ZXM.TO vs. UDA.TO

Last updated Aug 4, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and UDA.TO (Caldwell U.S. Dividend Advantage Fund) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while UDA.TO is a Dividend fund actively managed by Caldwell. ZXM.TO is passively managed, while UDA.TO is actively managed. Over the past 5 years, ZXM.TO returned 12.06%/yr vs 8.55%/yr for UDA.TO. Their 0.21 correlation means their historical movements had little consistent relationship. ZXM.TO charges 0.67%/yr vs 0.73%/yr for UDA.TO.

Performance

ZXM.TO vs. UDA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and Caldwell U.S. Dividend Advantage Fund (UDA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZXM.TO having a 12.37% return and UDA.TO slightly lower at 12.32%.

ZXM.TO

• 1D: 2.38%
• 1M: -3.18%
• 6M: 6.21%
• YTD: 12.37%
• 1Y: 27.46%
• 3Y*: 23.62%
• 5Y*: 12.06%
• 10Y*: 12.98%
• ALL TIME*: 12.56%

UDA.TO

• 1D: -0.19%
• 1M: -3.99%
• 6M: 10.41%
• YTD: 12.32%
• 1Y: 18.58%
• 3Y*: 11.85%
• 5Y*: 8.55%
• 10Y*: —
• ALL TIME*: 12.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UDA.TO Caldwell U.S. Dividend Advantage Fund	CA$1.94K	CA$933.66	CA$5.97K
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	CA$43.76K	CA$31.09K	CA$57.00K

ZXM.TO vs. UDA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	12.37%	35.74%	21.42%	14.21%	-20.62%	25.67%	62.90%
UDA.TO Caldwell U.S. Dividend Advantage Fund	12.32%	-3.43%	31.01%	1.33%	-3.90%	21.59%	26.33%

Correlation

The correlation between ZXM.TO and UDA.TO is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (All Time) Calculated using the full available price history since Mar 18, 2020	0.21

ZXM.TO vs. UDA.TO - Sectors Allocation Comparison

Sectors	ZXM.TO	UDA.TO
Industrials	29.0%	44.2%
Financial Services	23.9%	10.6%
Technology	14.0%	17.3%
Consumer Cyclical	8.9%	10.5%
Basic Materials	7.0%	4.4%
Consumer Defensive	4.6%	4.4%
Energy	4.0%	-
Utilities	2.9%	-
Healthcare	2.4%	5.8%
Communication Services	1.9%	-
Real Estate	1.5%	2.8%

Return for Risk

ZXM.TO vs. UDA.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZXM.TO

ZXM.TO Risk / Return Rank: 72
ZXM.TO Sharpe Ratio Rank: 69
ZXM.TO Sortino Ratio Rank: 71
ZXM.TO Omega Ratio Rank: 77
ZXM.TO Calmar Ratio Rank: 73
ZXM.TO Martin Ratio Rank: 70

UDA.TO

UDA.TO Risk / Return Rank: 44
UDA.TO Sharpe Ratio Rank: 38
UDA.TO Sortino Ratio Rank: 37
UDA.TO Omega Ratio Rank: 37
UDA.TO Calmar Ratio Rank: 54
UDA.TO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZXM.TO vs. UDA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and Caldwell U.S. Dividend Advantage Fund (UDA.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZXM.TO	UDA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.04	+0.65
Sortino ratio: Return per unit of downside risk	2.42	1.50	+0.92
Omega ratio: Gain probability vs. loss probability	1.34	1.19	+0.15
Calmar ratio: Return relative to maximum drawdown	2.70	2.12	+0.58
Martin ratio: Return relative to average drawdown	9.14	6.62	+2.52

ZXM.TO vs. UDA.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 1.69, which is higher than the UDA.TO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of ZXM.TO and UDA.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.

Drawdowns

ZXM.TO vs. UDA.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than UDA.TO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and UDA.TO.

Drawdown Indicators

	ZXM.TO	UDA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.22%	-24.77%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-8.61%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-12.74%	-24.77%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-24.77%	-2.16%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	—	—
Current Drawdown Current decline from peak	-5.90%	-8.61%	+2.71%
Average Drawdown Average peak-to-trough decline	-6.41%	-6.70%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.75%	+0.30%

Volatility

ZXM.TO vs. UDA.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and Caldwell U.S. Dividend Advantage Fund (UDA.TO) have volatilities of 6.30% and 6.17%, 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.

Volatility by Period

	ZXM.TO	UDA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	6.17%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	13.71%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	17.61%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	16.08%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	15.75%	+0.86%

ZXM.TO vs. UDA.TO - Expense Ratio Comparison

ZXM.TO has a 0.67% expense ratio, which is lower than UDA.TO's 0.73% expense ratio.

Dividends

ZXM.TO vs. UDA.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 1.94%, less than UDA.TO's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDA.TO Caldwell U.S. Dividend Advantage Fund	4.13%	4.57%	7.06%	3.33%	4.17%	9.14%	2.50%	0.00%	0.00%	0.00%	0.00%	0.00%
ZXM.TO CI Morningstar International Momentum Index ETF Common Units CAD Hedged	1.94%	2.39%	2.97%	3.57%	5.50%	1.58%	0.86%	1.19%	1.48%	0.88%	1.19%	1.11%

Frequently Asked Questions

Can I hold both ZXM.TO and UDA.TO in my portfolio?

ZXM.TO and UDA.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZXM.TO or UDA.TO?

On fees, ZXM.TO is cheaper at 0.67% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZXM.TO or UDA.TO?

ZXM.TO is cheaper with a 0.67% expense ratio, compared with 0.73% for UDA.TO.

What is the main difference between ZXM.TO and UDA.TO?

ZXM.TO is categorized as Momentum, while UDA.TO is Dividend. They also come from different issuers: CI and Caldwell. Their fees differ too: 0.67% for ZXM.TO and 0.73% for UDA.TO.