PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZMI.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMI.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZMI.TO (BMO Monthly Income ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZMI.TO returned 6.57%/yr vs 10.97%/yr for ZDV.TO. A 0.69 correlation means they provide meaningful diversification when combined. ZMI.TO charges 0.18%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZMI.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Monthly Income ETF (ZMI.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZMI.TO achieves a 9.05% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZMI.TO has underperformed ZDV.TO with an annualized return of 6.57%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZMI.TO

1D
0.00%
1M
4.38%
YTD
9.05%
6M
5.77%
1Y
15.92%
3Y*
12.30%
5Y*
7.74%
10Y*
6.57%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZMI.TO
BMO Monthly Income ETF		9.05%7.88%13.43%9.00%-5.89%11.25%2.40%13.37%-2.52%4.84%
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 ZMI.TO and ZDV.TO is 0.66, 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

0.66

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

0.70

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

0.69

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

0.70

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

0.69

The correlation between ZMI.TO and ZDV.TO has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

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

Sectors
ZMI.TO
ZDV.TO

Financial Services

20.1%
35.2%

Technology

16.4%

-

Energy

13.4%
27.2%

Healthcare

9.8%
0.9%

Communication Services

7.4%
5.7%

Consumer Defensive

7.3%
2.2%

Industrials

6.0%
2.7%

Utilities

5.8%
10.1%

Consumer Cyclical

5.4%
1.4%

Basic Materials

5.3%
10.6%

Real Estate

3.1%
4.1%

Financial Services

ZMI.TO
20.1%
ZDV.TO
35.2%

Technology

ZMI.TO
16.4%
ZDV.TO

-

Energy

ZMI.TO
13.4%
ZDV.TO
27.2%

Healthcare

ZMI.TO
9.8%
ZDV.TO
0.9%

Communication Services

ZMI.TO
7.4%
ZDV.TO
5.7%

Consumer Defensive

ZMI.TO
7.3%
ZDV.TO
2.2%

Industrials

ZMI.TO
6.0%
ZDV.TO
2.7%

Utilities

ZMI.TO
5.8%
ZDV.TO
10.1%

Consumer Cyclical

ZMI.TO
5.4%
ZDV.TO
1.4%

Basic Materials

ZMI.TO
5.3%
ZDV.TO
10.6%

Real Estate

ZMI.TO
3.1%
ZDV.TO
4.1%

Compare stocks, funds, or ETFs

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

BMO Monthly Income ETF

BMO Canadian Dividend ETF

Often compared with ZMI.TO:
ZMI.TO vs. XTR.TOZMI.TO vs. VRIF.TOZMI.TO vs. XDIV.TOZMI.TO vs. VDY.TOZMI.TO vs. VBAL.TOZMI.TO vs. ZBAL.TOZMI.TO vs. XEI.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMI.TO
ZMI.TO Risk / Return Rank: 6767
Overall Rank
ZMI.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 7777
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6161
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.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.

ZMI.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.25
2.95

-0.70

Sortino ratioReturn per unit of downside risk
2.96
3.40

-0.43

Omega ratioGain probability vs. loss probability

1.47

1.66

-0.19

Calmar ratioReturn relative to maximum drawdown

3.36

4.69

-1.33

Martin ratioReturn relative to average drawdown

10.99

18.24

-7.26

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

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

The current ZMI.TO Sharpe Ratio is 2.25, which is comparable to the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZMI.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.

Loading charts...

Sharpe Ratios by Period

ZMI.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

2.95

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

1.26

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.73

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.68

+0.09

Drawdowns

ZMI.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.65%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZDV.TO.

Loading charts...

Drawdown Indicators

ZMI.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.65%

-43.21%

+16.56%

Max Drawdown (1Y)

Largest decline over 1 year

-4.75%

-6.65%

+1.90%

Max Drawdown (3Y)

Largest decline over 3 years

-8.81%

-9.04%

+0.23%

Max Drawdown (5Y)

Largest decline over 5 years

-12.65%

-16.72%

+4.07%

Max Drawdown (10Y)

Largest decline over 10 years

-26.65%

-43.21%

+16.56%

Current Drawdown

Current decline from peak

-0.17%

-0.22%

+0.05%

Average Drawdown

Average peak-to-trough decline

-2.12%

-5.12%

+3.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

1.71%

-0.26%

Volatility

ZMI.TO vs. ZDV.TO - Volatility Comparison

The current volatility for BMO Monthly Income ETF (ZMI.TO) is 2.27%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZMI.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.

Loading charts...

Volatility by Period

ZMI.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.27%

2.49%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

5.80%

9.69%

-3.89%

Volatility (1Y)

Calculated over the trailing 1-year period

7.10%

10.57%

-3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.44%

10.94%

-3.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.87%

15.11%

-6.24%

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

ZMI.TO has a 0.18% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZMI.TO vs. ZDV.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 3.93%, more 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%
ZMI.TO
BMO Monthly Income ETF		3.93%4.54%4.68%4.94%4.49%3.71%4.21%4.24%4.58%4.06%3.89%3.89%

Frequently Asked Questions

ZMI.TO and ZDV.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.39% for ZDV.TO.

ZMI.TO is categorized as Diversified Portfolio, while ZDV.TO is Canada Equities. Their fees differ too: 0.18% for ZMI.TO and 0.39% for ZDV.TO.

Portfolio Optimizer

Find the right allocation for ZMI.TO and ZDV.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer