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BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

The ETF seeks to provide exposure to the performance of a portfolio of dividend paying European companies to generate income and to provide long-term capital appreciation while mitigating downside risk through the use of covered call options.

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

Best Diversifiers for ZWE.TO

4 ETFs have low correlation with ZWE.TO (below 0.3), 1 of which are negatively correlated. The least correlated is iShares Premium Money Market ETF (CMR.TO) (Money Market) with a 1Y correlation of -0.04, roughly unchanged from 0.01 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CMR.TO
iShares Premium Money Market ETF-0.040.010.01
99
Money MarketZWE.TO vs CMR.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.070.02—
100
Money MarketZWE.TO vs ZMMK.TO
CPD.TO
iShares S&P/TSX Canadian Preferred Share Index ETF0.220.220.26
93
Preferred Stock/Convertible BondsZWE.TO vs CPD.TO
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF0.270.370.45
98
Canada EquitiesZWE.TO vs XEI.TO
ZXM.TO
CI Morningstar International Momentum Index ETF Co...0.320.240.31
71
Momentum, Foreign Large Cap EquitiesZWE.TO vs ZXM.TO
See all 27 diversifiers for ZWE.TO

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Diversification Analysis

Build a portfolio that complements ZWE.TO

Add ZWE.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with ZWE.TO