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BMO Global High Dividend Covered Call ETF (ZWG.TO) Alternatives

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

The BMO Global High Dividend Covered Call ETF seeks to provide exposure to a portfolio of dividend-paying global companies, aiming to generate income and long-term capital appreciation while mitigating downside risk through the use of covered call options.

BMO Global High Dividend Covered Call ETF (ZWG.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 ZWG.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to ZWG.TO

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

Best Risk-Adjusted Alternatives to ZWG.TO

ZWG.TO has a PortfoliosLab risk / return rank of 64. There are 39 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 98.

SymbolNameRisk / Return RankAUMInception
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
98
—Jun 2022ZWG.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
96
—Feb 2022ZWG.TO vs CBNK.TO
BANK.TO
Evolve Canadian Banks and Lifecos Enhanced Yield I...
96
1.08BFeb 2022ZWG.TO vs BANK.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
95
187.53MJul 2023ZWG.TO vs BKCL.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
94
370.01MMay 2011ZWG.TO vs BKCC.TO

Top Performing ZWG.TO Alternatives (YTD)

ZWG.TO is at 11.46% YTD. There are 41 ETFs in the Derivative Income category with higher YTD returns, going as high as 59.96%.

SymbolNameYTD ReturnAUMInception
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
59.96%
—Feb 2025ZWG.TO vs YAVG.NEO
AVGY.TO
Harvest Broadcom Enhanced High Income Shares ETF -...
42.92%
—Mar 2025ZWG.TO vs AVGY.TO
CNQE.TO
Harvest CNQ Enhanced High Income Shares ETF
39.35%
—Aug 2025ZWG.TO vs CNQE.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
36.58%
286.32MOct 2023ZWG.TO vs ENCL.TO
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...
32.43%
116.31MFeb 2015ZWG.TO vs NXF.TO

Lowest Volatility Alternatives to ZWG.TO

ZWG.TO has 10.95% 1-year volatility. There are 20 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.66%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.66%235.30MSep 2024ZWG.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.53%226.83MJan 2024ZWG.TO vs HPYM.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF6.65%1.34BJun 2023ZWG.TO vs UMAX.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.85%—Jun 2022ZWG.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.59%2.17BOct 2011ZWG.TO vs ZWU.TO

Lowest Drawdown Alternatives to ZWG.TO

ZWG.TO has a 1-year max drawdown of -6.88%. There are 18 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 2024ZWG.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
—Jun 2022ZWG.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.85%
226.83MJan 2024ZWG.TO vs HPYM.TO
HUTE.TO
Harvest Equal Weight Global Utilities Enhanced Inc...
-4.57%
97.17MOct 2022ZWG.TO vs HUTE.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.17BOct 2011ZWG.TO vs ZWU.TO

Other ETFs from BMO

The 10 most viewed BMO ETFs shown here include ZMMK.TO, ZSP.TO, ZEQT.TO and span 7 categories. AUM among these funds goes as high as $24B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
ZMMK.TO
BMO Money Market Fund ETF SeriesMoney Market
100
0.95%
5.70BNov 2021ZWG.TO vs ZMMK.TO
ZSP.TO
BMO S&P 500 Index ETFS&P 500
72
12.15%
23.82BNov 2012ZWG.TO vs ZSP.TO
ZEQT.TO
BMO All-Equity ETFGlobal Equities
75
13.04%
789.04MJan 2022ZWG.TO vs ZEQT.TO
ZEB.TO
BMO Equal Weight Banks Index ETFFinancials Equities
96
19.22%
5.16BOct 2009ZWG.TO vs ZEB.TO
ZCN.TO
BMO S&P/TSX Capped Composite Index ETFCanada Equities
80
10.70%
16.67BMay 2009ZWG.TO vs ZCN.TO
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)Nasdaq-100
67
19.82%
3.25BJan 2010ZWG.TO vs ZQQ.TO
ZNQ.TO
BMO NASDAQ 100 Equity Index ETFNasdaq-100
74
22.76%
2.28BFeb 2019ZWG.TO vs ZNQ.TO
ZLB.TO
BMO Low Volatility Canadian Equity ETFCanada Equities
54
3.14%
6.10BOct 2011ZWG.TO vs ZLB.TO
ZAG.TO
BMO Aggregate Bond Index ETFCanadian Government Bonds
21
1.70%
12.80BJan 2010ZWG.TO vs ZAG.TO
ZDV.TO
BMO Canadian Dividend ETFCanada Equities
85
18.56%
1.72BOct 2011ZWG.TO vs ZDV.TO

Often Compared With ZWG.TO

Investors most often compare ZWG.TO with HMAX.TO, ZWC.TO, ZWB.TO. These 20 comparison targets span 11 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETFDerivative Income
91
11.17%
2.34BJan 2023ZWG.TO vs HMAX.TO
ZWC.TO
BMO CA High Dividend Covered Call ETFDerivative Income
92
11.12%
2.30BFeb 2017ZWG.TO vs ZWC.TO
ZWB.TO
BMO Covered Call Canadian Banks ETFFinancials Equities
95
16.23%
4.34BJan 2024ZWG.TO vs ZWB.TO
ZDJ.TO
BMO Dow Jones Industrial Average Hedged to CAD Ind...Large Cap Blend Equities
42
5.24%
420.50MFeb 2011ZWG.TO vs ZDJ.TO
ZDI.TO
BMO International Dividend ETFInternational Equity
46
10.68%
847.71MNov 2014ZWG.TO vs ZDI.TO
ZGLD.TO
BMO Gold Bullion ETF (CAD Units)Gold
36
4.35%
—Mar 2024ZWG.TO vs ZGLD.TO
IDVO
Amplify CWP International Enhanced Dividend Income...Derivative Income, Dividend, Foreign Large Cap Equities
67
14.12%
1.24BSep 2022ZWG.TO vs IDVO
YCST.NEO
Costco (COST) Yield Shares Purpose ETFDerivative Income
5
12.72%
—Feb 2025ZWG.TO vs YCST.NEO
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETFDerivative Income
65
6.80%
—Sep 2022ZWG.TO vs DXQ.TO
GOGY.TO
Harvest Alphabet Enhanced High Income Shares ETF C...Derivative Income
93
14.33%
—Mar 2025ZWG.TO vs GOGY.TO
HPYT.TO
Harvest Premium Yield Treasury ETF ADerivative Income
18
-0.30%
385.04MMay 2024ZWG.TO vs HPYT.TO
ZUQ.TO
BMO MSCI USA High Quality Index ETFLarge Cap Blend Equities
41
9.39%
1.24BNov 2014ZWG.TO vs ZUQ.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
85
29.01%
759.08MApr 2011ZWG.TO vs ENCC.TO
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ...Dividend, Large Cap Value Equities
98
19.17%
5.25BJun 2017ZWG.TO vs XDIV.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETFEnergy Equities, Derivative Income
70
30.76%
476.70MFeb 2024ZWG.TO vs EMAX.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
98
20.59%
7.99BNov 2012ZWG.TO vs VDY.TO
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETFCanada Equities
80
10.75%
29.66BFeb 2001ZWG.TO vs XIC.TO
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Derivative Income
75
12.58%
405.53MSep 2024ZWG.TO vs UTES.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
92
16.21%
1.63BJul 2021ZWG.TO vs HDIV.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETFNasdaq-100, Derivative Income
78
11.09%
136.22MSep 2024ZWG.TO vs JEPQ.TO

Compare ZWG.TO with Any Fund or Stock

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

 

Diversifiers

Pair ZWG.TO with funds that move differently

BMO Global High Dividend Covered Call ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZWG.TO.

Explore ZWG.TO Diversifiers