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

ZUAG.TO vs. ZDV.TO

Last updated Jun 5, 2026

ZUAG.TO (BMO US Aggregate Bond Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZUAG.TO is a Global Bonds fund tracking the Bloomberg US Aggregate Bond Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZUAG.TO is passively managed, while ZDV.TO is actively managed. Over the past 3 years, ZUAG.TO returned 4.00%/yr vs 21.12%/yr for ZDV.TO. At a 0.02 correlation, their price movements are largely independent. ZUAG.TO charges 0.09%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZUAG.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Aggregate Bond Index ETF (ZUAG.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, ZUAG.TO achieves a 1.81% return, which is significantly lower than ZDV.TO's 19.98% return.

ZUAG.TO

1D
0.47%
1M
2.62%
YTD
1.81%
6M
-2.81%
1Y
3.62%
3Y*
4.00%
5Y*
—
10Y*
—

ZDV.TO

1D
1.20%
1M
5.35%
YTD
19.98%
6M
13.61%
1Y
33.16%
3Y*
21.12%
5Y*
14.00%
10Y*
11.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZUAG.TO
BMO US Aggregate Bond Index ETF		1.81%-0.80%9.45%365.73%
ZDV.TO
BMO Canadian Dividend ETF		19.98%20.17%16.52%1.53%

Correlation

The correlation between ZUAG.TO and ZDV.TO is -0.02, 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

-0.02

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

0.04

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2023

0.02

Compare stocks, funds, or ETFs

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

BMO US Aggregate Bond Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUAG.TO
ZUAG.TO Risk / Return Rank: 1616
Overall Rank
ZUAG.TO Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
ZUAG.TO Sortino Ratio Rank: 1515
Sortino Ratio Rank
ZUAG.TO Omega Ratio Rank: 1818
Omega Ratio Rank
ZUAG.TO Calmar Ratio Rank: 1616
Calmar Ratio Rank
ZUAG.TO Martin Ratio Rank: 1313
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8989
Overall Rank
ZDV.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8989
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO US Aggregate Bond Index ETF (ZUAG.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.

ZUAG.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
0.50
3.14

-2.64

Sortino ratioReturn per unit of downside risk
0.70
3.60

-2.89

Omega ratioGain probability vs. loss probability

1.11

1.70

-0.60

Calmar ratioReturn relative to maximum drawdown

0.52

5.01

-4.48

Martin ratioReturn relative to average drawdown

0.92

19.47

-18.55

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

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

The current ZUAG.TO Sharpe Ratio is 0.50, which is lower than the ZDV.TO Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of ZUAG.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

ZUAG.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.50

3.14

-2.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.29

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.73

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.69

-0.36

Drawdowns

ZUAG.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZUAG.TO drawdown since its inception was -7.19%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZUAG.TO and ZDV.TO.

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Drawdown Indicators

ZUAG.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-7.19%

-43.21%

+36.02%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-6.65%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-7.12%

-9.04%

+1.92%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.72%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.21%

—

Current Drawdown

Current decline from peak

-4.46%

0.00%

-4.46%

Average Drawdown

Average peak-to-trough decline

-2.95%

-5.12%

+2.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

1.71%

+2.24%

Volatility

ZUAG.TO vs. ZDV.TO - Volatility Comparison

The current volatility for BMO US Aggregate Bond Index ETF (ZUAG.TO) is 1.59%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.67%. This indicates that ZUAG.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

ZUAG.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.59%

2.67%

-1.08%

Volatility (6M)

Calculated over the trailing 6-month period

5.20%

9.75%

-4.55%

Volatility (1Y)

Calculated over the trailing 1-year period

7.32%

10.63%

-3.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

196.30%

10.95%

+185.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

196.30%

15.11%

+181.19%

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

ZUAG.TO has a 0.09% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZUAG.TO vs. ZDV.TO - Dividend Comparison

ZUAG.TO's dividend yield for the trailing twelve months is around 2.66%, which matches ZDV.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.65%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
ZUAG.TO
BMO US Aggregate Bond Index ETF		2.66%2.51%2.09%1.89%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZUAG.TO and ZDV.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUAG.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZDV.TO.

ZUAG.TO is categorized as Global Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.09% for ZUAG.TO and 0.39% for ZDV.TO.

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