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

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.

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

Best Diversifiers for ZWG.TO

13 ETFs have low correlation with ZWG.TO (below 0.3), 2 of which are negatively correlated. The least correlated is Global X Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) (Derivative Income) with a 1Y correlation of -0.04, down from 0.16 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.040.130.16
85
Derivative Income, Energy EquitiesZWG.TO vs ENCC.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.02——
85
Oil & Gas, Derivative IncomeZWG.TO vs ENCL.TO
NXF.TO
CI Energy Giants Covered Call ETF Common Units (CA...0.020.150.19
73
Energy Equities, Derivative IncomeZWG.TO vs NXF.TO
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...0.060.170.17
75
Derivative IncomeZWG.TO vs UTES.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.090.04—
100
Money MarketZWG.TO vs ZMMK.TO
See all 42 diversifiers for ZWG.TO

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Diversification Analysis

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