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 24.68% year-to-date with +$41 M in net flows, whereas VDY is at 26.68% 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 | $4,590.76 M | $9,068.40 M |
| Management Fees | 0.65% | 0.20% |
| Exp. ratio | 0.72% | 0.22% |
| Tracking Difference | - | -0.03% |
Historical performance and flows
As of September 9, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWB | -3.18% | +4.41% | +24.68% | +42.86% | +116.46% |
VDY | -0.52% | +4.17% | +26.68% | +42.42% | +120.07% | |
| Flows | ZWB | -$18 M | +$27 M | +$41 M | +$37 M | -$241 M |
VDY | +$145 M | +$571 M | +$1,973 M | +$2,532 M | +$3,886 M |
ZWB vs VDY exposure
Countries
ZWB
Canada
100.03%
VDY
Canada
97.08%
Sectors
ZWB
Finance
100.03%
VDY
Finance
59.82%
Energy
28.36%
Other
11.82%
As of September 9, 2026
Top 10 Holdings
ZWB
Bank of Montreal
17.17%
Royal Bank of Canada
17.06%
The Toronto-Dominion Bank
16.82%
The Bank of Nova Scotia
16.57%
National Bank of Canada
16.29%
Canadian Imperial Bank of Commerce
16.13%
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%
Diversification
ZWB
Total weight of top 10 holdings out of 6 total
100.03%
VDY
Total weight of top 10 holdings out of 60 total
69.07%
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 | 5.29% | 3.02% |
| 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 September 9, 2026, ZWB has returned 24.68% year to date, while VDY has returned 26.68%. VDY is ahead on YTD performance.
Which ETF is larger by assets under management: ZWB or VDY?
As of September 9, 2026, ZWB manages $4.59 B in assets, while VDY manages $9.07 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 +$41.10 M in net flows, compared with +$1,973.14 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, Royal Bank of Canada, and The Toronto-Dominion Bank. 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
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.