PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

BMO Covered Call Europe High Dividend ETF (ZWP.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 1, 2026

The ETF seeks to provide exposure to a portfolio of dividend-paying European 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 ZWP.TO? The ETFs below have the lowest correlation with ZWP.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 ZWP.TO.

Best Diversifiers for ZWP.TO

7 ETFs have low correlation with ZWP.TO (below 0.3), 4 of which are negatively correlated. The least correlated is iShares S&P/TSX Capped Energy Index ETF (XEG.TO) (Energy Equities) with a 1Y correlation of -0.09, down from 0.10 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.090.050.10
64
Energy Equities, Canada EquitiesZWP.TO vs XEG.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.080.080.11
78
Derivative Income, Energy EquitiesZWP.TO vs ENCC.TO
EMAX.TO
Hamilton Energy YIELD MAXIMIZER ETF-0.06——
59
Energy Equities, Derivative IncomeZWP.TO vs EMAX.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...-0.060.070.07
77
Energy Equities, Derivative IncomeZWP.TO vs ENCL.TO
ZWU.TO
BMO Covered Call Utilities ETF0.040.210.26
67
Utilities Equities, Derivative IncomeZWP.TO vs ZWU.TO
See all 32 diversifiers for ZWP.TO

To view more results, upgrade your current subscription plan.

Diversification Analysis

Build a portfolio that complements ZWP.TO

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

Analyze a portfolio with ZWP.TO