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

ZWE.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZWE.TO is a Foreign Large Cap Equities fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZWE.TO returned 8.22%/yr vs 10.97%/yr for ZDV.TO. A 0.56 correlation means they provide meaningful diversification when combined. ZWE.TO charges 0.65%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZWE.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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, ZWE.TO achieves a 3.89% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZWE.TO has underperformed ZDV.TO with an annualized return of 8.22%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZWE.TO

1D
-0.28%
1M
1.89%
YTD
3.89%
6M
5.73%
1Y
12.64%
3Y*
10.05%
5Y*
9.16%
10Y*
8.22%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZWE.TO
BMO Europe High Dividend Covered Call Hedged to CAD ETF		3.89%14.25%7.16%14.84%0.29%19.26%-8.67%22.06%-10.78%11.22%
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 ZWE.TO and ZDV.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.46

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

0.51

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

0.55

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2015

0.56

The correlation between ZWE.TO and ZDV.TO shifts across timeframes, from 0.42 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZWE.TO
ZDV.TO

Financial Services

22.4%
35.2%

Consumer Cyclical

10.9%
1.4%

Healthcare

10.8%
0.9%

Industrials

10.6%
2.7%

Energy

10.3%
27.2%

Consumer Defensive

8.8%
2.2%

Basic Materials

8.5%
10.6%

Technology

6.2%

-

Communication Services

5.8%
5.7%

Utilities

5.7%
10.1%

Real Estate

-

4.1%

Financial Services

ZWE.TO
22.4%
ZDV.TO
35.2%

Consumer Cyclical

ZWE.TO
10.9%
ZDV.TO
1.4%

Healthcare

ZWE.TO
10.8%
ZDV.TO
0.9%

Industrials

ZWE.TO
10.6%
ZDV.TO
2.7%

Energy

ZWE.TO
10.3%
ZDV.TO
27.2%

Consumer Defensive

ZWE.TO
8.8%
ZDV.TO
2.2%

Basic Materials

ZWE.TO
8.5%
ZDV.TO
10.6%

Technology

ZWE.TO
6.2%
ZDV.TO

-

Communication Services

ZWE.TO
5.8%
ZDV.TO
5.7%

Utilities

ZWE.TO
5.7%
ZDV.TO
10.1%

Real Estate

ZWE.TO

-

ZDV.TO
4.1%

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BMO Europe High Dividend Covered Call Hedged to CAD ETF

BMO Canadian Dividend ETF

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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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWE.TO
ZWE.TO Risk / Return Rank: 3030
Overall Rank
ZWE.TO Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
ZWE.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
ZWE.TO Omega Ratio Rank: 3131
Omega Ratio Rank
ZWE.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
ZWE.TO Martin Ratio Rank: 3232
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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.

ZWE.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
1.15
2.95

-1.80

Sortino ratioReturn per unit of downside risk
1.61
3.40

-1.79

Omega ratioGain probability vs. loss probability

1.21

1.66

-0.45

Calmar ratioReturn relative to maximum drawdown

1.33

4.69

-3.37

Martin ratioReturn relative to average drawdown

4.81

18.24

-13.43

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

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

The current ZWE.TO Sharpe Ratio is 1.15, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZWE.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

ZWE.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.15

2.95

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.26

-0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.73

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.68

-0.19

Drawdowns

ZWE.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZWE.TO drawdown since its inception was -35.38%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZWE.TO and ZDV.TO.

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Drawdown Indicators

ZWE.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.38%

-43.21%

+7.83%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-6.65%

-2.91%

Max Drawdown (3Y)

Largest decline over 3 years

-13.60%

-9.04%

-4.56%

Max Drawdown (5Y)

Largest decline over 5 years

-13.60%

-16.72%

+3.12%

Max Drawdown (10Y)

Largest decline over 10 years

-35.38%

-43.21%

+7.83%

Current Drawdown

Current decline from peak

-1.97%

-0.22%

-1.75%

Average Drawdown

Average peak-to-trough decline

-4.14%

-5.12%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

1.71%

+0.92%

Volatility

ZWE.TO vs. ZDV.TO - Volatility Comparison

BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) has a higher volatility of 2.98% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZWE.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

ZWE.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.98%

2.49%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

8.72%

9.69%

-0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

11.00%

10.57%

+0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.55%

10.94%

+1.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.40%

15.11%

+0.29%

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

ZWE.TO has a 0.65% expense ratio, which is higher than ZDV.TO's 0.39% expense ratio.

Dividends

ZWE.TO vs. ZDV.TO - Dividend Comparison

ZWE.TO's dividend yield for the trailing twelve months is around 6.74%, 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%
ZWE.TO
BMO Europe High Dividend Covered Call Hedged to CAD ETF		6.74%6.81%7.25%7.25%6.98%6.30%7.74%6.53%7.59%6.49%6.76%2.32%

Frequently Asked Questions

ZWE.TO and ZDV.TO have a correlation of 0.42, 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 0.65% for ZWE.TO.

ZWE.TO is categorized as Foreign Large Cap Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.65% for ZWE.TO and 0.39% for ZDV.TO.

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