ZUD.TO vs. ICAE.TO

Last updated Jul 17, 2026

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) are both Dividend funds. Over the past 3 years, ZUD.TO returned 15.25%/yr vs 16.16%/yr for ICAE.TO. At a 0.24 correlation, their price movements are largely independent. ZUD.TO charges 0.30%/yr vs 0.23%/yr for ICAE.TO.

Performance

ZUD.TO vs. ICAE.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 Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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 13.57% return, which is significantly lower than ICAE.TO's 17.91% return.

ZUD.TO

• 1D: 0.26%
• 1M: -1.75%
• 6M: 11.17%
• YTD: 13.57%
• 1Y: 20.84%
• 3Y*: 15.25%
• 5Y*: 9.36%
• 10Y*: 8.81%

ICAE.TO

• 1D: 0.25%
• 1M: 2.89%
• 6M: 15.61%
• YTD: 17.91%
• 1Y: 17.34%
• 3Y*: 16.16%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZUD.TO BMO US Dividend Hedged to CAD ETF	13.57%	11.69%	15.31%	11.00%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	17.91%	10.02%	17.62%	5.84%

Correlation

The correlation between ZUD.TO and ICAE.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 13, 2023	0.24

ZUD.TO vs. ICAE.TO - Sectors Allocation Comparison

Sectors	ZUD.TO	ICAE.TO
Financial Services	100.3%	45.7%
Basic Materials	-	9.9%
Communication Services	-	1.4%
Consumer Cyclical	-	4.5%
Consumer Defensive	-	6.4%
Energy	-	17.2%
Healthcare	-	-
Industrials	-	10.4%
Real Estate	-	0.6%
Technology	-	0.4%
Utilities	-	3.7%

Return for Risk

ZUD.TO vs. ICAE.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: 78
ZUD.TO Sharpe Ratio Rank: 74
ZUD.TO Sortino Ratio Rank: 75
ZUD.TO Omega Ratio Rank: 72
ZUD.TO Calmar Ratio Rank: 85
ZUD.TO Martin Ratio Rank: 82

ICAE.TO

ICAE.TO Risk / Return Rank: 32
ICAE.TO Sharpe Ratio Rank: 29
ICAE.TO Sortino Ratio Rank: 25
ICAE.TO Omega Ratio Rank: 56
ICAE.TO Calmar Ratio Rank: 26
ICAE.TO Martin Ratio Rank: 22

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. ICAE.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 Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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	ICAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.89	+1.01
Sortino ratio: Return per unit of downside risk	2.70	1.15	+1.55
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	3.69	1.06	+2.63
Martin ratio: Return relative to average drawdown	12.76	2.13	+10.63

ZUD.TO vs. ICAE.TO - Sharpe Ratio Comparison

The current ZUD.TO Sharpe Ratio is 1.89, which is higher than the ICAE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ZUD.TO and ICAE.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.

Drawdowns

ZUD.TO vs. ICAE.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ICAE.TO's maximum drawdown of -16.49%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ICAE.TO.

Drawdown Indicators

	ZUD.TO	ICAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.60%	-16.49%	-24.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-16.49%	+10.82%
Max Drawdown (3Y) Largest decline over 3 years	-14.94%	-16.49%	+1.55%
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	-1.85%	-1.42%	-0.43%
Average Drawdown Average peak-to-trough decline	-4.07%	-3.53%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	8.23%	-6.59%

Volatility

ZUD.TO vs. ICAE.TO - Volatility Comparison

BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 2.82% compared to Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) at 2.14%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than ICAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUD.TO	ICAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.14%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	7.94%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	19.78%	-8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	15.99%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	15.99%	+0.99%

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

ZUD.TO has a 0.30% expense ratio, which is higher than ICAE.TO's 0.23% expense ratio.

Dividends

ZUD.TO vs. ICAE.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.48%, less than ICAE.TO's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.72%	3.29%	3.33%	2.87%	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	1.48%	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 ICAE.TO in my portfolio?

ZUD.TO and ICAE.TO have a correlation of 0.25, 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 ICAE.TO?

On fees, ICAE.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ICAE.TO is cheaper with a 0.23% expense ratio, compared with 0.30% for ZUD.TO.

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

They also come from different issuers: BMO and Invesco. Their fees differ too: 0.30% for ZUD.TO and 0.23% for ICAE.TO.