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BMO CA High Dividend Covered Call ETF (ZWC.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 24, 2026

The BMO Canadian High Dividend Covered Call ETF (ZWC) holds a portfolio of high-dividend-paying Canadian equities and writes covered call options on those holdings to generate additional income. The strategy aims to deliver enhanced monthly cash flow in exchange for capping some upside potential. Managed by BMO Global Asset Management, the fund trades on the Toronto Stock Exchange and launched in February 2017.

Looking to diversify beyond ZWC.TO? The ETFs below have the lowest correlation with ZWC.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 ZWC.TO.

Best Diversifiers for ZWC.TO

31 ETFs have low correlation with ZWC.TO (below 0.3), 1 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
RATE.TO
Arrow EC Income Advantage Alternative Fund-0.01-0.040.00
63
ZWC.TO vs RATE.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF0.040.100.10
58
Derivative Income, SemiconductorsZWC.TO vs YAVG.NEO
SPLT.TO
Brompton Split Corp. Preferred Share ETF0.040.18—
70
Preferred Stock/Convertible BondsZWC.TO vs SPLT.TO
CBIL.TO
Global X 0-3 Month T-Bill ETF0.040.050.04
99
Canadian Government BondsZWC.TO vs CBIL.TO
CASH.TO
Global X High Interest Savings ETF0.050.05—
99
Money MarketZWC.TO vs CASH.TO
See all 114 diversifiers for ZWC.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZWC.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZWC.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of 0.21, down from 0.45 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited0.210.370.45
77
Energy
SOBO.TO
South Bow Corp0.22——
91
Energy
ENB.TO
Enbridge Inc.0.310.460.55
89
Energy
DFN.TO
Dividend 15 Split Corp.0.390.530.53
97
Financial Services
TD.TO
The Toronto-Dominion Bank0.590.600.62
99
Financial Services

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Diversification Analysis

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Analyze a portfolio with ZWC.TO