DXQ.TO vs. ZPH.TO
DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, DXQ.TO returned 17.09%/yr vs 7.80%/yr for ZPH.TO. At a 0.42 correlation, their price movements are largely independent. DXQ.TO charges 0.72%/yr vs 0.65%/yr for ZPH.TO.
Performance
DXQ.TO vs. ZPH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, DXQ.TO achieves a 8.79% return, which is significantly higher than ZPH.TO's 1.76% return.
DXQ.TO
- 1D
- 0.46%
- 1M
- 2.33%
- 6M
- 6.18%
- YTD
- 8.79%
- 1Y
- 16.96%
- 3Y*
- 17.09%
- 5Y*
- —
- 10Y*
- —
ZPH.TO
- 1D
- -0.14%
- 1M
- 1.40%
- 6M
- 1.90%
- YTD
- 1.76%
- 1Y
- 7.40%
- 3Y*
- 7.80%
- 5Y*
- 5.66%
- 10Y*
- —
DXQ.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 8.79% | 12.99% | 21.07% | 20.08% | 3.57% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 1.76% | 9.47% | 4.21% | 22.61% | 1.66% |
Correlation
The correlation between DXQ.TO and ZPH.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2022 | 0.42 |
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Return for Risk
DXQ.TO vs. ZPH.TO — Risk / Return Rank
DXQ.TO
ZPH.TO
DXQ.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) 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.
| DXQ.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.21 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 1.22 | +2.11 |
| Martin ratioReturn relative to average drawdown | 9.17 | 4.62 | +4.55 |
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Drawdowns
DXQ.TO vs. ZPH.TO - Drawdown Comparison
The maximum DXQ.TO drawdown since its inception was -15.54%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and ZPH.TO.
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Drawdown Indicators
| DXQ.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.54% | -33.38% | +17.84% |
Max Drawdown (1Y)Largest decline over 1 year | -5.11% | -6.07% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -11.83% | -3.71% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.38% | — |
Current DrawdownCurrent decline from peak | -0.57% | -0.40% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -4.23% | +2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 1.60% | +0.25% |
Volatility
DXQ.TO vs. ZPH.TO - Volatility Comparison
Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) has a higher volatility of 2.72% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.50%. This indicates that DXQ.TO's price experiences larger fluctuations and is considered to be riskier than ZPH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXQ.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.50% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.58% | 5.61% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.28% | 6.53% | +2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.87% | 11.18% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.87% | 12.60% | -1.73% |
DXQ.TO vs. ZPH.TO - Expense Ratio Comparison
DXQ.TO has a 0.72% expense ratio, which is higher than ZPH.TO's 0.65% expense ratio.
Dividends
DXQ.TO vs. ZPH.TO - Dividend Comparison
DXQ.TO's dividend yield for the trailing twelve months is around 7.79%, less than ZPH.TO's 10.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.79% | 7.45% | 5.74% | 6.54% | 1.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.41% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
DXQ.TO and ZPH.TO have a correlation of 0.43, 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 0.72% for DXQ.TO.
They also come from different issuers: Dynamic and BMO. Their fees differ too: 0.72% for DXQ.TO and 0.65% for ZPH.TO.
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