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ZUD.TO vs. TBNK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUD.TO vs. TBNK.TO

Last updated Jul 1, 2026
See Documentation

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and TBNK.TO (TD Canadian Bank Dividend Index ETF) are both Dividend funds. Over the past 3 years, ZUD.TO returned 15.49%/yr vs 35.65%/yr for TBNK.TO. At a 0.49 correlation, their price movements are largely independent. ZUD.TO charges 0.30%/yr vs 0.28%/yr for TBNK.TO.

Performance

ZUD.TO vs. TBNK.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 TD Canadian Bank Dividend Index ETF (TBNK.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, ZUD.TO achieves a 14.29% return, which is significantly lower than TBNK.TO's 32.04% return.

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%

TBNK.TO

1D
0.86%
1M
11.21%
YTD
32.04%
6M
31.50%
1Y
69.10%
3Y*
35.65%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZUD.TO
BMO US Dividend Hedged to CAD ETF		14.29%11.69%15.31%7.15%
TBNK.TO
TD Canadian Bank Dividend Index ETF		32.04%44.62%20.33%7.99%

Correlation

The correlation between ZUD.TO and TBNK.TO is 0.52, 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

0.52

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

0.48

Correlation (All Time)
Calculated using the full available price history since Apr 27, 2023

0.49

The correlation between ZUD.TO and TBNK.TO has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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BMO US Dividend Hedged to CAD ETF

TD Canadian Bank Dividend Index ETF

Often compared with TBNK.TO:
TBNK.TO vs. VDY.TOTBNK.TO vs. TQCD.TOTBNK.TO vs. SPYTBNK.TO vs. ZEB.TOTBNK.TO vs. RYTBNK.TO vs. HMAX.TOTBNK.TO vs. RY.TO

Return for Risk

ZUD.TO vs. TBNK.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: 7272
Overall Rank
ZUD.TO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ZUD.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZUD.TO Omega Ratio Rank: 6666
Omega Ratio Rank
ZUD.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
ZUD.TO Martin Ratio Rank: 7575
Martin Ratio Rank
TBNK.TO
TBNK.TO Risk / Return Rank: 9898
Overall Rank
TBNK.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TBNK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
TBNK.TO Omega Ratio Rank: 9898
Omega Ratio Rank
TBNK.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
TBNK.TO Martin Ratio Rank: 9797
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.

ZUD.TO vs. TBNK.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 TD Canadian Bank Dividend Index ETF (TBNK.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.TOTBNK.TODifference
Sharpe ratioReturn per unit of total volatility
1.88
5.41

-3.52

Sortino ratioReturn per unit of downside risk
2.64
7.43

-4.79

Omega ratioGain probability vs. loss probability

1.34

1.99

-0.65

Calmar ratioReturn relative to maximum drawdown

3.78

8.42

-4.64

Martin ratioReturn relative to average drawdown

12.14

36.53

-24.39

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

The current ZUD.TO Sharpe Ratio is 1.88, which is lower than the TBNK.TO Sharpe Ratio of 5.41. The chart below compares the historical Sharpe Ratios of ZUD.TO and TBNK.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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Drawdowns

ZUD.TO vs. TBNK.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than TBNK.TO's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and TBNK.TO.

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Drawdown Indicators

ZUD.TOTBNK.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.60%

-15.03%

-25.57%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-8.25%

+2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-14.94%

-15.03%

+0.09%

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

-1.23%

0.00%

-1.23%

Average Drawdown

Average peak-to-trough decline

-4.08%

-2.39%

-1.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

1.90%

-0.14%

Volatility

ZUD.TO vs. TBNK.TO - Volatility Comparison

BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to TD Canadian Bank Dividend Index ETF (TBNK.TO) at 2.97%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than TBNK.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.TOTBNK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.42%

2.97%

+0.45%

Volatility (6M)

Calculated over the trailing 6-month period

7.74%

11.25%

-3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

11.46%

12.87%

-1.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.24%

12.80%

+2.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.99%

12.80%

+4.19%

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

ZUD.TO has a 0.30% expense ratio, which is higher than TBNK.TO's 0.28% expense ratio.

Dividends

ZUD.TO vs. TBNK.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than TBNK.TO's 2.22% yield.

PositionTTM20252024202320222021202020192018201720162015
TBNK.TO
TD Canadian Bank Dividend Index ETF		2.22%2.89%4.03%3.10%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

ZUD.TO and TBNK.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TBNK.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TBNK.TO is cheaper with a 0.28% expense ratio, compared with 0.30% for ZUD.TO.

They also come from different issuers: BMO and TD. Their fees differ too: 0.30% for ZUD.TO and 0.28% for TBNK.TO.

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