ZLD.TO vs. ZDV.TO
ZLD.TO (BMO Low Volatility International Equity Hedged to CAD ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZLD.TO is a Foreign Large Cap Equities fund managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZLD.TO returned 6.30%/yr vs 12.20%/yr for ZDV.TO. At a 0.44 correlation, their price movements are largely independent. ZLD.TO charges 0.40%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZLD.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLD.TO achieves a 2.40% return, which is significantly lower than ZDV.TO's 19.50% return. Over the past 10 years, ZLD.TO has underperformed ZDV.TO with an annualized return of 6.30%, while ZDV.TO has yielded a comparatively higher 12.20% annualized return.
ZLD.TO
- 1D
- -0.20%
- 1M
- 1.10%
- YTD
- 2.40%
- 6M
- 2.20%
- 1Y
- 2.90%
- 3Y*
- 8.86%
- 5Y*
- 6.03%
- 10Y*
- 6.30%
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%
ZLD.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.40% | 9.63% | 11.11% | 11.37% | -6.68% | 12.56% | -5.85% | 17.60% | 0.60% | 12.86% |
ZDV.TO BMO Canadian Dividend ETF | 19.50% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 7.46% |
Correlation
The correlation between ZLD.TO and ZDV.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.44 |
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Return for Risk
ZLD.TO vs. ZDV.TO — Risk / Return Rank
ZLD.TO
ZDV.TO
ZLD.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.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.
| ZLD.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.35 | ||
| Sortino ratioReturn per unit of downside risk | -5.83 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.92 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 7.49 | -7.08 |
| Martin ratioReturn relative to average drawdown | 0.89 | 38.44 | -37.56 |
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Drawdowns
ZLD.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZLD.TO drawdown since its inception was -28.97%, smaller than the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZLD.TO and ZDV.TO.
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Drawdown Indicators
| ZLD.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.97% | -43.20% | +14.23% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -5.42% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -7.47% | -9.04% | +1.57% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | -16.61% | +1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -28.97% | -43.20% | +14.23% |
Current DrawdownCurrent decline from peak | -4.89% | -0.97% | -3.92% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -4.92% | +1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 1.05% | +2.22% |
Volatility
ZLD.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Low Volatility International Equity Hedged to CAD ETF (ZLD.TO) is 1.67%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.81%. This indicates that ZLD.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
| ZLD.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 2.81% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.28% | 7.29% | -1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.33% | 8.65% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.98% | 10.59% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.85% | 14.93% | -2.08% |
ZLD.TO vs. ZDV.TO - Expense Ratio Comparison
ZLD.TO has a 0.40% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.
Dividends
ZLD.TO vs. ZDV.TO - Dividend Comparison
ZLD.TO's dividend yield for the trailing twelve months is around 2.26%, less 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% |
ZLD.TO BMO Low Volatility International Equity Hedged to CAD ETF | 2.26% | 2.29% | 2.45% | 2.66% | 2.62% | 2.31% | 2.62% | 2.17% | 2.36% | 2.23% | 1.96% | 0.00% |
Frequently Asked Questions
ZLD.TO and ZDV.TO have a correlation of 0.35, 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 0.40% for ZLD.TO.
ZLD.TO is categorized as Foreign Large Cap Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.40% for ZLD.TO and 0.39% for ZDV.TO.
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