ZUD.TO vs. ZDV.TO
ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZUD.TO is a Dividend fund managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Over the past 10 years, ZUD.TO returned 9.32%/yr vs 12.20%/yr for ZDV.TO. A 0.57 correlation means they provide meaningful diversification when combined. ZUD.TO charges 0.30%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZUD.TO vs. ZDV.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 ZDV.TO's 19.50% return. Over the past 10 years, ZUD.TO has underperformed ZDV.TO with an annualized return of 9.32%, while ZDV.TO has yielded a comparatively higher 12.20% 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%
ZDV.TO
- 1D
- -0.09%
- 1M
- 1.72%
- YTD
- 19.50%
- 6M
- 19.28%
- 1Y
- 40.41%
- 3Y*
- 23.52%
- 5Y*
- 15.82%
- 10Y*
- 12.20%
ZUD.TO vs. ZDV.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% |
ZDV.TO BMO Canadian Dividend ETF | 19.50% | 28.82% | 16.83% | 8.14% | -1.66% | 28.75% | -3.51% | 22.89% | -10.76% | 7.46% |
Correlation
The correlation between ZUD.TO and ZDV.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.57 |
The correlation between ZUD.TO and ZDV.TO has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.
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Return for Risk
ZUD.TO vs. ZDV.TO — Risk / Return Rank
ZUD.TO
ZDV.TO
ZUD.TO vs. ZDV.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 BMO Canadian Dividend ETF (ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.92 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 7.49 | -3.71 |
| Martin ratioReturn relative to average drawdown | 12.14 | 38.44 | -26.30 |
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Drawdowns
ZUD.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZUD.TO drawdown since its inception was -40.60%, smaller than the maximum ZDV.TO drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ZDV.TO.
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Drawdown Indicators
| ZUD.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -43.20% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -5.42% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -9.04% | -5.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -16.61% | -1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -43.20% | +2.60% |
Current DrawdownCurrent decline from peak | -1.23% | -0.97% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -4.92% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.05% | +0.71% |
Volatility
ZUD.TO vs. ZDV.TO - Volatility Comparison
BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.81%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.81% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 7.29% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 8.65% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 10.59% | +4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 14.93% | +2.06% |
ZUD.TO vs. ZDV.TO - Expense Ratio Comparison
ZUD.TO has a 0.30% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZUD.TO vs. ZDV.TO - Dividend Comparison
ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than ZDV.TO's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.69% | 3.07% | 3.82% | 4.39% | 4.38% | 3.88% | 4.79% | 4.53% | 5.28% | 4.04% | 4.31% | 4.95% |
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 ZDV.TO have a correlation of 0.55, 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 0.39% for ZDV.TO.
ZUD.TO is categorized as Dividend, while ZDV.TO is Canada Equities. Their fees differ too: 0.30% for ZUD.TO and 0.39% for ZDV.TO.
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