BMO Covered Call Utilities ETF (ZWU.TO)

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The chart shows the growth of an initial investment of CA$10,000 in BMO Covered Call Utilities ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

BMO Covered Call Utilities ETF (ZWU.TO) has returned 11.68% so far this year and 17.09% over the past 12 months. Over the last ten years, ZWU.TO has returned 6.50% per year, falling short of the S&P 500 Index benchmark, which averaged 12.91% annually.

Based on dividend-adjusted daily data since Oct 27, 2011, ZWU.TO's average daily return is +0.03%, while the average monthly return is +0.50%. At this rate, your investment would double in approximately 11.6 years.

Historically, 61% of months were positive and 39% were negative. The best month was Feb 2026 with a return of +7.1%, while the worst month was Mar 2020 at -15.3%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.

On a daily basis, ZWU.TO closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +10.8%, while the worst single day was Mar 12, 2020 at -14.2%.

BMO Covered Call Utilities ETF has an annualized alpha of -0.66%, beta of 0.47, and R² of 0.29 versus S&P 500 Index. Calculated based on daily prices since October 28, 2011.

• This ETF participated in 43.88% of S&P 500 Index downside but only 35.27% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.47 may look defensive, but with R² of 0.29 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
• R² of 0.29 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

ZWU.TO has an expense ratio of 0.65%, placing it in the medium range.

ZWU.TO ranks 86 for risk / return — in the top 86% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

The table below present risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and compare them to a chosen benchmark (S&P 500 Index).

BMO Covered Call Utilities ETF provided a 6.92% dividend yield over the last twelve months, with an annual payout of CA$0.84 per share.

The table displays the monthly dividend distributions for BMO Covered Call Utilities ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the BMO Covered Call Utilities ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the BMO Covered Call Utilities ETF was 37.41%, occurring on Mar 23, 2020. Recovery took 364 trading sessions.

The current BMO Covered Call Utilities ETF drawdown is 0.37%.

The chart below shows the rolling one-month volatility.