZDV.TO. A 0.67 correlation means they provide meaningful diversification when combined. ZEO.TO charges 0.60%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZEO.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and BMO Canadian Dividend ETF (ZDV.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, ZEO.TO achieves a 37.72% return, which is significantly higher than ZDV.TO's 18.56% return. Both investments have delivered pretty close results over the past 10 years, with ZEO.TO having a 10.67% annualized return and ZDV.TO not far ahead at 10.97%.

ZEO.TO

1D
0.65%
1M
2.51%
YTD
37.72%
6M
32.21%
1Y
50.73%
3Y*
27.08%
5Y*
25.42%
10Y*
10.67%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		37.72%12.35%21.51%5.98%39.67%63.65%-28.56%16.50%-25.62%-12.74%
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 ZEO.TO and ZDV.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.48

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

0.57

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

0.63

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.67

Over the past year, the correlation between ZEO.TO and ZDV.TO has dropped to 0.34 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

ZEO.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
ZEO.TO
ZDV.TO

Energy

100.0%
27.2%

Basic Materials

-

10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

-

10.1%

Energy

ZEO.TO
100.0%
ZDV.TO
27.2%

Basic Materials

ZEO.TO

-

ZDV.TO
10.6%

Communication Services

ZEO.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZEO.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZEO.TO

-

ZDV.TO
2.2%

Financial Services

ZEO.TO

-

ZDV.TO
35.2%

Healthcare

ZEO.TO

-

ZDV.TO
0.9%

Industrials

ZEO.TO

-

ZDV.TO
2.7%

Real Estate

ZEO.TO

-

ZDV.TO
4.1%

Technology

ZEO.TO

-

ZDV.TO

-

Utilities

ZEO.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

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

BMO Equal Weight Oil & Gas Index ETF

BMO Canadian Dividend ETF

Often compared with ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. ENCC.TOZEO.TO vs. XLEZEO.TO vs. ZWEN.TOZEO.TO vs. VFV.TOZEO.TO vs. HXT.TO
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

Return for Risk

ZEO.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZEO.TO
ZEO.TO Risk / Return Rank: 8686
Overall Rank
ZEO.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8484
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
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.

ZEO.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

ZEO.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
3.02
2.95

+0.07

Sortino ratioReturn per unit of downside risk
3.86
3.40

+0.46

Omega ratioGain probability vs. loss probability

1.52

1.66

-0.14

Calmar ratioReturn relative to maximum drawdown

5.34

4.69

+0.65

Martin ratioReturn relative to average drawdown

17.25

18.24

-1.00

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

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

The current ZEO.TO Sharpe Ratio is 3.02, which is comparable to the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZEO.TO and ZDV.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

ZEO.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.02

2.95

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.21

1.26

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.73

-0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.68

-0.68

Drawdowns

ZEO.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZEO.TO drawdown since its inception was -77.71%, which is greater than ZDV.TO's maximum drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and ZDV.TO.

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Drawdown Indicators

ZEO.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-77.71%

-43.21%

-34.50%

Max Drawdown (1Y)

Largest decline over 1 year

-9.54%

-6.65%

-2.89%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-9.04%

-8.58%

Max Drawdown (5Y)

Largest decline over 5 years

-22.59%

-16.72%

-5.87%

Max Drawdown (10Y)

Largest decline over 10 years

-72.03%

-43.21%

-28.82%

Current Drawdown

Current decline from peak

-2.93%

-0.22%

-2.71%

Average Drawdown

Average peak-to-trough decline

-21.98%

-5.12%

-16.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.95%

1.71%

+1.24%

Volatility

ZEO.TO vs. ZDV.TO - Volatility Comparison

BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a higher volatility of 6.99% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZEO.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

ZEO.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.99%

2.49%

+4.50%

Volatility (6M)

Calculated over the trailing 6-month period

14.57%

9.69%

+4.88%

Volatility (1Y)

Calculated over the trailing 1-year period

16.92%

10.57%

+6.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

10.94%

+10.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.27%

15.11%

+12.16%

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

ZEO.TO has a 0.60% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

ZEO.TO vs. ZDV.TO - Dividend Comparison

ZEO.TO's dividend yield for the trailing twelve months is around 2.59%, less than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.59%3.42%3.86%4.82%4.69%3.27%5.54%3.55%3.57%2.46%2.50%4.09%

Frequently Asked Questions

ZEO.TO and ZDV.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for ZEO.TO.

ZEO.TO is categorized as Energy Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.60% for ZEO.TO and 0.39% for ZDV.TO.

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