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

ZVU.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZVU.TO (BMO MSCI USA Value ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZVU.TO is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Capped Index, while ZDV.TO is a Canada Equities fund actively managed by BMO. ZVU.TO is passively managed, while ZDV.TO is actively managed. Over the past 5 years, ZVU.TO returned 17.58%/yr vs 13.72%/yr for ZDV.TO. At a 0.35 correlation, their price movements are largely independent. ZVU.TO charges 0.33%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZVU.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA Value ETF (ZVU.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, ZVU.TO achieves a 49.80% return, which is significantly higher than ZDV.TO's 18.56% return.

ZVU.TO

1D
0.11%
1M
22.65%
YTD
49.80%
6M
42.92%
1Y
85.09%
3Y*
33.16%
5Y*
17.58%
10Y*
—

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)

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

2026 (YTD)20252024202320222021202020192018
ZVU.TO
BMO MSCI USA Value ETF		49.80%20.00%15.86%11.00%-9.58%28.41%-3.14%21.55%-7.25%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-5.98%

Correlation

The correlation between ZVU.TO and ZDV.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.34

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

0.39

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2018

0.35

The correlation between ZVU.TO and ZDV.TO shifts across timeframes, from 0.29 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZVU.TO
ZDV.TO

Technology

44.8%

-

Financial Services

10.4%
35.2%

Healthcare

8.5%
0.9%

Consumer Cyclical

8.3%
1.4%

Communication Services

8.2%
5.7%

Industrials

7.3%
2.7%

Consumer Defensive

4.0%
2.2%

Energy

3.2%
27.2%

Utilities

1.9%
10.1%

Real Estate

1.8%
4.1%

Basic Materials

1.6%
10.6%

Technology

ZVU.TO
44.8%
ZDV.TO

-

Financial Services

ZVU.TO
10.4%
ZDV.TO
35.2%

Healthcare

ZVU.TO
8.5%
ZDV.TO
0.9%

Consumer Cyclical

ZVU.TO
8.3%
ZDV.TO
1.4%

Communication Services

ZVU.TO
8.2%
ZDV.TO
5.7%

Industrials

ZVU.TO
7.3%
ZDV.TO
2.7%

Consumer Defensive

ZVU.TO
4.0%
ZDV.TO
2.2%

Energy

ZVU.TO
3.2%
ZDV.TO
27.2%

Utilities

ZVU.TO
1.9%
ZDV.TO
10.1%

Real Estate

ZVU.TO
1.8%
ZDV.TO
4.1%

Basic Materials

ZVU.TO
1.6%
ZDV.TO
10.6%

Compare stocks, funds, or ETFs

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BMO MSCI USA Value ETF

BMO Canadian Dividend ETF

Often compared with ZVU.TO:
ZVU.TO vs. XCV.TOZVU.TO vs. ZGQ.TOZVU.TO vs. MGKZVU.TO vs. VFV.TOZVU.TO vs. ZLB.TOZVU.TO vs. ZUQ.TOZVU.TO vs. VLU
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZVU.TO
ZVU.TO Risk / Return Rank: 9797
Overall Rank
ZVU.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZVU.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZVU.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZVU.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZVU.TO Martin Ratio Rank: 9797
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA Value ETF (ZVU.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.

ZVU.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
4.92
2.95

+1.97

Sortino ratioReturn per unit of downside risk
6.09
3.40

+2.69

Omega ratioGain probability vs. loss probability

1.89

1.66

+0.23

Calmar ratioReturn relative to maximum drawdown

14.52

4.69

+9.83

Martin ratioReturn relative to average drawdown

48.34

18.24

+30.09

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

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

The current ZVU.TO Sharpe Ratio is 4.92, which is higher than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZVU.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

ZVU.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.92

2.95

+1.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.11

1.26

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.73

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.68

+0.09

Drawdowns

ZVU.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZVU.TO drawdown since its inception was -34.24%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZVU.TO and ZDV.TO.

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Drawdown Indicators

ZVU.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.24%

-43.21%

+8.97%

Max Drawdown (1Y)

Largest decline over 1 year

-5.89%

-6.65%

+0.76%

Max Drawdown (3Y)

Largest decline over 3 years

-16.27%

-9.04%

-7.23%

Max Drawdown (5Y)

Largest decline over 5 years

-20.30%

-16.72%

-3.58%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.21%

—

Current Drawdown

Current decline from peak

0.00%

-0.22%

+0.22%

Average Drawdown

Average peak-to-trough decline

-6.12%

-5.12%

-1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.77%

1.71%

+0.06%

Volatility

ZVU.TO vs. ZDV.TO - Volatility Comparison

BMO MSCI USA Value ETF (ZVU.TO) has a higher volatility of 8.79% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZVU.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

ZVU.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.79%

2.49%

+6.30%

Volatility (6M)

Calculated over the trailing 6-month period

14.57%

9.69%

+4.88%

Volatility (1Y)

Calculated over the trailing 1-year period

17.39%

10.57%

+6.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.95%

10.94%

+5.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.98%

15.11%

+2.87%

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

ZVU.TO has a 0.33% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZVU.TO vs. ZDV.TO - Dividend Comparison

ZVU.TO's dividend yield for the trailing twelve months is around 1.06%, 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%
ZVU.TO
BMO MSCI USA Value ETF		1.06%1.62%2.13%2.55%2.45%1.89%2.38%1.97%1.98%0.00%0.00%0.00%

Frequently Asked Questions

ZVU.TO and ZDV.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZVU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZVU.TO is cheaper with a 0.33% expense ratio, compared with 0.39% for ZDV.TO.

ZVU.TO is categorized as Large Cap Value Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.33% for ZVU.TO and 0.39% for ZDV.TO.

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