PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZUE.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUE.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZUE.TO (BMO S&P 500 (CAD Hedged)) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZUE.TO is a S&P 500 fund tracking the S&P 500 Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZUE.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZUE.TO returned 13.77%/yr vs 10.97%/yr for ZDV.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZUE.TO charges 0.09%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZUE.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 (CAD Hedged) (ZUE.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZUE.TO achieves a 9.67% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZUE.TO has outperformed ZDV.TO with an annualized return of 13.77%, while ZDV.TO has yielded a comparatively lower 10.97% annualized return.

ZUE.TO

1D
-0.65%
1M
5.07%
YTD
9.67%
6M
9.51%
1Y
25.18%
3Y*
20.25%
5Y*
12.15%
10Y*
13.77%

ZDV.TO

1D
-0.22%
1M
4.61%
YTD
18.56%
6M
13.14%
1Y
31.08%
3Y*
20.39%
5Y*
13.72%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUE.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUE.TO
BMO S&P 500 (CAD Hedged)		9.67%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%

Correlation

The correlation between ZUE.TO and ZDV.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

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

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.63

The correlation between ZUE.TO and ZDV.TO shifts across timeframes, from 0.44 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

ZUE.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
ZUE.TO
ZDV.TO

Technology

33.7%

-

Financial Services

12.3%
35.2%

Communication Services

10.6%
5.7%

Consumer Cyclical

10.0%
1.4%

Healthcare

9.5%
0.9%

Industrials

8.6%
2.7%

Consumer Defensive

5.2%
2.2%

Energy

3.8%
27.2%

Utilities

2.5%
10.1%

Real Estate

2.0%
4.1%

Basic Materials

1.9%
10.6%

Technology

ZUE.TO
33.7%
ZDV.TO

-

Financial Services

ZUE.TO
12.3%
ZDV.TO
35.2%

Communication Services

ZUE.TO
10.6%
ZDV.TO
5.7%

Consumer Cyclical

ZUE.TO
10.0%
ZDV.TO
1.4%

Healthcare

ZUE.TO
9.5%
ZDV.TO
0.9%

Industrials

ZUE.TO
8.6%
ZDV.TO
2.7%

Consumer Defensive

ZUE.TO
5.2%
ZDV.TO
2.2%

Energy

ZUE.TO
3.8%
ZDV.TO
27.2%

Utilities

ZUE.TO
2.5%
ZDV.TO
10.1%

Real Estate

ZUE.TO
2.0%
ZDV.TO
4.1%

Basic Materials

ZUE.TO
1.9%
ZDV.TO
10.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO S&P 500 (CAD Hedged)

BMO Canadian Dividend ETF

Often compared with ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. VFV.TOZUE.TO vs. XEQT.TOZUE.TO vs. VCN.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TO
Often compared with ZDV.TO:
ZDV.TO vs. VDY.TOZDV.TO vs. XEI.TOZDV.TO vs. XDIV.TOZDV.TO vs. ZWC.TOZDV.TO vs. ZCN.TOZDV.TO vs. XDV.TOZDV.TO vs. ZDY.TO

Return for Risk

ZUE.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUE.TO
ZUE.TO Risk / Return Rank: 6262
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6767
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
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.

ZUE.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 (CAD Hedged) (ZUE.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.

ZUE.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.12
2.95

-0.84

Sortino ratioReturn per unit of downside risk
2.91
3.40

-0.49

Omega ratioGain probability vs. loss probability

1.38

1.66

-0.28

Calmar ratioReturn relative to maximum drawdown

2.68

4.69

-2.01

Martin ratioReturn relative to average drawdown

12.32

18.24

-5.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUE.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current ZUE.TO Sharpe Ratio is 2.12, which is comparable to the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZUE.TO and ZDV.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.

Loading charts...

Sharpe Ratios by Period

ZUE.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

2.95

-0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

1.26

-0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.73

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.68

+0.14

Drawdowns

ZUE.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and ZDV.TO.

Loading charts...

Drawdown Indicators

ZUE.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-43.21%

+7.65%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-6.65%

-2.78%

Max Drawdown (3Y)

Largest decline over 3 years

-18.72%

-9.04%

-9.68%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-16.72%

-8.62%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-43.21%

+7.65%

Current Drawdown

Current decline from peak

-0.65%

-0.22%

-0.43%

Average Drawdown

Average peak-to-trough decline

-4.09%

-5.12%

+1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.71%

+0.34%

Volatility

ZUE.TO vs. ZDV.TO - Volatility Comparison

BMO S&P 500 (CAD Hedged) (ZUE.TO) has a higher volatility of 3.43% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZUE.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.

Loading charts...

Volatility by Period

ZUE.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.43%

2.49%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

9.15%

9.69%

-0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

11.96%

10.57%

+1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

10.94%

+5.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.14%

15.11%

+3.03%

ZUE.TO vs. ZDV.TO - Expense Ratio Comparison

ZUE.TO has a 0.09% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZUE.TO vs. ZDV.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.80%, less than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.68%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.80%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%

Frequently Asked Questions

ZUE.TO and ZDV.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZUE.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZUE.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZDV.TO.

ZUE.TO is categorized as S&P 500, while ZDV.TO is Canada Equities. Their fees differ too: 0.09% for ZUE.TO and 0.39% for ZDV.TO.

Portfolio Optimizer

Find the right allocation for ZUE.TO and ZDV.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer