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

DXQ.TO vs. ZWB.TO

Last updated Jun 24, 2026

DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - DXQ.TO is a Derivative Income fund actively managed by Dynamic, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, DXQ.TO returned 17.60%/yr vs 30.29%/yr for ZWB.TO. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.72% expense ratio.

Performance

DXQ.TO vs. ZWB.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 Covered Call Canadian Banks ETF (ZWB.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 7.89% return, which is significantly lower than ZWB.TO's 26.23% return.

DXQ.TO

1D
0.11%
1M
2.12%
YTD
7.89%
6M
8.04%
1Y
18.60%
3Y*
17.60%
5Y*
—
10Y*
—

ZWB.TO

1D
0.39%
1M
7.50%
YTD
26.23%
6M
26.02%
1Y
61.42%
3Y*
30.29%
5Y*
15.76%
10Y*
13.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF		7.89%12.99%21.07%20.08%3.57%
ZWB.TO
BMO Covered Call Canadian Banks ETF		26.23%34.91%19.41%6.67%-2.66%

Correlation

The correlation between DXQ.TO and ZWB.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.36

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

0.34

Compare stocks, funds, or ETFs

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Dynamic Active Enhanced Yield Covered Options ETF

BMO Covered Call Canadian Banks 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 ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. RBNK.TOZWB.TO vs. SRU-UN.TO

Return for Risk

DXQ.TO vs. ZWB.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: 6868
Overall Rank
DXQ.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
DXQ.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
DXQ.TO Omega Ratio Rank: 7171
Omega Ratio Rank
DXQ.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
DXQ.TO Martin Ratio Rank: 6161
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9797
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9696
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. ZWB.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 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.

DXQ.TOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
2.00
5.36

-3.37

Sortino ratioReturn per unit of downside risk
2.82
7.28

-4.45

Omega ratioGain probability vs. loss probability

1.38

2.02

-0.64

Calmar ratioReturn relative to maximum drawdown

3.65

7.89

-4.24

Martin ratioReturn relative to average drawdown

10.16

35.44

-25.28

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

The current DXQ.TO Sharpe Ratio is 2.00, which is lower than the ZWB.TO Sharpe Ratio of 5.36. The chart below compares the historical Sharpe Ratios of DXQ.TO 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.

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Drawdowns

DXQ.TO vs. ZWB.TO - Drawdown Comparison

The maximum DXQ.TO drawdown since its inception was -15.54%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for DXQ.TO and ZWB.TO.

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Drawdown Indicators

DXQ.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.54%

-39.36%

+23.82%

Max Drawdown (1Y)

Largest decline over 1 year

-5.11%

-7.82%

+2.71%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-14.05%

-1.49%

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

-1.38%

0.00%

-1.38%

Average Drawdown

Average peak-to-trough decline

-1.26%

-5.54%

+4.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.84%

1.74%

+0.10%

Volatility

DXQ.TO vs. ZWB.TO - Volatility Comparison

The current volatility for Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) is 3.17%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.38%. This indicates that DXQ.TO 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.

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Volatility by Period

DXQ.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

3.38%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

7.56%

9.95%

-2.39%

Volatility (1Y)

Calculated over the trailing 1-year period

9.36%

11.51%

-2.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.93%

12.65%

-1.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.93%

15.67%

-4.74%

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

Both DXQ.TO and ZWB.TO have an expense ratio of 0.72%.

Dividends

DXQ.TO vs. ZWB.TO - Dividend Comparison

DXQ.TO's dividend yield for the trailing twelve months is around 7.69%, more than ZWB.TO's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF		7.69%7.45%5.74%6.54%1.83%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWB.TO
BMO Covered Call Canadian Banks ETF		4.62%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

DXQ.TO and ZWB.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.72% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

DXQ.TO and ZWB.TO have the same expense ratio: 0.72% per year.

DXQ.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Dynamic and BMO.

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