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

ZWU.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZWU.TO is a Utilities 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, ZWU.TO returned 6.08%/yr vs 10.97%/yr for ZDV.TO. A 0.70 correlation means they provide meaningful diversification when combined. ZWU.TO charges 0.65%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZWU.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Utilities ETF (ZWU.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, ZWU.TO achieves a 10.15% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZWU.TO has underperformed ZDV.TO with an annualized return of 6.08%, while ZDV.TO has yielded a comparatively higher 10.97% annualized return.

ZWU.TO

1D
-0.50%
1M
-0.34%
YTD
10.15%
6M
9.37%
1Y
15.17%
3Y*
10.66%
5Y*
6.33%
10Y*
6.08%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZWU.TO
BMO Covered Call Utilities ETF		10.15%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%
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 ZWU.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

0.60

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

0.66

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

0.68

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

0.70

Over the past year, the correlation between ZWU.TO and ZDV.TO has dropped to 0.42 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

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

Sectors
ZWU.TO
ZDV.TO

Utilities

52.7%
10.1%

Energy

25.8%
27.2%

Communication Services

21.5%
5.7%

Basic Materials

-

10.6%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Financial Services

-

35.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

ZWU.TO
52.7%
ZDV.TO
10.1%

Energy

ZWU.TO
25.8%
ZDV.TO
27.2%

Communication Services

ZWU.TO
21.5%
ZDV.TO
5.7%

Basic Materials

ZWU.TO

-

ZDV.TO
10.6%

Consumer Cyclical

ZWU.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZWU.TO

-

ZDV.TO
2.2%

Financial Services

ZWU.TO

-

ZDV.TO
35.2%

Healthcare

ZWU.TO

-

ZDV.TO
0.9%

Industrials

ZWU.TO

-

ZDV.TO
2.7%

Real Estate

ZWU.TO

-

ZDV.TO
4.1%

Technology

ZWU.TO

-

ZDV.TO

-

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BMO Covered Call Utilities ETF

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWU.TO
ZWU.TO Risk / Return Rank: 5858
Overall Rank
ZWU.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 5151
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.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.

ZWU.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
2.01
2.95

-0.95

Sortino ratioReturn per unit of downside risk
2.94
3.40

-0.45

Omega ratioGain probability vs. loss probability

1.36

1.66

-0.30

Calmar ratioReturn relative to maximum drawdown

3.13

4.69

-1.56

Martin ratioReturn relative to average drawdown

8.85

18.24

-9.40

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

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

The current ZWU.TO Sharpe Ratio is 2.01, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZWU.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

ZWU.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

2.95

-0.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

1.26

-0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.73

-0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.68

-0.26

Drawdowns

ZWU.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and ZDV.TO.

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Drawdown Indicators

ZWU.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.41%

-43.21%

+5.80%

Max Drawdown (1Y)

Largest decline over 1 year

-4.86%

-6.65%

+1.79%

Max Drawdown (3Y)

Largest decline over 3 years

-12.85%

-9.04%

-3.81%

Max Drawdown (5Y)

Largest decline over 5 years

-23.36%

-16.72%

-6.64%

Max Drawdown (10Y)

Largest decline over 10 years

-37.41%

-43.21%

+5.80%

Current Drawdown

Current decline from peak

-2.31%

-0.22%

-2.09%

Average Drawdown

Average peak-to-trough decline

-5.38%

-5.12%

-0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.73%

1.71%

+0.02%

Volatility

ZWU.TO vs. ZDV.TO - Volatility Comparison

BMO Covered Call Utilities ETF (ZWU.TO) has a higher volatility of 2.81% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZWU.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

ZWU.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.81%

2.49%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

6.30%

9.69%

-3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

7.59%

10.57%

-2.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.47%

10.94%

-0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.18%

15.11%

-0.93%

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

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

Dividends

ZWU.TO vs. ZDV.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.09%, 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%
ZWU.TO
BMO Covered Call Utilities ETF		7.09%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Frequently Asked Questions

ZWU.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 ZWU.TO.

ZWU.TO is categorized as Utilities Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.65% for ZWU.TO and 0.39% for ZDV.TO.

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