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

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.

Looking to diversify beyond ZWA.TO? The ETFs below have the lowest correlation with ZWA.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZWA.TO.

Best Diversifiers for ZWA.TO

8 ETFs have low correlation with ZWA.TO (below 0.3), 4 of which are negatively correlated. The least correlated is CI Energy Giants Covered Call ETF Common Units (CAD Hedged) (NXF.TO) (Energy Equities) with a 1Y correlation of -0.14, down from 0.32 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...-0.140.150.32
76
Energy Equities, Derivative IncomeZWA.TO vs NXF.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.120.160.31
88
Derivative Income, Energy EquitiesZWA.TO vs ENCC.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.11——
88
Oil & Gas, Derivative IncomeZWA.TO vs ENCL.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.09——
76
Energy Equities, Derivative IncomeZWA.TO vs EMAX.TO
ZWU.TO
BMO Covered Call Utilities ETF0.060.270.39
72
Utilities Equities, Derivative IncomeZWA.TO vs ZWU.TO
See all 16 diversifiers for ZWA.TO

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Diversification Analysis

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