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

ZMT.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZMT.TO (BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZMT.TO is a Energy Equities fund tracking the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZMT.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZMT.TO returned 17.71%/yr vs 10.97%/yr for ZDV.TO. A 0.54 correlation means they provide meaningful diversification when combined. ZMT.TO charges 0.61%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZMT.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.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, ZMT.TO achieves a 39.44% return, which is significantly higher than ZDV.TO's 18.56% return. Over the past 10 years, ZMT.TO has outperformed ZDV.TO with an annualized return of 17.71%, while ZDV.TO has yielded a comparatively lower 10.97% annualized return.

ZMT.TO

1D
-3.52%
1M
16.19%
YTD
39.44%
6M
46.49%
1Y
109.69%
3Y*
42.46%
5Y*
20.69%
10Y*
17.71%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		39.44%63.17%15.30%14.54%-6.65%11.04%14.70%15.82%-34.17%37.76%
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 ZMT.TO and ZDV.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.43

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

0.52

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

0.52

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

0.54

The correlation between ZMT.TO and ZDV.TO shifts across timeframes, from 0.40 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZMT.TO
ZDV.TO

Basic Materials

89.9%
10.6%

Industrials

10.1%
2.7%

Energy

3.7%
27.2%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Real Estate

-

4.1%

Technology

-

-

Utilities

-

10.1%

Basic Materials

ZMT.TO
89.9%
ZDV.TO
10.6%

Industrials

ZMT.TO
10.1%
ZDV.TO
2.7%

Energy

ZMT.TO
3.7%
ZDV.TO
27.2%

Communication Services

ZMT.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZMT.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZMT.TO

-

ZDV.TO
2.2%

Financial Services

ZMT.TO

-

ZDV.TO
35.2%

Healthcare

ZMT.TO

-

ZDV.TO
0.9%

Real Estate

ZMT.TO

-

ZDV.TO
4.1%

Technology

ZMT.TO

-

ZDV.TO

-

Utilities

ZMT.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

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BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMT.TO
ZMT.TO Risk / Return Rank: 7878
Overall Rank
ZMT.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ZMT.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
ZMT.TO Omega Ratio Rank: 7373
Omega Ratio Rank
ZMT.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
ZMT.TO Martin Ratio Rank: 7676
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.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.

ZMT.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.84
2.95

-0.11

Sortino ratioReturn per unit of downside risk
3.23
3.40

-0.16

Omega ratioGain probability vs. loss probability

1.44

1.66

-0.22

Calmar ratioReturn relative to maximum drawdown

4.63

4.69

-0.06

Martin ratioReturn relative to average drawdown

14.58

18.24

-3.67

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

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

The current ZMT.TO Sharpe Ratio is 2.84, which is comparable to the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZMT.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

ZMT.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.84

2.95

-0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

1.26

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.73

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.68

-0.68

Drawdowns

ZMT.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -80.73%, 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 ZMT.TO and ZDV.TO.

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Drawdown Indicators

ZMT.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-80.73%

-43.21%

-37.52%

Max Drawdown (1Y)

Largest decline over 1 year

-23.81%

-6.65%

-17.16%

Max Drawdown (3Y)

Largest decline over 3 years

-33.28%

-9.04%

-24.24%

Max Drawdown (5Y)

Largest decline over 5 years

-41.01%

-16.72%

-24.29%

Max Drawdown (10Y)

Largest decline over 10 years

-67.51%

-43.21%

-24.30%

Current Drawdown

Current decline from peak

-3.52%

-0.22%

-3.30%

Average Drawdown

Average peak-to-trough decline

-43.15%

-5.12%

-38.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.55%

1.71%

+5.84%

Volatility

ZMT.TO vs. ZDV.TO - Volatility Comparison

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a higher volatility of 14.55% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZMT.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

ZMT.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.55%

2.49%

+12.06%

Volatility (6M)

Calculated over the trailing 6-month period

31.86%

9.69%

+22.17%

Volatility (1Y)

Calculated over the trailing 1-year period

38.81%

10.57%

+28.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.74%

10.94%

+22.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.32%

15.11%

+18.21%

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

ZMT.TO has a 0.61% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

ZMT.TO vs. ZDV.TO - Dividend Comparison

ZMT.TO's dividend yield for the trailing twelve months is around 0.15%, 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%
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		0.15%0.21%0.34%0.87%1.46%2.82%1.03%2.34%3.95%1.29%1.24%1.10%

Frequently Asked Questions

ZMT.TO and ZDV.TO have a correlation of 0.40, 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 0.61% for ZMT.TO.

ZMT.TO is categorized as Energy Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.61% for ZMT.TO and 0.39% for ZDV.TO.

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