ZUD.TO vs. PDIV.TO
ZUD.TO (BMO US Dividend Hedged to CAD ETF) and PDIV.TO (Purpose Enhanced Dividend Fund ETF) are both Dividend funds. Over the past 10 years, ZUD.TO returned 9.32%/yr vs 9.10%/yr for PDIV.TO. At a 0.28 correlation, their price movements are largely independent. ZUD.TO charges 0.30%/yr vs 0.77%/yr for PDIV.TO.
Performance
ZUD.TO vs. PDIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUD.TO achieves a 14.29% return, which is significantly higher than PDIV.TO's 8.52% return. Both investments have delivered pretty close results over the past 10 years, with ZUD.TO having a 9.32% annualized return and PDIV.TO not far behind at 9.10%.
ZUD.TO
- 1D
- 0.18%
- 1M
- -0.75%
- YTD
- 14.29%
- 6M
- 13.68%
- 1Y
- 21.33%
- 3Y*
- 15.49%
- 5Y*
- 10.22%
- 10Y*
- 9.32%
PDIV.TO
- 1D
- 0.10%
- 1M
- 1.73%
- YTD
- 8.52%
- 6M
- 8.40%
- 1Y
- 19.23%
- 3Y*
- 11.54%
- 5Y*
- 7.87%
- 10Y*
- 9.10%
ZUD.TO vs. PDIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUD.TO BMO US Dividend Hedged to CAD ETF | 14.29% | 11.69% | 15.31% | 6.36% | -7.23% | 25.80% | -5.27% | 21.08% | -5.69% | 13.59% |
PDIV.TO Purpose Enhanced Dividend Fund ETF | 8.52% | 14.66% | 10.71% | 4.64% | -4.39% | 20.18% | -1.15% | 23.57% | -15.24% | 26.84% |
Correlation
The correlation between ZUD.TO and PDIV.TO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.28 |
Over the past year, ZUD.TO and PDIV.TO have become more correlated (0.64) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
ZUD.TO vs. PDIV.TO — Risk / Return Rank
ZUD.TO
PDIV.TO
ZUD.TO vs. PDIV.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 Purpose Enhanced Dividend Fund ETF (PDIV.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 | PDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.57 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 3.67 | +0.11 |
| Martin ratioReturn relative to average drawdown | 12.14 | 15.97 | -3.83 |
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Drawdowns
ZUD.TO vs. PDIV.TO - Drawdown Comparison
The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than PDIV.TO's maximum drawdown of -30.64%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and PDIV.TO.
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Drawdown Indicators
| ZUD.TO | PDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -30.64% | -9.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -5.27% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -8.82% | -6.12% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -15.93% | -1.72% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -30.64% | -9.96% |
Current DrawdownCurrent decline from peak | -1.23% | 0.00% | -1.23% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -4.34% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.21% | +0.55% |
Volatility
ZUD.TO vs. PDIV.TO - Volatility Comparison
BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to Purpose Enhanced Dividend Fund ETF (PDIV.TO) at 1.71%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than PDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUD.TO | PDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 1.71% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 5.48% | +2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 6.89% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 10.05% | +5.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 13.91% | +3.08% |
ZUD.TO vs. PDIV.TO - Expense Ratio Comparison
ZUD.TO has a 0.30% expense ratio, which is lower than PDIV.TO's 0.77% expense ratio.
Dividends
ZUD.TO vs. PDIV.TO - Dividend Comparison
ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than PDIV.TO's 11.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDIV.TO Purpose Enhanced Dividend Fund ETF | 11.81% | 11.23% | 12.35% | 11.84% | 6.38% | 5.59% | 6.33% | 5.85% | 6.80% | 25.71% | 5.38% | 8.10% |
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
ZUD.TO and PDIV.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUD.TO is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUD.TO is cheaper with a 0.30% expense ratio, compared with 0.77% for PDIV.TO.
They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.30% for ZUD.TO and 0.77% for PDIV.TO.
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