VS
Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY) and BMO Canadian High Dividend Covered Call ETF (ZWC) offer distinct profiles for Canadian ETF investors. A direct comparison shows that VDY focuses its top 3 sector exposures on Finance, Energy, and Utilities, while ZWC leans towards Finance, Energy, and Non-Energy Materials. When evaluating costs, VDY features a management fee (MER) of 0.2%, compared to 0.65% for ZWC. Performance-wise, VDY has returned 27.64% year-to-date with +$2 B in net flows, whereas ZWC is at 15.59% with +$325 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
VDY
ZWC
| AuM | $9,127.25 M | $2,489.85 M |
| Management Fees | 0.20% | 0.65% |
| Exp. ratio | 0.22% | 0.72% |
| Tracking Difference | -0.03% | - |
Historical performance and flows
As of September 18, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | VDY | -1.25% | +3.23% | +27.64% | +41.11% | +116.55% |
ZWC | -0.77% | +3.13% | +15.59% | +24.89% | +64.55% | |
| Flows | VDY | +$114 M | +$508 M | +$1,985 M | +$2,496 M | +$3,904 M |
ZWC | +$23 M | +$109 M | +$325 M | +$371 M | +$296 M |
VDY vs ZWC exposure
Countries
VDY
Canada
97.08%
ZWC
Canada
98.15%
Sectors
VDY
Finance
59.82%
Energy
28.36%
Other
11.82%
ZWC
Finance
40.64%
Energy
22.76%
Non-Energy Materials
11.23%
Other
25.37%
As of September 18, 2026
Top 10 Holdings
VDY
Royal Bank of Canada
15.83%
The Toronto-Dominion Bank
10.84%
Bank of Montreal
6.86%
Enbridge, Inc.
6.42%
Canadian Imperial Bank of Commerce
5.89%
The Bank of Nova Scotia
5.85%
Canadian Natural Resources Ltd.
5.26%
Suncor Energy, Inc.
4.31%
Manulife Financial Corp.
4.02%
TC Energy Corp.
3.79%
ZWC
Royal Bank of Canada
8.06%
The Toronto-Dominion Bank
6.27%
Canadian Imperial Bank of Commerce
5.85%
Canadian Natural Resources Ltd.
5.74%
The Bank of Nova Scotia
5.62%
Enbridge, Inc.
4.71%
Suncor Energy, Inc.
4.66%
TC Energy Corp.
4.03%
Bank of Montreal
3.82%
Nutrien Ltd.
3.17%
Diversification
VDY
Total weight of top 10 holdings out of 60 total
69.07%
ZWC
Total weight of top 10 holdings out of 39 total
51.92%
Characteristics
Compare
VDY
ZWC
| Provider | Vanguard | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada High Dividend Yield Net Tax Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.25% | 5.77% |
| Meets ESG criteria | No | No |
| Inception Date | November 2, 2012 | February 9, 2017 |
Frequently asked questions about VDY and ZWC
Which ETF has performed better year to date: VDY or ZWC?
As of September 18, 2026, VDY has returned 27.64% year to date, while ZWC has returned 15.59%. VDY is ahead on YTD performance.
Which ETF is larger by assets under management: VDY or ZWC?
As of September 18, 2026, VDY manages $9.13 B in assets, while ZWC manages $2.49 B. VDY is the larger fund by AUM.
How are VDY and ZWC managed?
VDY is passively managed by Vanguard. It tracks the FTSE Canada High Dividend Yield Net Tax Index - CAD benchmark. ZWC is actively managed by BMO. It does not track an index.
What sectors do VDY and ZWC emphasize?
VDY is most exposed to Finance, Energy, and Utilities. ZWC is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: VDY or ZWC?
Year to date, VDY has seen +$1,984.73 M in net flows, compared with +$325.33 M for ZWC. VDY has attracted more net investor money so far.
How do the fees of VDY and ZWC compare?
VDY has an expense ratio of 0.22%, while ZWC has an expense ratio of 0.72%.
What are the top holdings of VDY and ZWC?
VDY's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal. ZWC's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Canadian Imperial Bank of Commerce.
Which ETF is more diversified: VDY or ZWC?
VDY holds 60 securities, while ZWC holds 39. On holdings count, VDY is the more diversified portfolio.
Recent articles about VDY and ZWC
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