ZUD.TO vs. ENBE.TO

Last updated Jul 25, 2026

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ENBE.TO (Harvest Enbridge Enhanced High Income Shares ETF) are both exchange-traded funds - ZUD.TO is a Dividend fund actively managed by BMO, while ENBE.TO is a Derivative Income fund actively managed by Harvest. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. ZUD.TO charges 0.33%/yr vs 0.40%/yr for ENBE.TO.

Performance

ZUD.TO vs. ENBE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Dividend Hedged to CAD ETF (ZUD.TO) and Harvest Enbridge Enhanced High Income Shares ETF (ENBE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZUD.TO achieves a 14.56% return, which is significantly lower than ENBE.TO's 27.08% return.

ZUD.TO

• 1D: 0.58%
• 1M: 0.79%
• 6M: 12.43%
• YTD: 14.56%
• 1Y: 20.03%
• 3Y*: 14.38%
• 5Y*: 9.59%
• 10Y*: 8.84%
• ALL TIME*: 10.12%

ENBE.TO

• 1D: 0.87%
• 1M: 2.73%
• 6M: 26.22%
• YTD: 27.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	CA$97.44K	CA$77.42K	CA$75.28K
ZUD.TO BMO US Dividend Hedged to CAD ETF	CA$37.20K	CA$54.71K	CA$83.31K

ZUD.TO vs. ENBE.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ZUD.TO BMO US Dividend Hedged to CAD ETF	14.56%	4.07%
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	27.08%	-0.98%

Correlation

The correlation between ZUD.TO and ENBE.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	0.10

Return for Risk

ZUD.TO vs. ENBE.TO — Risk / Return Rank

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

ZUD.TO

ZUD.TO Risk / Return Rank: 81
ZUD.TO Sharpe Ratio Rank: 79
ZUD.TO Sortino Ratio Rank: 80
ZUD.TO Omega Ratio Rank: 76
ZUD.TO Calmar Ratio Rank: 87
ZUD.TO Martin Ratio Rank: 85

ENBE.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ZUD.TO vs. ENBE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Dividend Hedged to CAD ETF (ZUD.TO) and Harvest Enbridge Enhanced High Income Shares ETF (ENBE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZUD.TO	ENBE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.59	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.55	—	—
Martin ratio: Return relative to average drawdown	12.07	—	—

Drawdowns

ZUD.TO vs. ENBE.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ENBE.TO's maximum drawdown of -11.28%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ENBE.TO.

Drawdown Indicators

	ZUD.TO	ENBE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.60%	-11.28%	-29.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.60%	—	—
Current Drawdown Current decline from peak	-1.00%	0.00%	-1.00%
Average Drawdown Average peak-to-trough decline	-4.07%	-3.12%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	—	—

Volatility

Volatility by Period

	ZUD.TO	ENBE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	18.24%	-7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	18.24%	-3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	18.24%	-1.26%

ZUD.TO vs. ENBE.TO - Expense Ratio Comparison

ZUD.TO has a 0.33% expense ratio, which is lower than ENBE.TO's 0.40% expense ratio.

Dividends

ZUD.TO vs. ENBE.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than ENBE.TO's 9.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENBE.TO Harvest Enbridge Enhanced High Income Shares ETF	9.34%	4.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZUD.TO BMO US Dividend Hedged to CAD ETF	1.47%	1.68%	2.17%	2.54%	2.77%	2.50%	3.76%	3.13%	3.11%	2.69%	2.61%	2.97%

Frequently Asked Questions

Can I hold both ZUD.TO and ENBE.TO in my portfolio?

ZUD.TO and ENBE.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUD.TO or ENBE.TO?

On fees, ZUD.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUD.TO or ENBE.TO?

ZUD.TO is cheaper with a 0.33% expense ratio, compared with 0.40% for ENBE.TO.

What is the main difference between ZUD.TO and ENBE.TO?

ZUD.TO is categorized as Dividend, while ENBE.TO is Derivative Income. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.33% for ZUD.TO and 0.40% for ENBE.TO.