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EHE.TO vs. ZWP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EHE.TO vs. ZWP.TO

Last updated Jun 8, 2026

EHE.TO (CI Europe Hedged Equity Index ETF) and ZWP.TO (BMO Covered Call Europe High Dividend ETF) are both Europe Equities funds. EHE.TO is passively managed, while ZWP.TO is actively managed. Over the past 5 years, EHE.TO returned 9.97%/yr vs 10.74%/yr for ZWP.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

EHE.TO vs. ZWP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Europe Hedged Equity Index ETF (EHE.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.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, EHE.TO achieves a 5.98% return, which is significantly higher than ZWP.TO's 3.50% return.

EHE.TO

1D
1.09%
1M
3.27%
YTD
5.98%
6M
7.19%
1Y
14.83%
3Y*
13.45%
5Y*
9.97%
10Y*
—

ZWP.TO

1D
-2.06%
1M
0.58%
YTD
3.50%
6M
5.65%
1Y
14.27%
3Y*
13.75%
5Y*
10.74%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EHE.TO vs. ZWP.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EHE.TO
CI Europe Hedged Equity Index ETF		5.98%22.91%4.20%22.26%-10.45%23.79%-5.96%24.49%-8.53%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		3.50%22.37%8.60%16.33%-0.97%12.69%-3.55%13.15%-9.11%

Correlation

The correlation between EHE.TO and ZWP.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2018

0.22

The correlation between EHE.TO and ZWP.TO shifts across timeframes, from 0.10 (3 years) to 0.22 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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CI Europe Hedged Equity Index ETF

BMO Covered Call Europe High Dividend ETF

Often compared with EHE.TO:
EHE.TO vs. CGXF.TOEHE.TO vs. CIC.TOEHE.TO vs. HXX.TOEHE.TO vs. CEQP.TOEHE.TO vs. VE.TOEHE.TO vs. VXM-B.TOEHE.TO vs. XEH.TO
Often compared with ZWP.TO:
ZWP.TO vs. ZDI.TOZWP.TO vs. VIDY.TOZWP.TO vs. HBIL.TOZWP.TO vs. VDY.TOZWP.TO vs. HUTE.TOZWP.TO vs. ZEQ.TOZWP.TO vs. ZWU.TO

Return for Risk

EHE.TO vs. ZWP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EHE.TO
EHE.TO Risk / Return Rank: 2929
Overall Rank
EHE.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
EHE.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
EHE.TO Omega Ratio Rank: 2929
Omega Ratio Rank
EHE.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
EHE.TO Martin Ratio Rank: 3333
Martin Ratio Rank
ZWP.TO
ZWP.TO Risk / Return Rank: 3434
Overall Rank
ZWP.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
ZWP.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
ZWP.TO Omega Ratio Rank: 3535
Omega Ratio Rank
ZWP.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZWP.TO Martin Ratio Rank: 3434
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.

EHE.TO vs. ZWP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Europe Hedged Equity Index ETF (EHE.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.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.

EHE.TOZWP.TODifference
Sharpe ratioReturn per unit of total volatility
0.92
1.15

-0.23

Sortino ratioReturn per unit of downside risk
1.40
1.63

-0.23

Omega ratioGain probability vs. loss probability

1.18

1.21

-0.03

Calmar ratioReturn relative to maximum drawdown

1.24

1.38

-0.14

Martin ratioReturn relative to average drawdown

4.59

4.71

-0.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EHE.TO vs. ZWP.TO - Sharpe Ratio Comparison

The current EHE.TO Sharpe Ratio is 0.92, which is comparable to the ZWP.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of EHE.TO and ZWP.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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Sharpe Ratios by Period

EHE.TOZWP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

1.15

-0.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

0.77

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.46

+0.09

Drawdowns

EHE.TO vs. ZWP.TO - Drawdown Comparison

The maximum EHE.TO drawdown since its inception was -38.20%, which is greater than ZWP.TO's maximum drawdown of -30.71%. Use the drawdown chart below to compare losses from any high point for EHE.TO and ZWP.TO.

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Drawdown Indicators

EHE.TOZWP.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.20%

-30.71%

-7.49%

Max Drawdown (1Y)

Largest decline over 1 year

-11.85%

-10.68%

-1.17%

Max Drawdown (3Y)

Largest decline over 3 years

-16.30%

-14.04%

-2.26%

Max Drawdown (5Y)

Largest decline over 5 years

-22.91%

-19.30%

-3.61%

Current Drawdown

Current decline from peak

-0.62%

-2.81%

+2.19%

Average Drawdown

Average peak-to-trough decline

-5.35%

-4.74%

-0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

3.11%

+0.08%

Volatility

EHE.TO vs. ZWP.TO - Volatility Comparison

CI Europe Hedged Equity Index ETF (EHE.TO) has a higher volatility of 5.64% compared to BMO Covered Call Europe High Dividend ETF (ZWP.TO) at 4.06%. This indicates that EHE.TO's price experiences larger fluctuations and is considered to be riskier than ZWP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EHE.TOZWP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

4.06%

+1.58%

Volatility (6M)

Calculated over the trailing 6-month period

12.70%

10.51%

+2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

16.02%

12.82%

+3.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.98%

14.08%

+3.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.44%

15.73%

+1.71%

Dividends

EHE.TO vs. ZWP.TO - Dividend Comparison

EHE.TO's dividend yield for the trailing twelve months is around 2.02%, less than ZWP.TO's 6.19% yield.

PositionTTM2025202420232022202120202019201820172016
EHE.TO
CI Europe Hedged Equity Index ETF		2.02%2.16%4.38%3.30%2.19%1.90%2.55%2.02%2.08%1.37%0.13%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		6.19%6.22%7.13%7.23%7.04%6.45%7.28%6.92%6.45%0.00%0.00%

Frequently Asked Questions

EHE.TO and ZWP.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: CI and BMO.

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