CDAY.NEO vs. ZWB.TO

Last updated Jul 16, 2026

CDAY.NEO (Hamilton Enhanced Canadian Equity DayMAX ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - CDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past year, CDAY.NEO returned 36.81% vs 63.21% for ZWB.TO. A 0.60 correlation means they provide meaningful diversification when combined. CDAY.NEO charges 0.85%/yr vs 0.72%/yr for ZWB.TO.

Performance

CDAY.NEO vs. ZWB.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 Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDAY.NEO achieves a 19.03% return, which is significantly lower than ZWB.TO's 31.96% return.

CDAY.NEO

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

ZWB.TO

• 1D: 1.35%
• 1M: 8.36%
• 6M: 30.56%
• YTD: 31.96%
• 1Y: 63.21%
• 3Y*: 30.07%
• 5Y*: 16.92%
• 10Y*: 13.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025
CDAY.NEO Hamilton Enhanced Canadian Equity DayMAX ETF	19.03%	13.23%
ZWB.TO BMO Covered Call Canadian Banks ETF	31.96%	23.38%

Correlation

The correlation between CDAY.NEO and ZWB.TO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.60

The correlation between CDAY.NEO and ZWB.TO has been stable across timeframes, ranging from 0.60 to 0.60 - a consistent structural relationship.

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

Sectors	CDAY.NEO	ZWB.TO
Financial Services	31.5%	100.0%
Industrials	14.0%	-
Basic Materials	13.1%	-
Energy	8.7%	-
Consumer Cyclical	8.4%	-
Communication Services	7.8%	-
Technology	6.9%	-
Consumer Defensive	3.9%	-
Utilities	3.7%	-
Healthcare	1.6%	-
Real Estate	0.4%	-

Return for Risk

CDAY.NEO vs. ZWB.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: 92
CDAY.NEO Sharpe Ratio Rank: 95
CDAY.NEO Sortino Ratio Rank: 94
CDAY.NEO Omega Ratio Rank: 94
CDAY.NEO Calmar Ratio Rank: 86
CDAY.NEO Martin Ratio Rank: 92

ZWB.TO

ZWB.TO Risk / Return Rank: 98
ZWB.TO Sharpe Ratio Rank: 99
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 97
ZWB.TO Martin Ratio Rank: 97

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. ZWB.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 Covered Call Canadian Banks ETF (ZWB.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.NEO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.98	5.29	-2.31
Sortino ratio: Return per unit of downside risk	3.92	7.07	-3.14
Omega ratio: Gain probability vs. loss probability	1.55	1.97	-0.42
Calmar ratio: Return relative to maximum drawdown	3.85	8.12	-4.27
Martin ratio: Return relative to average drawdown	17.39	36.34	-18.94

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

The current CDAY.NEO Sharpe Ratio is 2.98, which is lower than the ZWB.TO Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of CDAY.NEO and ZWB.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.

Drawdowns

CDAY.NEO vs. ZWB.TO - Drawdown Comparison

The maximum CDAY.NEO drawdown since its inception was -9.65%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for CDAY.NEO and ZWB.TO.

Drawdown Indicators

	CDAY.NEO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-9.65%	-39.36%	+29.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-7.82%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.22%	-5.52%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.74%	—

Volatility

CDAY.NEO vs. ZWB.TO - Volatility Comparison

The current volatility for Hamilton Enhanced Canadian Equity DayMAX ETF (CDAY.NEO) is 2.53%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.80%. This indicates that CDAY.NEO experiences smaller price fluctuations and is considered to be less risky than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDAY.NEO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	3.80%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	10.43%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	12.01%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	12.72%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	15.69%	-3.12%

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

CDAY.NEO has a 0.85% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.

Dividends

CDAY.NEO vs. ZWB.TO - Dividend Comparison

CDAY.NEO's dividend yield for the trailing twelve months is around 14.79%, more than ZWB.TO's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.57%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%

Frequently Asked Questions

Can I hold both CDAY.NEO and ZWB.TO in my portfolio?

CDAY.NEO and ZWB.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDAY.NEO or ZWB.TO?

On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDAY.NEO or ZWB.TO?

ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.85% for CDAY.NEO.

What is the main difference between CDAY.NEO and ZWB.TO?

CDAY.NEO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.85% for CDAY.NEO and 0.72% for ZWB.TO.