VS
BMO Canadian High Dividend Covered Call ETF (ZWC) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZWC focuses its top 3 sector exposures on Finance, Energy, and Non-Energy Materials, while VDY leans towards Finance, Energy, and Utilities. When evaluating costs, ZWC features a management fee (MER) of 0.65%, compared to 0.2% for VDY. Performance-wise, ZWC has returned 14.99% year-to-date with +$321 M in net flows, whereas VDY is at 26.48% 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
ZWC
VDY
| AuM | $2,472.55 M | $9,054.00 M |
| Management Fees | 0.65% | 0.20% |
| Exp. ratio | 0.72% | 0.22% |
| Tracking Difference | - | -0.03% |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWC | -0.15% | +2.78% | +14.99% | +23.86% | +67.02% |
VDY | -0.79% | +2.79% | +26.48% | +40.72% | +119.72% | |
| Flows | ZWC | +$23 M | +$113 M | +$321 M | +$367 M | +$289 M |
VDY | +$133 M | +$549 M | +$1,973 M | +$2,527 M | +$3,886 M |
ZWC vs VDY exposure
Countries
ZWC
Canada
98.15%
VDY
Canada
97.08%
Sectors
ZWC
Finance
40.64%
Energy
22.76%
Non-Energy Materials
11.23%
Other
25.37%
VDY
Finance
59.82%
Energy
28.36%
Other
11.82%
As of September 11, 2026
Top 10 Holdings
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%
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
ZWC
Total weight of top 10 holdings out of 39 total
51.92%
VDY
Total weight of top 10 holdings out of 60 total
69.07%
Characteristics
Compare
ZWC
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 | 5.80% | 3.03% |
| Meets ESG criteria | No | No |
| Inception Date | February 9, 2017 | November 2, 2012 |
Frequently asked questions about ZWC and VDY
Which ETF has performed better year to date: ZWC or VDY?
As of September 11, 2026, ZWC has returned 14.99% year to date, while VDY has returned 26.48%. VDY is ahead on YTD performance.
Which ETF is larger by assets under management: ZWC or VDY?
As of September 11, 2026, ZWC manages $2.47 B in assets, while VDY manages $9.05 B. VDY is the larger fund by AUM.
How are ZWC and VDY managed?
ZWC 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 ZWC and VDY emphasize?
ZWC is most exposed to Finance, Energy, and Non-Energy Materials. VDY is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: ZWC or VDY?
Year to date, ZWC has seen +$320.80 M in net flows, compared with +$1,973.15 M for VDY. VDY has attracted more net investor money so far.
How do the fees of ZWC and VDY compare?
ZWC has an expense ratio of 0.72%, while VDY has an expense ratio of 0.22%.
What are the top holdings of ZWC and VDY?
ZWC's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Canadian Imperial Bank of Commerce. VDY's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal.
Which ETF is more diversified: ZWC or VDY?
ZWC holds 39 securities, while VDY holds 60. On holdings count, VDY is the more diversified portfolio.
Recent articles about ZWC and VDY
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