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ZZZD.TO vs. ICAE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZZZD.TO vs. ICAE.TO

Last updated Jul 16, 2026
Documentation

ZZZD.TO (BMO Tactical Dividend ETF Fund) and ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) are both Dividend funds. ZZZD.TO is actively managed, while ICAE.TO is passively managed. Over the past 3 years, ZZZD.TO returned 10.47%/yr vs 16.16%/yr for ICAE.TO. At a 0.17 correlation, their price movements are largely independent.

Performance

ZZZD.TO vs. ICAE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Tactical Dividend ETF Fund (ZZZD.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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, ZZZD.TO achieves a 11.24% return, which is significantly lower than ICAE.TO's 17.91% return.

ZZZD.TO

1D
0.53%
1M
-0.48%
6M
10.53%
YTD
11.24%
1Y
15.16%
3Y*
10.47%
5Y*
6.96%
10Y*
—

ICAE.TO

1D
0.25%
1M
3.32%
6M
16.24%
YTD
17.91%
1Y
16.89%
3Y*
16.16%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZZZD.TO vs. ICAE.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZZZD.TO
BMO Tactical Dividend ETF Fund		11.24%10.01%3.96%2.76%
ICAE.TO
Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF		17.91%10.02%17.62%5.84%

Correlation

The correlation between ZZZD.TO and ICAE.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.17

Correlation (All Time)
Calculated using the full available price history since Mar 13, 2023

0.17

ZZZD.TO vs. ICAE.TO - Sectors Allocation Comparison

Sectors
ZZZD.TO
ICAE.TO

Technology

16.4%
0.4%

Financial Services

16.3%
45.7%

Utilities

12.4%
3.7%

Healthcare

12.3%

-

Communication Services

10.5%
1.4%

Energy

10.2%
17.2%

Industrials

7.6%
10.4%

Consumer Defensive

4.6%
6.4%

Basic Materials

4.4%
9.9%

Consumer Cyclical

4.2%
4.5%

Real Estate

1.2%
0.6%

Technology

ZZZD.TO
16.4%
ICAE.TO
0.4%

Financial Services

ZZZD.TO
16.3%
ICAE.TO
45.7%

Utilities

ZZZD.TO
12.4%
ICAE.TO
3.7%

Healthcare

ZZZD.TO
12.3%
ICAE.TO

-

Communication Services

ZZZD.TO
10.5%
ICAE.TO
1.4%

Energy

ZZZD.TO
10.2%
ICAE.TO
17.2%

Industrials

ZZZD.TO
7.6%
ICAE.TO
10.4%

Consumer Defensive

ZZZD.TO
4.6%
ICAE.TO
6.4%

Basic Materials

ZZZD.TO
4.4%
ICAE.TO
9.9%

Consumer Cyclical

ZZZD.TO
4.2%
ICAE.TO
4.5%

Real Estate

ZZZD.TO
1.2%
ICAE.TO
0.6%

Compare stocks, funds, or ETFs

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

BMO Tactical Dividend ETF Fund

Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF

Often compared with ZZZD.TO:
ZZZD.TO vs. CWIN.TOZZZD.TO vs. ZUD.TOZZZD.TO vs. XDU.TOZZZD.TO vs. ZNQ.TOZZZD.TO vs. ZSP.TOZZZD.TO vs. IQD.TOZZZD.TO vs. ZDV.TO
Often compared with ICAE.TO:
ICAE.TO vs. ESG.TOICAE.TO vs. QQC.TOICAE.TO vs. XDIV.TOICAE.TO vs. CWIN.TOICAE.TO vs. INAI.TOICAE.TO vs. VDY.TOICAE.TO vs. ESGC.TO

Return for Risk

ZZZD.TO vs. ICAE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZZZD.TO
ZZZD.TO Risk / Return Rank: 8181
Overall Rank
ZZZD.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZZZD.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZZZD.TO Omega Ratio Rank: 7474
Omega Ratio Rank
ZZZD.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZZZD.TO Martin Ratio Rank: 9393
Martin Ratio Rank
ICAE.TO
ICAE.TO Risk / Return Rank: 3131
Overall Rank
ICAE.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
ICAE.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
ICAE.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ICAE.TO Calmar Ratio Rank: 2626
Calmar Ratio Rank
ICAE.TO Martin Ratio Rank: 2222
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.

ZZZD.TO vs. ICAE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Tactical Dividend ETF Fund (ZZZD.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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.

ZZZD.TOICAE.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
0.89

+0.91

Sortino ratioReturn per unit of downside risk
2.71
1.15

+1.55

Omega ratioGain probability vs. loss probability

1.35

1.28

+0.07

Calmar ratioReturn relative to maximum drawdown

5.61

1.06

+4.54

Martin ratioReturn relative to average drawdown

18.21

2.13

+16.09

ZZZD.TO vs. ICAE.TO - Sharpe Ratio Comparison

The current ZZZD.TO Sharpe Ratio is 1.80, which is higher than the ICAE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ZZZD.TO and ICAE.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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Drawdowns

ZZZD.TO vs. ICAE.TO - Drawdown Comparison

The maximum ZZZD.TO drawdown since its inception was -22.28%, which is greater than ICAE.TO's maximum drawdown of -16.49%. Use the drawdown chart below to compare losses from any high point for ZZZD.TO and ICAE.TO.

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Drawdown Indicators

ZZZD.TOICAE.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.28%

-16.49%

-5.79%

Max Drawdown (1Y)

Largest decline over 1 year

-2.72%

-16.49%

+13.77%

Max Drawdown (3Y)

Largest decline over 3 years

-9.21%

-16.49%

+7.28%

Max Drawdown (5Y)

Largest decline over 5 years

-14.72%

—

—

Current Drawdown

Current decline from peak

-0.56%

-1.42%

+0.86%

Average Drawdown

Average peak-to-trough decline

-4.67%

-3.53%

-1.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.84%

8.23%

-7.39%

Volatility

ZZZD.TO vs. ICAE.TO - Volatility Comparison

BMO Tactical Dividend ETF Fund (ZZZD.TO) has a higher volatility of 2.48% compared to Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) at 2.14%. This indicates that ZZZD.TO's price experiences larger fluctuations and is considered to be riskier than ICAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZZZD.TOICAE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.48%

2.14%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

6.50%

7.94%

-1.44%

Volatility (1Y)

Calculated over the trailing 1-year period

8.47%

19.78%

-11.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.17%

15.99%

-4.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.64%

15.99%

-3.35%

Dividends

ZZZD.TO vs. ICAE.TO - Dividend Comparison

ZZZD.TO's dividend yield for the trailing twelve months is around 3.73%, more than ICAE.TO's 2.72% yield.

PositionTTM2025202420232022202120202019
ICAE.TO
Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF		2.72%3.29%3.33%2.87%0.00%0.00%0.00%0.00%
ZZZD.TO
BMO Tactical Dividend ETF Fund		3.73%4.07%4.29%4.28%4.51%4.27%4.09%3.11%

Frequently Asked Questions

ZZZD.TO and ICAE.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Invesco.

Portfolio Optimizer

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