FHI.TO vs. ZPH.TO
FHI.TO (CI Health Care Giants Covered Call ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past 5 years, FHI.TO returned 5.58%/yr vs 5.25%/yr for ZPH.TO. At a 0.30 correlation, their price movements are largely independent.
Performance
FHI.TO vs. ZPH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FHI.TO achieves a 1.35% return, which is significantly higher than ZPH.TO's -0.15% return.
FHI.TO
- 1D
- -0.93%
- 1M
- 4.19%
- YTD
- 1.35%
- 6M
- 1.26%
- 1Y
- 11.83%
- 3Y*
- 5.07%
- 5Y*
- 5.58%
- 10Y*
- —
ZPH.TO
- 1D
- 0.30%
- 1M
- -2.07%
- YTD
- -0.15%
- 6M
- -0.22%
- 1Y
- 5.75%
- 3Y*
- 7.73%
- 5Y*
- 5.25%
- 10Y*
- —
FHI.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FHI.TO CI Health Care Giants Covered Call ETF | 1.35% | 11.94% | -0.77% | 0.77% | 1.73% | 27.35% | 6.25% | 23.54% | -3.26% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | -0.15% | 9.47% | 4.21% | 22.61% | -10.37% | 13.57% | 2.43% | 3.22% | -7.41% |
Correlation
The correlation between FHI.TO and ZPH.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2018 | 0.30 |
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Return for Risk
FHI.TO vs. ZPH.TO — Risk / Return Rank
FHI.TO
ZPH.TO
FHI.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Health Care Giants Covered Call ETF (FHI.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.
| FHI.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 0.95 | +0.39 |
| Martin ratioReturn relative to average drawdown | 3.06 | 3.61 | -0.54 |
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Drawdowns
FHI.TO vs. ZPH.TO - Drawdown Comparison
The maximum FHI.TO drawdown since its inception was -29.85%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for FHI.TO and ZPH.TO.
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Drawdown Indicators
| FHI.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.85% | -33.38% | +3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.87% | -6.07% | -2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.43% | -11.83% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -14.43% | -18.38% | +3.95% |
Current DrawdownCurrent decline from peak | -2.98% | -2.27% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -4.24% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.87% | 1.60% | +2.27% |
Volatility
FHI.TO vs. ZPH.TO - Volatility Comparison
CI Health Care Giants Covered Call ETF (FHI.TO) has a higher volatility of 4.59% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.33%. This indicates that FHI.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
| FHI.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 2.33% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 5.44% | +3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 6.42% | +6.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.14% | 11.16% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.52% | 12.61% | +3.91% |
Dividends
FHI.TO vs. ZPH.TO - Dividend Comparison
FHI.TO's dividend yield for the trailing twelve months is around 7.02%, less than ZPH.TO's 10.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FHI.TO CI Health Care Giants Covered Call ETF | 7.02% | 7.14% | 7.84% | 5.80% | 5.98% | 7.38% | 9.69% | 5.42% | 2.42% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.61% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
FHI.TO and ZPH.TO have a correlation of 0.30, 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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