ZUD.TO vs. VDY.TO
ZUD.TO (BMO US Dividend Hedged to CAD ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both Dividend funds. Over the past 10 years, ZUD.TO returned 9.32%/yr vs 14.62%/yr for VDY.TO. A 0.55 correlation means they provide meaningful diversification when combined. ZUD.TO charges 0.30%/yr vs 0.22%/yr for VDY.TO.
Performance
ZUD.TO vs. VDY.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 lower than VDY.TO's 24.67% return. Over the past 10 years, ZUD.TO has underperformed VDY.TO with an annualized return of 9.32%, while VDY.TO has yielded a comparatively higher 14.62% annualized 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%
VDY.TO
- 1D
- 0.17%
- 1M
- 5.03%
- YTD
- 24.67%
- 6M
- 24.35%
- 1Y
- 49.44%
- 3Y*
- 27.56%
- 5Y*
- 18.22%
- 10Y*
- 14.62%
ZUD.TO vs. VDY.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% |
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 24.67% | 29.21% | 21.44% | 8.41% | -0.23% | 36.60% | -1.37% | 21.42% | -10.09% | 8.32% |
Correlation
The correlation between ZUD.TO and VDY.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 | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.55 |
The correlation between ZUD.TO and VDY.TO has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
ZUD.TO vs. VDY.TO — Risk / Return Rank
ZUD.TO
VDY.TO
ZUD.TO vs. VDY.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 Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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 | VDY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.06 | ||
| Sortino ratioReturn per unit of downside risk | -5.81 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 2.19 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 15.93 | -12.15 |
| Martin ratioReturn relative to average drawdown | 12.14 | 64.70 | -52.55 |
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Drawdowns
ZUD.TO vs. VDY.TO - Drawdown Comparison
The maximum ZUD.TO drawdown since its inception was -40.60%, roughly equal to the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and VDY.TO.
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Drawdown Indicators
| ZUD.TO | VDY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -39.21% | -1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -3.12% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -10.38% | -4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -16.17% | -1.48% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -39.21% | -1.39% |
Current DrawdownCurrent decline from peak | -1.23% | -0.26% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -4.46% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 0.77% | +0.99% |
Volatility
ZUD.TO vs. VDY.TO - Volatility Comparison
BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 2.72%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than VDY.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 | VDY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.72% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 6.84% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 8.37% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 11.56% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 15.90% | +1.09% |
ZUD.TO vs. VDY.TO - Expense Ratio Comparison
ZUD.TO has a 0.30% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.
Dividends
ZUD.TO vs. VDY.TO - Dividend Comparison
ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than VDY.TO's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 3.06% | 3.59% | 4.37% | 4.64% | 4.42% | 3.46% | 4.59% | 4.25% | 4.44% | 3.42% | 3.25% | 4.11% |
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 VDY.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, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.30% for ZUD.TO.
They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.30% for ZUD.TO and 0.22% for VDY.TO.
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