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

ZUT.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZUT.TO (BMO Equal Weight Utilities Index ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZUT.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZUT.TO returned 10.18%/yr vs 10.97%/yr for ZDV.TO. A 0.56 correlation means they provide meaningful diversification when combined. ZUT.TO charges 0.61%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZUT.TO vs. ZDV.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 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, ZUT.TO achieves a 20.31% return, which is significantly higher than ZDV.TO's 18.56% return. Over the past 10 years, ZUT.TO has underperformed ZDV.TO with an annualized return of 10.18%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZUT.TO

1D
0.17%
1M
4.34%
YTD
20.31%
6M
17.09%
1Y
25.60%
3Y*
12.49%
5Y*
7.40%
10Y*
10.18%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZUT.TO
BMO Equal Weight Utilities Index ETF		20.31%15.25%14.13%-5.37%-8.69%5.45%28.15%35.59%-8.02%8.46%
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 ZUT.TO and ZDV.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.60

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

0.55

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

0.52

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

0.56

The correlation between ZUT.TO and ZDV.TO shifts across timeframes, from 0.40 (1 year) to 0.60 (3 years), reflecting how their relationship changes across market environments.

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

Sectors
ZUT.TO
ZDV.TO

Utilities

92.2%
10.1%

Energy

7.8%
27.2%

Basic Materials

-

10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

ZUT.TO
92.2%
ZDV.TO
10.1%

Energy

ZUT.TO
7.8%
ZDV.TO
27.2%

Basic Materials

ZUT.TO

-

ZDV.TO
10.6%

Communication Services

ZUT.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZUT.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZUT.TO

-

ZDV.TO
2.2%

Financial Services

ZUT.TO

-

ZDV.TO
35.2%

Healthcare

ZUT.TO

-

ZDV.TO
0.9%

Industrials

ZUT.TO

-

ZDV.TO
2.7%

Real Estate

ZUT.TO

-

ZDV.TO
4.1%

Technology

ZUT.TO

-

ZDV.TO

-

Compare stocks, funds, or ETFs

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

BMO Equal Weight Utilities Index ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

ZUT.TO vs. ZDV.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: 6565
Overall Rank
ZUT.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
ZUT.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZUT.TO Omega Ratio Rank: 7878
Omega Ratio Rank
ZUT.TO Calmar Ratio Rank: 5757
Calmar Ratio Rank
ZUT.TO Martin Ratio Rank: 4343
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.

ZUT.TO vs. ZDV.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 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.

ZUT.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.47
2.95

-0.48

Sortino ratioReturn per unit of downside risk
3.28
3.40

-0.12

Omega ratioGain probability vs. loss probability

1.47

1.66

-0.18

Calmar ratioReturn relative to maximum drawdown

2.87

4.69

-1.82

Martin ratioReturn relative to average drawdown

7.24

18.24

-11.00

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. ZDV.TO - Sharpe Ratio Comparison

The current ZUT.TO Sharpe Ratio is 2.47, which is comparable to the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZUT.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

ZUT.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.47

2.95

-0.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

1.26

-0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

0.73

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.68

-0.10

Drawdowns

ZUT.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.08%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and ZDV.TO.

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Drawdown Indicators

ZUT.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.08%

-43.21%

+6.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.96%

-6.65%

-2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-21.44%

-9.04%

-12.40%

Max Drawdown (5Y)

Largest decline over 5 years

-32.42%

-16.72%

-15.70%

Max Drawdown (10Y)

Largest decline over 10 years

-37.08%

-43.21%

+6.13%

Current Drawdown

Current decline from peak

-0.24%

-0.22%

-0.02%

Average Drawdown

Average peak-to-trough decline

-6.33%

-5.12%

-1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.55%

1.71%

+1.84%

Volatility

ZUT.TO vs. ZDV.TO - Volatility Comparison

BMO Equal Weight Utilities Index ETF (ZUT.TO) and BMO Canadian Dividend ETF (ZDV.TO) have volatilities of 2.42% and 2.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUT.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.42%

2.49%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

8.27%

9.69%

-1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

10.62%

10.57%

+0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.95%

10.94%

+3.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.50%

15.11%

+1.39%

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

ZUT.TO has a 0.61% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

ZUT.TO vs. ZDV.TO - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.77%, more 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%
ZUT.TO
BMO Equal Weight Utilities Index ETF		2.77%3.44%3.98%4.35%3.95%3.25%3.31%4.00%4.59%3.71%3.98%4.63%

Frequently Asked Questions

ZUT.TO and ZDV.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZDV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.61% for ZUT.TO.

ZUT.TO is categorized as Utilities Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.61% for ZUT.TO and 0.39% for ZDV.TO.

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