CDZ is a quality ETF. However, it has underperformed over the last while. This is likely due to its heavy exposure to the energy and REIT sector which, although recovering, has had a difficult time over the last half decade. It contains a lot of strong companies, obviously with them being able to increase their dividends for 5+ years or longer but in my opinion, you can pick out some individual aristocrats and likely fare better than this ETF. As mentioned (and I've attached a chart) it has underperformed the TSX by quite a wide margin over the last half decade.
In terms of HDIV, I'm not a fan of covered call ETFs to begin with, and this is pretty much an ETF that contains some of the most popular Canadian covered call ETFs. But then it pumps it up even further by utilizing leverage. These covered call funds have become so popular post-pandemic that fund managers are now having to come out with unique ways to separate themselves from the pack. In this case, not only covered calls, but buying them on margin.
In my opinion, if you're in retirement and looking to sacrifice total returns for increased income, these covered call ETFs are solid options. I know plenty of retirees who own them. But, I've also witnessed some 25-30-year-olds who have 25+ years in investment horizon buying these because they feel it's important to collect passive income for some reason. Chances are down the road they'll regret their decision as these funds will likely underperform the non-covered call counterparts.
So, to sum it up. I think an investor can do better picking individual aristocrats than buying CDZ. And, HDIV is reserved for a very specific set of investors IMO. Hope this helps.