ZHP.TO vs. ZDV.TO
ZHP.TO (BMO US Preferred Share Hedged to CAD Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZHP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Over the past 5 years, ZHP.TO returned -2.52%/yr vs 15.82%/yr for ZDV.TO. At a 0.23 correlation, their price movements are largely independent.
Performance
ZHP.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZHP.TO achieves a -1.05% return, which is significantly lower than ZDV.TO's 19.50% return.
ZHP.TO
- 1D
- 0.00%
- 1M
- -1.54%
- YTD
- -1.05%
- 6M
- -0.94%
- 1Y
- 1.75%
- 3Y*
- 4.74%
- 5Y*
- -2.52%
- 10Y*
- —
ZDV.TO
- 1D
- -0.09%
- 1M
- 1.72%
- YTD
- 19.50%
- 6M
- 19.28%
- 1Y
- 40.41%
- 3Y*
- 23.52%
- 5Y*
- 15.82%
- 10Y*
- 12.20%
ZHP.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | -1.05% | -1.34% | 7.03% | 4.43% | -19.49% | 4.62% | 7.83% | 13.82% | -5.84% | 4.23% |
ZDV.TO BMO Canadian Dividend ETF | 19.50% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 4.74% |
Correlation
The correlation between ZHP.TO and ZDV.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017 | 0.23 |
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Return for Risk
ZHP.TO vs. ZDV.TO — Risk / Return Rank
ZHP.TO
ZDV.TO
ZHP.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Hedged to CAD Index ETF (ZHP.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.
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.
| ZHP.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.43 | ||
| Sortino ratioReturn per unit of downside risk | -5.95 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.92 | -0.87 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 7.49 | -7.21 |
| Martin ratioReturn relative to average drawdown | 0.55 | 38.44 | -37.89 |
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Drawdowns
ZHP.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZHP.TO drawdown since its inception was -41.53%, roughly equal to the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZHP.TO and ZDV.TO.
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Drawdown Indicators
| ZHP.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -43.20% | +1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.26% | -5.42% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -11.80% | -9.04% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -30.45% | -16.61% | -13.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.20% | — |
Current DrawdownCurrent decline from peak | -13.56% | -0.97% | -12.59% |
Average DrawdownAverage peak-to-trough decline | -8.65% | -4.92% | -3.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 1.05% | +2.15% |
Volatility
ZHP.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO US Preferred Share Hedged to CAD Index ETF (ZHP.TO) is 2.04%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.81%. This indicates that ZHP.TO experiences smaller price fluctuations and is considered to be less risky 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
| ZHP.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 2.81% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.94% | 7.29% | -2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.69% | 8.65% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 10.59% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 14.93% | +1.01% |
Dividends
ZHP.TO vs. ZDV.TO - Dividend Comparison
ZHP.TO's dividend yield for the trailing twelve months is around 6.22%, more than ZDV.TO's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.69% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
ZHP.TO BMO US Preferred Share Hedged to CAD Index ETF | 6.22% | 6.46% | 6.29% | 7.14% | 6.93% | 5.41% | 5.61% | 5.39% | 5.61% | 4.60% | 0.00% | 0.00% |
Frequently Asked Questions
ZHP.TO and ZDV.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZHP.TO is categorized as Preferred Stock/Convertible Bonds, while ZDV.TO is Canada Equities.
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