ZUD.TO vs. ZDY.TO

Last updated Jul 17, 2026

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ZDY.TO (BMO US Dividend ETF (CAD)) are both Dividend funds from BMO. Over the past 10 years, ZUD.TO returned 8.81%/yr vs 9.73%/yr for ZDY.TO. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.

Performance

ZUD.TO vs. ZDY.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 BMO US Dividend ETF (CAD) (ZDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZUD.TO achieves a 13.57% return, which is significantly lower than ZDY.TO's 17.05% return. Over the past 10 years, ZUD.TO has underperformed ZDY.TO with an annualized return of 8.81%, while ZDY.TO has yielded a comparatively higher 9.73% annualized return.

ZUD.TO

• 1D: 0.26%
• 1M: -1.75%
• 6M: 11.17%
• YTD: 13.57%
• 1Y: 20.84%
• 3Y*: 15.25%
• 5Y*: 9.36%
• 10Y*: 8.81%

ZDY.TO

• 1D: 0.02%
• 1M: -0.66%
• 6M: 12.86%
• YTD: 17.05%
• 1Y: 14.32%
• 3Y*: 15.59%
• 5Y*: 11.14%
• 10Y*: 9.73%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUD.TO BMO US Dividend Hedged to CAD ETF	13.57%	11.69%	15.31%	6.36%	-7.23%	25.80%	-5.27%	21.08%	-5.69%	13.59%
ZDY.TO BMO US Dividend ETF (CAD)	17.05%	-0.87%	26.24%	4.58%	1.64%	22.92%	-5.18%	16.94%	3.23%	6.74%

Correlation

The correlation between ZUD.TO and ZDY.TO is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013	0.64

The correlation between ZUD.TO and ZDY.TO shifts across timeframes, from 0.64 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	ZUD.TO	ZDY.TO
Financial Services	100.3%	9.9%
Basic Materials	-	1.5%
Communication Services	-	6.2%
Consumer Cyclical	-	4.9%
Consumer Defensive	-	7.6%
Energy	-	6.2%
Healthcare	-	12.6%
Industrials	-	4.5%
Real Estate	-	5.6%
Technology	-	33.1%
Utilities	-	6.0%

Return for Risk

ZUD.TO vs. ZDY.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: 78
ZUD.TO Sharpe Ratio Rank: 74
ZUD.TO Sortino Ratio Rank: 75
ZUD.TO Omega Ratio Rank: 72
ZUD.TO Calmar Ratio Rank: 85
ZUD.TO Martin Ratio Rank: 82

ZDY.TO

ZDY.TO Risk / Return Rank: 34
ZDY.TO Sharpe Ratio Rank: 38
ZDY.TO Sortino Ratio Rank: 33
ZDY.TO Omega Ratio Rank: 41
ZDY.TO Calmar Ratio Rank: 30
ZDY.TO Martin Ratio Rank: 29

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. ZDY.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 US Dividend ETF (CAD) (ZDY.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	ZDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.12	+0.78
Sortino ratio: Return per unit of downside risk	2.70	1.47	+1.24
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.12
Calmar ratio: Return relative to maximum drawdown	3.69	1.25	+2.44
Martin ratio: Return relative to average drawdown	12.76	3.19	+9.57

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

The current ZUD.TO Sharpe Ratio is 1.89, which is higher than the ZDY.TO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ZUD.TO and ZDY.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.

Drawdowns

ZUD.TO vs. ZDY.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ZDY.TO's maximum drawdown of -32.99%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ZDY.TO.

Drawdown Indicators

	ZUD.TO	ZDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.60%	-32.99%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-11.53%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.94%	-15.33%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-15.33%	-2.32%
Max Drawdown (10Y) Largest decline over 10 years	-40.60%	-32.99%	-7.61%
Current Drawdown Current decline from peak	-1.85%	-2.12%	+0.27%
Average Drawdown Average peak-to-trough decline	-4.07%	-3.40%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	4.49%	-2.85%

Volatility

ZUD.TO vs. ZDY.TO - Volatility Comparison

BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 2.82% compared to BMO US Dividend ETF (CAD) (ZDY.TO) at 2.20%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than ZDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUD.TO	ZDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.20%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	8.65%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	12.88%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	12.44%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	15.27%	+1.71%

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

Both ZUD.TO and ZDY.TO have an expense ratio of 0.30%.

Dividends

ZUD.TO vs. ZDY.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.48%, less than ZDY.TO's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZDY.TO BMO US Dividend ETF (CAD)	1.51%	1.80%	1.97%	2.43%	2.48%	2.33%	3.65%	3.02%	2.80%	2.63%	2.46%	2.54%
ZUD.TO BMO US Dividend Hedged to CAD ETF	1.48%	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

Can I hold both ZUD.TO and ZDY.TO in my portfolio?

ZUD.TO and ZDY.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUD.TO or ZDY.TO?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUD.TO or ZDY.TO?

ZUD.TO and ZDY.TO have the same expense ratio: 0.30% per year.