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BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) Alternatives

ETF · Currency in CAD · Last updated Jun 6, 2026

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) provides exposure to the 30 large-cap U.S. companies of the Dow Jones Industrial Average while generating additional income through a dynamic covered call writing strategy. The fund writes out-of-the-money call options selected based on implied volatility analysis, aiming to enhance yield in exchange for some capped upside. Currency exposure is hedged back to the Canadian dollar, and distributions are paid monthly. ZWA is managed by BMO Asset Management and trades on the Toronto Stock Exchange.

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with ZWA.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to ZWA.TO

ZWA.TO charges 0.65% annually. There are 37 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.04%.

SymbolNameExpense RatioAUMInception
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF0.04%249.48MJul 2023ZWA.TO vs USCL.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025ZWA.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%155.19MNov 2025ZWA.TO vs EQLI.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024ZWA.TO vs JEPI.TO
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...0.35%235.30MSep 2024ZWA.TO vs HBIL.TO

Best Risk-Adjusted Alternatives to ZWA.TO

ZWA.TO has a PortfoliosLab risk / return rank of 44. There are 39 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.

SymbolNameRisk / Return RankAUMInception
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
96
1.08BFeb 2022ZWA.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
96
187.53MJul 2023ZWA.TO vs BKCL.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
96
370.01MMay 2011ZWA.TO vs BKCC.TO
YGOG.NEO
Alphabet (GOOGL) Yield Shares Purpose ETF
94
62.20MDec 2022ZWA.TO vs YGOG.NEO
HMAX.TO
Hamilton Canadian Financials Yield Maximizer ETF
94
2.34BJan 2023ZWA.TO vs HMAX.TO

Top Performing ZWA.TO Alternatives (YTD)

ZWA.TO is at 3.75% YTD. There are 43 ETFs in the Derivative Income category with higher YTD returns, going as high as 35.30%.

SymbolNameYTD ReturnAUMInception
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
35.30%
286.32MOct 2023ZWA.TO vs ENCL.TO
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...
28.79%
116.31MFeb 2015ZWA.TO vs NXF.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF
27.61%
476.70MFeb 2024ZWA.TO vs EMAX.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...
27.42%
759.08MApr 2011ZWA.TO vs ENCC.TO
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Ca...
27.22%
7.06MMay 2024ZWA.TO vs EMCL.NEO

Lowest Volatility Alternatives to ZWA.TO

ZWA.TO has 11.48% 1-year volatility. There are 17 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.65%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.65%235.30MSep 2024ZWA.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.51%226.83MJan 2024ZWA.TO vs HPYM.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF6.66%1.34BJun 2023ZWA.TO vs UMAX.TO
ZWU.TO
BMO Covered Call Utilities ETF7.56%2.17BOct 2011ZWA.TO vs ZWU.TO
ZWC.TO
BMO CA High Dividend Covered Call ETF7.96%2.30BFeb 2017ZWA.TO vs ZWC.TO

Lowest Drawdown Alternatives to ZWA.TO

ZWA.TO has a 1-year max drawdown of -9.49%. There are 29 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.95%.

SymbolNameMax Drawdown 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...
-0.95%
235.30MSep 2024ZWA.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
226.83MJan 2024ZWA.TO vs HPYM.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...
-4.57%
97.17MOct 2022ZWA.TO vs HUTE.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.17BOct 2011ZWA.TO vs ZWU.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
-5.11%
1.34BJun 2023ZWA.TO vs UMAX.TO

Often Compared With ZWA.TO

Investors most often compare ZWA.TO with CRCY.TO, CBNK.TO, CNQE.TO. These 8 comparison targets span 3 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CRCY.TO
Harvest Circle Enhanced High Income Shares ETF Cla...Derivative Income———Sep 2025ZWA.TO vs CRCY.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETFDerivative Income, Financials Equities———Feb 2022ZWA.TO vs CBNK.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETFDerivative Income———Aug 2025ZWA.TO vs CNQE.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class ADerivative Income———Jun 2022ZWA.TO vs HLIF.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETFNasdaq-100, Derivative Income
76
7.80%
136.22MSep 2024ZWA.TO vs JEPQ.TO
GOGY.TO
Harvest Alphabet Enhanced High Income Shares ETF C...Derivative Income———Mar 2025ZWA.TO vs GOGY.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
15
-0.67%
385.04MMay 2024ZWA.TO vs HPYT.TO
MSTE.TO
Harvest MicroStrategy Enhanced High Income Shares ...Derivative Income
1
-30.87%
—Mar 2025ZWA.TO vs MSTE.TO

Compare ZWA.TO with Any Fund or Stock

Compare ZWA.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair ZWA.TO with funds that move differently

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZWA.TO.

Explore ZWA.TO Diversifiers