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ZUH.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUH.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZUH.TO (BMO Equal Weight US Health Care Hedged to CAD Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZUH.TO is a Health & Biotech Equities fund tracking the Solactive Equal Weight US Health Care Index CAD Hedged, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZUH.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZUH.TO returned 5.47%/yr vs 10.97%/yr for ZDV.TO. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.

Performance

ZUH.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZUH.TO achieves a -3.50% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZUH.TO has underperformed ZDV.TO with an annualized return of 5.47%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZUH.TO

1D
1.33%
1M
2.40%
YTD
-3.50%
6M
-4.70%
1Y
8.24%
3Y*
-0.11%
5Y*
-1.97%
10Y*
5.47%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZUH.TO
BMO Equal Weight US Health Care Hedged to CAD Index ETF		-3.50%6.34%-3.86%-1.73%-15.65%15.42%21.65%25.99%-2.84%25.34%
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 ZUH.TO and ZDV.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.47

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

0.51

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

0.50

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

0.47

The correlation between ZUH.TO and ZDV.TO shifts across timeframes, from 0.39 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZUH.TO
ZDV.TO

Healthcare

100.0%
0.9%

Basic Materials

-

10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Energy

-

27.2%

Financial Services

-

35.2%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

-

10.1%

Healthcare

ZUH.TO
100.0%
ZDV.TO
0.9%

Basic Materials

ZUH.TO

-

ZDV.TO
10.6%

Communication Services

ZUH.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZUH.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZUH.TO

-

ZDV.TO
2.2%

Energy

ZUH.TO

-

ZDV.TO
27.2%

Financial Services

ZUH.TO

-

ZDV.TO
35.2%

Industrials

ZUH.TO

-

ZDV.TO
2.7%

Real Estate

ZUH.TO

-

ZDV.TO
4.1%

Technology

ZUH.TO

-

ZDV.TO

-

Utilities

ZUH.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

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BMO Equal Weight US Health Care Hedged to CAD Index ETF

BMO Canadian Dividend ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUH.TO
ZUH.TO Risk / Return Rank: 1818
Overall Rank
ZUH.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
ZUH.TO Sortino Ratio Rank: 1818
Sortino Ratio Rank
ZUH.TO Omega Ratio Rank: 1717
Omega Ratio Rank
ZUH.TO Calmar Ratio Rank: 1818
Calmar Ratio Rank
ZUH.TO Martin Ratio Rank: 1818
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.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.

ZUH.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
0.54
2.95

-2.41

Sortino ratioReturn per unit of downside risk
0.89
3.40

-2.51

Omega ratioGain probability vs. loss probability

1.10

1.66

-0.56

Calmar ratioReturn relative to maximum drawdown

0.71

4.69

-3.98

Martin ratioReturn relative to average drawdown

1.81

18.24

-16.43

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

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

The current ZUH.TO Sharpe Ratio is 0.54, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZUH.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.

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Sharpe Ratios by Period

ZUH.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.54

2.95

-2.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.12

1.26

-1.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

0.73

-0.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

0.68

-0.07

Drawdowns

ZUH.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZUH.TO drawdown since its inception was -34.20%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZUH.TO and ZDV.TO.

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Drawdown Indicators

ZUH.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.20%

-43.21%

+9.01%

Max Drawdown (1Y)

Largest decline over 1 year

-11.59%

-6.65%

-4.94%

Max Drawdown (3Y)

Largest decline over 3 years

-22.23%

-9.04%

-13.19%

Max Drawdown (5Y)

Largest decline over 5 years

-34.20%

-16.72%

-17.48%

Max Drawdown (10Y)

Largest decline over 10 years

-34.20%

-43.21%

+9.01%

Current Drawdown

Current decline from peak

-22.21%

-0.22%

-21.99%

Average Drawdown

Average peak-to-trough decline

-9.22%

-5.12%

-4.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.56%

1.71%

+2.85%

Volatility

ZUH.TO vs. ZDV.TO - Volatility Comparison

BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH.TO) has a higher volatility of 4.64% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZUH.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

ZUH.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.64%

2.49%

+2.15%

Volatility (6M)

Calculated over the trailing 6-month period

10.97%

9.69%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

15.27%

10.57%

+4.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.20%

10.94%

+6.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.53%

15.11%

+3.42%

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

Both ZUH.TO and ZDV.TO have an expense ratio of 0.39%.

Dividends

ZUH.TO vs. ZDV.TO - Dividend Comparison

ZUH.TO's dividend yield for the trailing twelve months is around 0.57%, 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%
ZUH.TO
BMO Equal Weight US Health Care Hedged to CAD Index ETF		0.57%0.55%0.74%0.73%0.43%0.12%0.37%0.33%0.32%0.36%0.48%0.48%

Frequently Asked Questions

ZUH.TO and ZDV.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZUH.TO and ZDV.TO have the same expense ratio: 0.39% per year.

ZUH.TO is categorized as Health & Biotech Equities, while ZDV.TO is Canada Equities.

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