VS
BMO Covered Call Canadian Banks ETF (ZWB) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZWB focuses its top 3 sector exposures on Finance, while VDY leans towards Finance, Energy, and Utilities. When evaluating costs, ZWB features a management fee (MER) of 0.65%, compared to 0.2% for VDY. Performance-wise, ZWB has returned 28.23% year-to-date with +$53 M in net flows, whereas VDY is at 29.42% with +$2 B. 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
ZWB
VDY
| AuM | $4,786.16 M | $9,146.36 M |
| Management Fees | 0.65% | 0.20% |
| Exp. ratio | 0.72% | 0.22% |
| Tracking Difference | - | -0.05% |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWB | +1.91% | +15.99% | +28.23% | +56.28% | +109.47% |
VDY | +4.30% | +14.59% | +29.42% | +54.23% | +117.53% | |
| Flows | ZWB | +$47 M | +$43 M | +$53 M | +$40 M | -$206 M |
VDY | +$307 M | +$901 M | +$1,831 M | +$2,564 M | +$3,779 M |
ZWB vs VDY exposure
Countries
ZWB
Canada
100.22%
VDY
Canada
96.84%
Sectors
ZWB
Finance
100.22%
VDY
Finance
60.97%
Energy
26.69%
Other
12.34%
As of July 24, 2026
Top 10 Holdings
ZWB
Bank of Montreal
17.32%
The Toronto-Dominion Bank
17.30%
Royal Bank of Canada
17.03%
The Bank of Nova Scotia
16.71%
National Bank of Canada
15.99%
Canadian Imperial Bank of Commerce
15.86%
VDY
Royal Bank of Canada
16.31%
The Toronto-Dominion Bank
11.45%
Bank of Montreal
7.03%
Enbridge, Inc.
6.66%
The Bank of Nova Scotia
6.03%
Canadian Imperial Bank of Commerce
5.96%
Canadian Natural Resources Ltd.
4.55%
TC Energy Corp.
3.88%
Manulife Financial Corp.
3.82%
Suncor Energy, Inc.
3.60%
Diversification
ZWB
Total weight of top 10 holdings out of 6 total
100.22%
VDY
Total weight of top 10 holdings out of 60 total
69.29%
Characteristics
Compare
ZWB
VDY
| Provider | BMO | Vanguard |
| Management | Actively managed | Passively 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 | 4.70% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | January 28, 2011 | November 2, 2012 |
Frequently asked questions about ZWB and VDY
Which ETF has performed better year to date: ZWB or VDY?
As of July 24, 2026, ZWB has returned 28.23% year to date, while VDY has returned 29.42%. VDY is ahead on YTD performance.
Which ETF is larger by assets under management: ZWB or VDY?
As of July 24, 2026, ZWB manages $4.79 B in assets, while VDY manages $9.15 B. VDY is the larger fund by AUM.
How are ZWB and VDY managed?
ZWB is actively managed by BMO. It does not track an index. VDY is passively managed by Vanguard. It tracks the FTSE Canada High Dividend Yield Net Tax Index - CAD benchmark.
What sectors do ZWB and VDY emphasize?
ZWB is most exposed to Finance. VDY is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: ZWB or VDY?
Year to date, ZWB has seen +$53.30 M in net flows, compared with +$1,831.28 M for VDY. VDY has attracted more net investor money so far.
How do the fees of ZWB and VDY compare?
ZWB has an expense ratio of 0.72%, while VDY has an expense ratio of 0.22%.
What are the top holdings of ZWB and VDY?
ZWB's largest holdings include Bank of Montreal, The Toronto-Dominion Bank, and Royal Bank of Canada. VDY's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal.
Which ETF is more diversified: ZWB or VDY?
ZWB holds 6 securities, while VDY holds 60. On holdings count, VDY is the more diversified portfolio.
Recent articles about ZWB and VDY
ETF Comparison: VDY vs XEI
Sector exposure, diversification, and tracking efficiency separate these two dividend ETF heavyweights.
Posted on 6/1/2026 by Kyle Anthony inDividends
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