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DXQ.TO vs. ZPW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DXQ.TO vs. ZPW.TO

Last updated Jul 15, 2026
Documentation

DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, DXQ.TO returned 17.09%/yr vs 11.60%/yr for ZPW.TO. A 0.51 correlation means they provide meaningful diversification when combined. DXQ.TO charges 0.72%/yr vs 0.65%/yr for ZPW.TO.

Performance

DXQ.TO vs. ZPW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) and BMO US Put Write ETF (ZPW.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, DXQ.TO achieves a 8.79% return, which is significantly higher than ZPW.TO's 5.69% return.

DXQ.TO

1D
0.46%
1M
2.33%
6M
6.18%
YTD
8.79%
1Y
16.96%
3Y*
17.09%
5Y*
—
10Y*
—

ZPW.TO

1D
-0.50%
1M
2.76%
6M
4.49%
YTD
5.69%
1Y
11.62%
3Y*
11.60%
5Y*
9.15%
10Y*
6.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DXQ.TO vs. ZPW.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF		8.79%12.99%21.07%20.08%3.57%
ZPW.TO
BMO US Put Write ETF		5.69%6.40%13.88%21.83%3.43%

Correlation

The correlation between DXQ.TO and ZPW.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2022

0.51

The correlation between DXQ.TO and ZPW.TO has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

Dynamic Active Enhanced Yield Covered Options ETF

BMO US Put Write ETF

Often compared with DXQ.TO:
DXQ.TO vs. ECHI.TODXQ.TO vs. DXBB.TODXQ.TO vs. YCST.NEODXQ.TO vs. DXU.TODXQ.TO vs. HHIS.TODXQ.TO vs. CRCY.TODXQ.TO vs. BKCL.TO
Often compared with ZPW.TO:
ZPW.TO vs. USCL.TOZPW.TO vs. UMAX.TOZPW.TO vs. ZPH.TOZPW.TO vs. ECHI.TOZPW.TO vs. HPYM.TOZPW.TO vs. ZEQT.TOZPW.TO vs. BANK.TO

Return for Risk

DXQ.TO vs. ZPW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DXQ.TO
DXQ.TO Risk / Return Rank: 7373
Overall Rank
DXQ.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
DXQ.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
DXQ.TO Omega Ratio Rank: 7575
Omega Ratio Rank
DXQ.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
DXQ.TO Martin Ratio Rank: 6464
Martin Ratio Rank
ZPW.TO
ZPW.TO Risk / Return Rank: 5555
Overall Rank
ZPW.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 4545
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.

DXQ.TO vs. ZPW.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 ETF (ZPW.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.TOZPW.TODifference
Sharpe ratioReturn per unit of total volatility
1.84
1.60

+0.23

Sortino ratioReturn per unit of downside risk
2.59
2.21

+0.38

Omega ratioGain probability vs. loss probability

1.35

1.30

+0.05

Calmar ratioReturn relative to maximum drawdown

3.33

2.08

+1.25

Martin ratioReturn relative to average drawdown

9.17

5.91

+3.26

DXQ.TO vs. ZPW.TO - Sharpe Ratio Comparison

The current DXQ.TO Sharpe Ratio is 1.84, which is comparable to the ZPW.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of DXQ.TO and ZPW.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

DXQ.TO vs. ZPW.TO - Drawdown Comparison

The maximum DXQ.TO drawdown since its inception was -15.54%, smaller than the maximum ZPW.TO drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and ZPW.TO.

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Drawdown Indicators

DXQ.TOZPW.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.54%

-23.77%

+8.23%

Max Drawdown (1Y)

Largest decline over 1 year

-5.11%

-5.61%

+0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-12.35%

-3.19%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.57%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.77%

—

Current Drawdown

Current decline from peak

-0.57%

-0.50%

-0.07%

Average Drawdown

Average peak-to-trough decline

-1.25%

-4.05%

+2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

1.98%

-0.13%

Volatility

DXQ.TO vs. ZPW.TO - Volatility Comparison

The current volatility for Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) is 2.72%, while BMO US Put Write ETF (ZPW.TO) has a volatility of 2.89%. This indicates that DXQ.TO experiences smaller price fluctuations and is considered to be less risky than ZPW.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.TOZPW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

2.89%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

7.58%

6.18%

+1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

9.28%

7.32%

+1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.87%

10.62%

+0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.87%

11.72%

-0.85%

DXQ.TO vs. ZPW.TO - Expense Ratio Comparison

DXQ.TO has a 0.72% expense ratio, which is higher than ZPW.TO's 0.65% expense ratio.

Dividends

DXQ.TO vs. ZPW.TO - Dividend Comparison

DXQ.TO's dividend yield for the trailing twelve months is around 7.79%, less than ZPW.TO's 9.49% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
ZPW.TO
BMO US Put Write ETF		9.49%9.55%9.18%7.57%8.20%7.24%7.61%7.17%6.61%6.82%7.32%2.32%

Frequently Asked Questions

DXQ.TO and ZPW.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZPW.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 ZPW.TO.

Portfolio Optimizer

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