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CDAY.NEO vs. ZPH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDAY.NEO vs. ZPH.TO

Last updated Jul 16, 2026
Documentation

CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CDAY.NEO returned 36.81% vs 8.24% for ZPH.TO. At a 0.31 correlation, their price movements are largely independent. CDAY.NEO charges 0.85%/yr vs 0.65%/yr for ZPH.TO.

Performance

CDAY.NEO vs. ZPH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) and BMO US Put Write Hedged to CAD ETF (ZPH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CDAY.NEO achieves a 19.03% return, which is significantly higher than ZPH.TO's 2.35% return.

CDAY.NEO

1D
-0.11%
1M
2.25%
6M
14.95%
YTD
19.03%
1Y
36.81%
3Y*
—
5Y*
—
10Y*
—

ZPH.TO

1D
0.58%
1M
1.11%
6M
2.71%
YTD
2.35%
1Y
8.24%
3Y*
8.00%
5Y*
5.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDAY.NEO vs. ZPH.TO - Yearly Performance Comparison

2026 (YTD)2025
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		19.03%13.23%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		2.35%5.54%

Correlation

The correlation between CDAY.NEO and ZPH.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2025

0.31

CDAY.NEO vs. ZPH.TO - Sectors Allocation Comparison

Sectors
CDAY.NEO
ZPH.TO

Financial Services

31.5%
17.2%

Industrials

14.0%
6.8%

Basic Materials

13.1%

-

Energy

8.7%

-

Consumer Cyclical

8.4%
2.7%

Communication Services

7.8%
5.7%

Technology

6.9%
42.2%

Consumer Defensive

3.9%
8.3%

Utilities

3.7%

-

Healthcare

1.6%
17.1%

Real Estate

0.4%

-

Financial Services

CDAY.NEO
31.5%
ZPH.TO
17.2%

Industrials

CDAY.NEO
14.0%
ZPH.TO
6.8%

Basic Materials

CDAY.NEO
13.1%
ZPH.TO

-

Energy

CDAY.NEO
8.7%
ZPH.TO

-

Consumer Cyclical

CDAY.NEO
8.4%
ZPH.TO
2.7%

Communication Services

CDAY.NEO
7.8%
ZPH.TO
5.7%

Technology

CDAY.NEO
6.9%
ZPH.TO
42.2%

Consumer Defensive

CDAY.NEO
3.9%
ZPH.TO
8.3%

Utilities

CDAY.NEO
3.7%
ZPH.TO

-

Healthcare

CDAY.NEO
1.6%
ZPH.TO
17.1%

Real Estate

CDAY.NEO
0.4%
ZPH.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Canadian Equity DayMAX ETF

BMO US Put Write Hedged to CAD ETF

Often compared with CDAY.NEO:
CDAY.NEO vs. HDIV.TOCDAY.NEO vs. QDAY.NEOCDAY.NEO vs. CANY.TOCDAY.NEO vs. SDAY.NEOCDAY.NEO vs. HCAL.TOCDAY.NEO vs. ECHI.TOCDAY.NEO vs. BANK.TO
Often compared with ZPH.TO:
ZPH.TO vs. CRCY.TOZPH.TO vs. ZPW.TOZPH.TO vs. BANK.TOZPH.TO vs. ZWC.TOZPH.TO vs. ECHI.TOZPH.TO vs. QDAY.NEOZPH.TO vs. UMAX.TO

Return for Risk

CDAY.NEO vs. ZPH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDAY.NEO
CDAY.NEO Risk / Return Rank: 9292
Overall Rank
CDAY.NEO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CDAY.NEO Sortino Ratio Rank: 9494
Sortino Ratio Rank
CDAY.NEO Omega Ratio Rank: 9494
Omega Ratio Rank
CDAY.NEO Calmar Ratio Rank: 8686
Calmar Ratio Rank
CDAY.NEO Martin Ratio Rank: 9292
Martin Ratio Rank
ZPH.TO
ZPH.TO Risk / Return Rank: 4040
Overall Rank
ZPH.TO Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 4343
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 4343
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CDAY.NEO vs. ZPH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) and BMO US Put Write Hedged to CAD ETF (ZPH.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CDAY.NEOZPH.TODifference
Sharpe ratioReturn per unit of total volatility
2.98
1.26

+1.71

Sortino ratioReturn per unit of downside risk
3.92
1.86

+2.07

Omega ratioGain probability vs. loss probability

1.55

1.24

+0.31

Calmar ratioReturn relative to maximum drawdown

3.85

1.36

+2.48

Martin ratioReturn relative to average drawdown

17.39

5.15

+12.24

CDAY.NEO vs. ZPH.TO - Sharpe Ratio Comparison

The current CDAY.NEO Sharpe Ratio is 2.98, which is higher than the ZPH.TO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of CDAY.NEO and ZPH.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CDAY.NEO vs. ZPH.TO - Drawdown Comparison

The maximum CDAY.NEO drawdown since its inception was -9.65%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for CDAY.NEO and ZPH.TO.

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Drawdown Indicators

CDAY.NEOZPH.TODifference

Max Drawdown

Largest peak-to-trough decline

-9.65%

-33.38%

+23.73%

Max Drawdown (1Y)

Largest decline over 1 year

-9.65%

-6.07%

-3.58%

Max Drawdown (3Y)

Largest decline over 3 years

—

-11.83%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.38%

—

Current Drawdown

Current decline from peak

-0.43%

0.00%

-0.43%

Average Drawdown

Average peak-to-trough decline

-1.22%

-4.23%

+3.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

1.60%

—

Volatility

CDAY.NEO vs. ZPH.TO - Volatility Comparison

Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) and BMO US Put Write Hedged to CAD ETF (ZPH.TO) have volatilities of 2.53% and 2.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDAY.NEOZPH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.53%

2.42%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

10.60%

5.63%

+4.97%

Volatility (1Y)

Calculated over the trailing 1-year period

12.57%

6.55%

+6.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.57%

11.18%

+1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.57%

12.60%

-0.03%

CDAY.NEO vs. ZPH.TO - Expense Ratio Comparison

CDAY.NEO has a 0.85% expense ratio, which is higher than ZPH.TO's 0.65% expense ratio.

Dividends

CDAY.NEO vs. ZPH.TO - Dividend Comparison

CDAY.NEO's dividend yield for the trailing twelve months is around 14.79%, more than ZPH.TO's 10.35% yield.

PositionTTM202520242023202220212020201920182017
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETF		14.79%7.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		10.35%10.06%9.95%8.18%8.83%7.27%7.67%7.26%6.98%5.94%

Frequently Asked Questions

CDAY.NEO and ZPH.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZPH.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZPH.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for CDAY.NEO.

They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.85% for CDAY.NEO and 0.65% for ZPH.TO.

Portfolio Optimizer

Find the right allocation for CDAY.NEO and ZPH.TO

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