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BMO Covered Call Utilities ETF (ZWU.TO) Diversifiers

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

BMO Covered Call Utilities ETF aims to provide exposure to an equal weight portfolio of utilities, telecoms, and pipeline companies while generating income through writing out-of-the-money call options based on implied volatility, offering limited downside protection. The portfolio is rebalanced semi-annually, and options are rolled forward upon expiry.

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

Best Diversifiers for ZWU.TO

54 ETFs have low correlation with ZWU.TO (below 0.3), 25 of which are negatively correlated. The least correlated is BMO Covered Call Technology ETF (ZWT.TO) (Technology Equities) with a 1Y correlation of -0.28, down from 0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZWT.TO
BMO Covered Call Technology ETF-0.28-0.120.04
68
Technology Equities, Derivative IncomeZWU.TO vs ZWT.TO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETF-0.25——
52
Technology Equities, Derivative IncomeZWU.TO vs QMAX.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index Fund-0.23——
77
Nasdaq-100, Derivative IncomeZWU.TO vs QQQY.TO
NVHE.TO
Harvest NVIDIA Enhanced High Income Shares ETF-0.23——
53
Derivative IncomeZWU.TO vs NVHE.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF-0.23——
84
Derivative Income, SemiconductorsZWU.TO vs YAVG.NEO
See all 69 diversifiers for ZWU.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZWU.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZWU.TO and solid risk/return profiles. The least correlated is CT Real Estate Investment Trust (CRT-UN.TO) (Real Estate) with a 1Y correlation of 0.25, down from 0.45 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CRT-UN.TO
CT Real Estate Investment Trust0.250.420.45
78
Real Estate
CU.TO
Canadian Utilities Limited0.530.620.62
93
Utilities
FTS.TO
Fortis Inc.0.680.740.68
79
Utilities

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Diversification Analysis

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