ZUT.TO vs. VDY.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO).

ZUT.TO and VDY.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Utilities Index. It was launched on Jan 19, 2010. VDY.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada High Dividend Yield Index. It was launched on Nov 2, 2012. Both ZUT.TO and VDY.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZUT.TO vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

ZUT.TO vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUT.TO BMO Equal Weight Utilities Index ETF	15.64%	15.25%	14.13%	-5.37%	-8.69%	5.45%	28.15%	35.59%	-8.02%	8.46%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	9.07%	29.20%	20.71%	8.40%	-0.23%	36.78%	-1.37%	21.43%	-10.09%	8.75%

Returns By Period

In the year-to-date period, ZUT.TO achieves a 15.64% return, which is significantly higher than VDY.TO's 9.07% return. Over the past 10 years, ZUT.TO has underperformed VDY.TO with an annualized return of 10.41%, while VDY.TO has yielded a comparatively higher 13.53% annualized return.

ZUT.TO

• 1D: 0.73%
• 1M: 3.27%
• YTD: 15.64%
• 6M: 14.44%
• 1Y: 28.59%
• 3Y*: 11.46%
• 5Y*: 6.39%
• 10Y*: 10.41%

VDY.TO

• 1D: 1.12%
• 1M: 0.19%
• YTD: 9.07%
• 6M: 16.25%
• 1Y: 39.26%
• 3Y*: 22.01%
• 5Y*: 16.73%
• 10Y*: 13.53%

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

ZUT.TO vs. VDY.TO - Expense Ratio Comparison

ZUT.TO has a 0.61% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

ZUT.TO

BMO Equal Weight Utilities Index ETF

VDY.TO

Vanguard FTSE Canadian High Dividend Yield Index ETF

Return for Risk

ZUT.TO vs. VDY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZUT.TO

ZUT.TO Risk / Return Rank: 92
ZUT.TO Sharpe Ratio Rank: 96
ZUT.TO Sortino Ratio Rank: 96
ZUT.TO Omega Ratio Rank: 96
ZUT.TO Calmar Ratio Rank: 92
ZUT.TO Martin Ratio Rank: 79

VDY.TO

VDY.TO Risk / Return Rank: 97
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 95
VDY.TO Martin Ratio Rank: 98

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.

ZUT.TO vs. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Utilities Index ETF (ZUT.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.

	ZUT.TO	VDY.TO	Difference
Sharpe ratio Return per unit of total volatility	2.43	3.58	-1.15
Sortino ratio Return per unit of downside risk	3.13	4.31	-1.18
Omega ratio Gain probability vs. loss probability	1.49	1.77	-0.28
Calmar ratio Return relative to maximum drawdown	3.23	4.00	-0.77
Martin ratio Return relative to average drawdown	8.12	22.92	-14.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUT.TO vs. VDY.TO - Sharpe Ratio Comparison

The current ZUT.TO Sharpe Ratio is 2.43, which is lower than the VDY.TO Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of ZUT.TO and VDY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZUT.TO	VDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	3.58	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	1.47	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.85	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.80	-0.23

Correlation

The correlation between ZUT.TO and VDY.TO is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZUT.TO vs. VDY.TO - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.92%, less than VDY.TO's 3.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZUT.TO BMO Equal Weight Utilities Index ETF	2.92%	3.44%	3.98%	4.35%	3.95%	3.25%	3.31%	4.00%	4.59%	3.71%	3.98%	4.63%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.51%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%

Drawdowns

ZUT.TO vs. VDY.TO - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.08%, smaller than the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and VDY.TO.

Drawdown Indicators

	ZUT.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-39.21%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-10.07%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-32.42%	-16.18%	-16.24%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-39.21%	+2.13%
Current Drawdown Current decline from peak	0.00%	-0.55%	+0.55%
Average Drawdown Average peak-to-trough decline	-6.37%	-4.67%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	1.76%	+1.80%

Volatility

ZUT.TO vs. VDY.TO - Volatility Comparison

BMO Equal Weight Utilities Index ETF (ZUT.TO) has a higher volatility of 4.76% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.37%. This indicates that ZUT.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.

Volatility by Period

	ZUT.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	3.37%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	6.43%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.83%	11.03%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	11.49%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	15.96%	+0.52%