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

ZJPN.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZJPN.TO (BMO Japan Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZJPN.TO is a Japan Equities fund tracking the Solactive GBS Japan Large & Mid Cap Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZJPN.TO is passively managed, while ZDV.TO is actively managed. Over the past 3 years, ZJPN.TO returned 19.11%/yr vs 20.39%/yr for ZDV.TO. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.

Performance

ZJPN.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Japan Index ETF (ZJPN.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, ZJPN.TO achieves a 16.83% return, which is significantly lower than ZDV.TO's 18.56% return.

ZJPN.TO

1D
0.94%
1M
8.50%
YTD
16.83%
6M
16.80%
1Y
31.72%
3Y*
19.11%
5Y*
—
10Y*
—

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)

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

2026 (YTD)2025202420232022
ZJPN.TO
BMO Japan Index ETF		16.83%19.62%16.50%16.10%-2.46%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-3.04%

Correlation

The correlation between ZJPN.TO and ZDV.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.40

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2022

0.37

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

Sectors
ZJPN.TO
ZDV.TO

Industrials

26.2%
2.7%

Technology

17.6%

-

Financial Services

15.9%
35.2%

Consumer Cyclical

12.7%
1.4%

Communication Services

8.6%
5.7%

Healthcare

6.1%
0.9%

Consumer Defensive

3.9%
2.2%

Basic Materials

3.6%
10.6%

Real Estate

3.2%
4.1%

Utilities

1.3%
10.1%

Energy

0.9%
27.2%

Industrials

ZJPN.TO
26.2%
ZDV.TO
2.7%

Technology

ZJPN.TO
17.6%
ZDV.TO

-

Financial Services

ZJPN.TO
15.9%
ZDV.TO
35.2%

Consumer Cyclical

ZJPN.TO
12.7%
ZDV.TO
1.4%

Communication Services

ZJPN.TO
8.6%
ZDV.TO
5.7%

Healthcare

ZJPN.TO
6.1%
ZDV.TO
0.9%

Consumer Defensive

ZJPN.TO
3.9%
ZDV.TO
2.2%

Basic Materials

ZJPN.TO
3.6%
ZDV.TO
10.6%

Real Estate

ZJPN.TO
3.2%
ZDV.TO
4.1%

Utilities

ZJPN.TO
1.3%
ZDV.TO
10.1%

Energy

ZJPN.TO
0.9%
ZDV.TO
27.2%

Compare stocks, funds, or ETFs

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

BMO Japan Index ETF

BMO Canadian Dividend ETF

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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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZJPN.TO
ZJPN.TO Risk / Return Rank: 5050
Overall Rank
ZJPN.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZJPN.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZJPN.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZJPN.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZJPN.TO Martin Ratio Rank: 5252
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Japan Index ETF (ZJPN.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.

ZJPN.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.95

-1.28

Sortino ratioReturn per unit of downside risk
2.45
3.40

-0.95

Omega ratioGain probability vs. loss probability

1.31

1.66

-0.35

Calmar ratioReturn relative to maximum drawdown

2.51

4.69

-2.19

Martin ratioReturn relative to average drawdown

8.78

18.24

-9.47

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

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

The current ZJPN.TO Sharpe Ratio is 1.67, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZJPN.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

ZJPN.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.67

2.95

-1.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.26

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.73

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.68

+0.21

Drawdowns

ZJPN.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZJPN.TO drawdown since its inception was -17.03%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and ZDV.TO.

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Drawdown Indicators

ZJPN.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.03%

-43.21%

+26.18%

Max Drawdown (1Y)

Largest decline over 1 year

-12.72%

-6.65%

-6.07%

Max Drawdown (3Y)

Largest decline over 3 years

-14.45%

-9.04%

-5.41%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.72%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.21%

—

Current Drawdown

Current decline from peak

0.00%

-0.22%

+0.22%

Average Drawdown

Average peak-to-trough decline

-4.36%

-5.12%

+0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.63%

1.71%

+1.92%

Volatility

ZJPN.TO vs. ZDV.TO - Volatility Comparison

BMO Japan Index ETF (ZJPN.TO) has a higher volatility of 4.75% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZJPN.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

ZJPN.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.75%

2.49%

+2.26%

Volatility (6M)

Calculated over the trailing 6-month period

14.75%

9.69%

+5.06%

Volatility (1Y)

Calculated over the trailing 1-year period

19.10%

10.57%

+8.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.03%

10.94%

+6.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.03%

15.11%

+1.92%

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

Both ZJPN.TO and ZDV.TO have an expense ratio of 0.39%.

Dividends

ZJPN.TO vs. ZDV.TO - Dividend Comparison

ZJPN.TO's dividend yield for the trailing twelve months is around 1.18%, 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%
ZJPN.TO
BMO Japan Index ETF		1.18%1.45%1.79%2.05%1.97%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZJPN.TO and ZDV.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZJPN.TO and ZDV.TO have the same expense ratio: 0.39% per year.

ZJPN.TO is categorized as Japan Equities, while ZDV.TO is Canada Equities.

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