ZTIP.TO vs. ZDV.TO
ZTIP.TO (BMO Short-Term US TIPS Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZTIP.TO is passively managed, while ZDV.TO is actively managed. Over the past 5 years, ZTIP.TO returned 6.29%/yr vs 13.72%/yr for ZDV.TO. At a correlation of -0.15, they often move in opposite directions. ZTIP.TO charges 0.17%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZTIP.TO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZTIP.TO achieves a 3.34% return, which is significantly lower than ZDV.TO's 18.56% return.
ZTIP.TO
- 1D
- 0.39%
- 1M
- 2.04%
- YTD
- 3.34%
- 6M
- 1.60%
- 1Y
- 5.97%
- 3Y*
- 6.13%
- 5Y*
- 6.29%
- 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%
ZTIP.TO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.34% | 1.12% | 13.84% | 1.93% | 3.96% | 4.47% |
ZDV.TO BMO Canadian Dividend ETF | 18.56% | 20.17% | 16.52% | 7.83% | -1.93% | 23.91% |
Correlation
The correlation between ZTIP.TO and ZDV.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | -0.15 |
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Return for Risk
ZTIP.TO vs. ZDV.TO — Risk / Return Rank
ZTIP.TO
ZDV.TO
ZTIP.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term US TIPS Index ETF (ZTIP.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.
| ZTIP.TO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.66 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 4.69 | -3.10 |
| Martin ratioReturn relative to average drawdown | 4.26 | 18.24 | -13.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTIP.TO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 2.95 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 1.26 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.68 | +0.16 |
Drawdowns
ZTIP.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZTIP.TO drawdown since its inception was -5.60%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZTIP.TO and ZDV.TO.
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Drawdown Indicators
| ZTIP.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -43.21% | +37.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -6.65% | +2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -5.60% | -9.04% | +3.44% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -16.72% | +11.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -5.12% | +3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 1.71% | -0.30% |
Volatility
ZTIP.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Short-Term US TIPS Index ETF (ZTIP.TO) is 0.77%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZTIP.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
| ZTIP.TO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 2.49% | -1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 9.69% | -6.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 10.57% | -5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 10.94% | -4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 15.11% | -8.83% |
ZTIP.TO vs. ZDV.TO - Expense Ratio Comparison
ZTIP.TO has a 0.17% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZTIP.TO vs. ZDV.TO - Dividend Comparison
ZTIP.TO's dividend yield for the trailing twelve months is around 3.43%, more than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.43% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZTIP.TO and ZDV.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZTIP.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZTIP.TO is cheaper with a 0.17% expense ratio, compared with 0.39% for ZDV.TO.
ZTIP.TO is categorized as Inflation-Protected Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.17% for ZTIP.TO and 0.39% for ZDV.TO.
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