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

ZUD.TO vs. UMVP.TO

Last updated Jul 25, 2026
Documentation

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and UMVP.TO (Hamilton Champions Utilities Index ETF) are both exchange-traded funds - ZUD.TO is a Dividend fund actively managed by BMO, while UMVP.TO is a Utilities Equities fund tracking the Solactive Canadian Utility Services High Dividend Index. ZUD.TO is actively managed, while UMVP.TO is passively managed. At a 0.17 correlation, their price movements are largely independent. ZUD.TO charges 0.33%/yr vs 0.19%/yr for UMVP.TO.

Performance

ZUD.TO vs. UMVP.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 Hamilton Champions Utilities Index ETF (UMVP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

UMVP.TO

1D
0.61%
1M
0.49%
6M
15.20%
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

UMVP.TO

Hamilton Champions Utilities Index ETF
CA$30.94KCA$48.86KCA$53.41K

ZUD.TO

BMO US Dividend Hedged to CAD ETF
CA$37.20KCA$54.71KCA$83.31K

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

2026 (YTD)
ZUD.TO
BMO US Dividend Hedged to CAD ETF		13.72%
UMVP.TO
Hamilton Champions Utilities Index ETF		15.91%

Correlation

The correlation between ZUD.TO and UMVP.TO is 0.17, 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 Jan 21, 2026

0.17

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

Sectors
ZUD.TO
UMVP.TO

Technology

33.6%

-

Healthcare

11.4%

-

Financial Services

8.9%

-

Energy

8.6%
33.6%

Consumer Defensive

8.0%

-

Communication Services

6.9%
22.8%

Utilities

6.2%
43.6%

Real Estate

5.5%

-

Consumer Cyclical

5.0%

-

Industrials

4.3%

-

Basic Materials

1.6%

-

Technology

ZUD.TO
33.6%
UMVP.TO

-

Healthcare

ZUD.TO
11.4%
UMVP.TO

-

Financial Services

ZUD.TO
8.9%
UMVP.TO

-

Energy

ZUD.TO
8.6%
UMVP.TO
33.6%

Consumer Defensive

ZUD.TO
8.0%
UMVP.TO

-

Communication Services

ZUD.TO
6.9%
UMVP.TO
22.8%

Utilities

ZUD.TO
6.2%
UMVP.TO
43.6%

Real Estate

ZUD.TO
5.5%
UMVP.TO

-

Consumer Cyclical

ZUD.TO
5.0%
UMVP.TO

-

Industrials

ZUD.TO
4.3%
UMVP.TO

-

Basic Materials

ZUD.TO
1.6%
UMVP.TO

-

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 Dividend Hedged to CAD ETF

Hamilton Champions Utilities Index ETF

Often compared with ZUD.TO:
ZUD.TO vs. DGR.TOZUD.TO vs. XDIV.TOZUD.TO vs. IQD.TOZUD.TO vs. ZZZD.TOZUD.TO vs. ICAE.TOZUD.TO vs. TBNK.TOZUD.TO vs. VUDV.TO
Often compared with UMVP.TO:
UMVP.TO vs. UTIL.TOUMVP.TO vs. FMAX.TOUMVP.TO vs. HBA.TOUMVP.TO vs. HYLD-U.TOUMVP.TO vs. ZUT.TOUMVP.TO vs. LMAX.TOUMVP.TO vs. HEB.TO

Return for Risk

ZUD.TO vs. UMVP.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: 8181
Overall Rank
ZUD.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ZUD.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
ZUD.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZUD.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZUD.TO Martin Ratio Rank: 8585
Martin Ratio Rank
UMVP.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. UMVP.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 Hamilton Champions Utilities Index ETF (UMVP.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.TOUMVP.TODifference
Sharpe ratioReturn per unit of total volatility
1.81

—

—

Sortino ratioReturn per unit of downside risk
2.59

—

—

Omega ratioGain probability vs. loss probability

1.32

—

—

Calmar ratioReturn relative to maximum drawdown

3.55

—

—

Martin ratioReturn relative to average drawdown

12.07

—

—

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

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Drawdowns

ZUD.TO vs. UMVP.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than UMVP.TO's maximum drawdown of -4.86%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and UMVP.TO.

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Drawdown Indicators

ZUD.TOUMVP.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.60%

-4.86%

-35.74%

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%

-0.49%

-0.51%

Average Drawdown

Average peak-to-trough decline

-4.07%

-1.09%

-2.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

—

—

Volatility

ZUD.TO vs. UMVP.TO - Volatility Comparison

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Volatility by Period

ZUD.TOUMVP.TODifference

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%

9.70%

+1.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

9.70%

+5.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.98%

9.70%

+7.28%

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

ZUD.TO has a 0.33% expense ratio, which is higher than UMVP.TO's 0.19% expense ratio.

Dividends

ZUD.TO vs. UMVP.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than UMVP.TO's 1.80% yield.

PositionTTM20252024202320222021202020192018201720162015
UMVP.TO
Hamilton Champions Utilities Index ETF		1.80%0.00%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

ZUD.TO and UMVP.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UMVP.TO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UMVP.TO is cheaper with a 0.19% expense ratio, compared with 0.33% for ZUD.TO.

ZUD.TO is categorized as Dividend, while UMVP.TO is Utilities Equities. They also come from different issuers: BMO and Hamilton. Their fees differ too: 0.33% for ZUD.TO and 0.19% for UMVP.TO.

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