ZPAY.TO vs. SCHD

Last updated Jun 4, 2026

ZPAY.TO (BMO Premium Yield ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. ZPAY.TO is actively managed, while SCHD is passively managed. Over the past 5 years, ZPAY.TO returned 8.59%/yr vs 11.36%/yr for SCHD. A 0.54 correlation means they provide meaningful diversification when combined. ZPAY.TO charges 0.73%/yr vs 0.06%/yr for SCHD.

Performance

ZPAY.TO vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Premium Yield ETF (ZPAY.TO) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZPAY.TO is traded in CAD, while SCHD is traded in USD. To make them comparable, the SCHD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZPAY.TO achieves a 4.79% return, which is significantly lower than SCHD's 20.03% return.

ZPAY.TO

• 1D: 0.37%
• 1M: 3.77%
• YTD: 4.79%
• 6M: 0.79%
• 1Y: 10.41%
• 3Y*: 9.74%
• 5Y*: 8.59%
• 10Y*: —

SCHD

• 1D: 0.00%
• 1M: 4.32%
• YTD: 20.03%
• 6M: 17.69%
• 1Y: 28.28%
• 3Y*: 16.27%
• 5Y*: 11.36%
• 10Y*: 13.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPAY.TO vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZPAY.TO BMO Premium Yield ETF	4.79%	2.61%	16.94%	16.87%	-6.33%	9.54%	526.95%
SCHD Schwab U.S. Dividend Equity ETF	20.52%	-0.44%	21.25%	2.24%	3.64%	28.70%	10.23%

Correlation

The correlation between ZPAY.TO and SCHD 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	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020	0.54

The correlation between ZPAY.TO and SCHD shifts across timeframes, from 0.44 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

ZPAY.TO vs. SCHD - Sectors Allocation Comparison

Sectors	ZPAY.TO	SCHD
Technology	31.7%	16.4%
Communication Services	17.5%	6.3%
Financial Services	16.3%	9.3%
Healthcare	14.8%	18.8%
Consumer Defensive	8.6%	19.2%
Industrials	7.4%	7.5%
Basic Materials	2.9%	1.2%
Consumer Cyclical	0.8%	6.3%
Energy	-	16.2%
Real Estate	-	-
Utilities	-	0.0%

Return for Risk

ZPAY.TO vs. SCHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZPAY.TO

ZPAY.TO Risk / Return Rank: 31
ZPAY.TO Sharpe Ratio Rank: 35
ZPAY.TO Sortino Ratio Rank: 31
ZPAY.TO Omega Ratio Rank: 35
ZPAY.TO Calmar Ratio Rank: 28
ZPAY.TO Martin Ratio Rank: 26

SCHD

SCHD Risk / Return Rank: 80
SCHD Sharpe Ratio Rank: 75
SCHD Sortino Ratio Rank: 84
SCHD Omega Ratio Rank: 73
SCHD Calmar Ratio Rank: 91
SCHD Martin Ratio Rank: 75

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.

ZPAY.TO vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Premium Yield ETF (ZPAY.TO) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	ZPAY.TO	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.57	-1.29
Sortino ratio: Return per unit of downside risk	1.73	3.98	-2.25
Omega ratio: Gain probability vs. loss probability	1.24	1.47	-0.23
Calmar ratio: Return relative to maximum drawdown	1.37	6.61	-5.24
Martin ratio: Return relative to average drawdown	3.57	19.13	-15.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPAY.TO vs. SCHD - Sharpe Ratio Comparison

The current ZPAY.TO Sharpe Ratio is 1.27, which is lower than the SCHD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ZPAY.TO and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZPAY.TO	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.57	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.90	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.12	-0.91

Drawdowns

ZPAY.TO vs. SCHD - Drawdown Comparison

The maximum ZPAY.TO drawdown since its inception was -14.89%, smaller than the maximum SCHD drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for ZPAY.TO and SCHD.

Drawdown Indicators

	ZPAY.TO	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-14.89%	-26.93%	+12.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-4.30%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-15.30%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	-14.76%	-15.30%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.93%	—
Current Drawdown Current decline from peak	-1.70%	-1.22%	-0.48%
Average Drawdown Average peak-to-trough decline	-2.66%	-2.86%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.48%	+1.44%

Volatility

ZPAY.TO vs. SCHD - Volatility Comparison

BMO Premium Yield ETF (ZPAY.TO) and Schwab U.S. Dividend Equity ETF (SCHD) have volatilities of 2.74% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPAY.TO	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.63%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	8.23%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	11.10%	-2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	12.63%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.01%	15.18%	+180.83%

ZPAY.TO vs. SCHD - Expense Ratio Comparison

ZPAY.TO has a 0.73% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

ZPAY.TO vs. SCHD - Dividend Comparison

ZPAY.TO's dividend yield for the trailing twelve months is around 7.40%, more than SCHD's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
ZPAY.TO BMO Premium Yield ETF	7.40%	7.46%	5.81%	6.40%	7.00%	6.10%	5.42%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZPAY.TO and SCHD in my portfolio?

ZPAY.TO and SCHD 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.

Which ETF is better, ZPAY.TO or SCHD?

On fees, SCHD is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPAY.TO or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.73% for ZPAY.TO.

What is the main difference between ZPAY.TO and SCHD?

ZPAY.TO is categorized as Large Cap Growth Equities, while SCHD is Dividend. They also come from different issuers: BMO and Charles Schwab. Their fees differ too: 0.73% for ZPAY.TO and 0.06% for SCHD.