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

FHI.TO vs. ZPW.TO

Last updated Jul 17, 2026
Documentation

FHI.TO (CI Health Care Giants Covered Call ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 5 years, FHI.TO returned 5.80%/yr vs 9.30%/yr for ZPW.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

FHI.TO vs. ZPW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Health Care Giants Covered Call ETF (FHI.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, FHI.TO achieves a 4.38% return, which is significantly lower than ZPW.TO's 6.43% return.

FHI.TO

1D
1.47%
1M
4.98%
6M
2.50%
YTD
4.38%
1Y
16.65%
3Y*
6.55%
5Y*
5.80%
10Y*
—

ZPW.TO

1D
0.38%
1M
2.16%
6M
5.42%
YTD
6.43%
1Y
13.56%
3Y*
11.83%
5Y*
9.30%
10Y*
6.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
FHI.TO
CI Health Care Giants Covered Call ETF		4.38%11.94%-0.77%0.77%1.73%27.35%6.25%23.54%-3.26%
ZPW.TO
BMO US Put Write ETF		6.43%6.40%13.88%21.83%-4.23%13.18%1.56%-1.21%-1.83%

Correlation

The correlation between FHI.TO and ZPW.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.28

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

0.22

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

0.26

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2018

0.24

FHI.TO vs. ZPW.TO - Sectors Allocation Comparison

Sectors
FHI.TO
ZPW.TO

Healthcare

100.0%
14.2%

Basic Materials

-

-

Communication Services

-

9.5%

Consumer Cyclical

-

2.0%

Consumer Defensive

-

13.6%

Energy

-

-

Financial Services

-

16.0%

Industrials

-

9.0%

Real Estate

-

-

Technology

-

35.8%

Utilities

-

-

Healthcare

FHI.TO
100.0%
ZPW.TO
14.2%

Basic Materials

FHI.TO

-

ZPW.TO

-

Communication Services

FHI.TO

-

ZPW.TO
9.5%

Consumer Cyclical

FHI.TO

-

ZPW.TO
2.0%

Consumer Defensive

FHI.TO

-

ZPW.TO
13.6%

Energy

FHI.TO

-

ZPW.TO

-

Financial Services

FHI.TO

-

ZPW.TO
16.0%

Industrials

FHI.TO

-

ZPW.TO
9.0%

Real Estate

FHI.TO

-

ZPW.TO

-

Technology

FHI.TO

-

ZPW.TO
35.8%

Utilities

FHI.TO

-

ZPW.TO

-

Compare stocks, funds, or ETFs

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

CI Health Care Giants Covered Call ETF

BMO US Put Write ETF

Often compared with FHI.TO:
FHI.TO vs. CIC.TOFHI.TO vs. HLIF.TOFHI.TO vs. ENCL.TOFHI.TO vs. EHE.TOFHI.TO vs. CMNY.TOFHI.TO vs. ZPH.TOFHI.TO vs. CGXF.TO
Often compared with ZPW.TO:
ZPW.TO vs. HHIS.TOZPW.TO vs. ECHI.TOZPW.TO vs. UMAX.TOZPW.TO vs. ZPH.TOZPW.TO vs. USCL.TOZPW.TO vs. ZWC.TOZPW.TO vs. BANK.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FHI.TO
FHI.TO Risk / Return Rank: 4242
Overall Rank
FHI.TO Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
FHI.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
FHI.TO Omega Ratio Rank: 4141
Omega Ratio Rank
FHI.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
FHI.TO Martin Ratio Rank: 3636
Martin Ratio Rank
ZPW.TO
ZPW.TO Risk / Return Rank: 6666
Overall Rank
ZPW.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 5151
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.

FHI.TO vs. ZPW.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 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.

FHI.TOZPW.TODifference
Sharpe ratioReturn per unit of total volatility
1.20
1.88

-0.68

Sortino ratioReturn per unit of downside risk
1.90
2.59

-0.68

Omega ratioGain probability vs. loss probability

1.22

1.36

-0.13

Calmar ratioReturn relative to maximum drawdown

1.89

2.43

-0.54

Martin ratioReturn relative to average drawdown

4.35

6.90

-2.55

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

The current FHI.TO Sharpe Ratio is 1.20, which is lower than the ZPW.TO Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FHI.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

FHI.TO vs. ZPW.TO - Drawdown Comparison

The maximum FHI.TO drawdown since its inception was -29.85%, which is greater than ZPW.TO's maximum drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for FHI.TO and ZPW.TO.

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Drawdown Indicators

FHI.TOZPW.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.85%

-23.77%

-6.08%

Max Drawdown (1Y)

Largest decline over 1 year

-8.87%

-5.61%

-3.26%

Max Drawdown (3Y)

Largest decline over 3 years

-14.43%

-12.35%

-2.08%

Max Drawdown (5Y)

Largest decline over 5 years

-14.43%

-16.57%

+2.14%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.77%

—

Current Drawdown

Current decline from peak

-0.36%

0.00%

-0.36%

Average Drawdown

Average peak-to-trough decline

-4.44%

-4.05%

-0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.84%

1.97%

+1.87%

Volatility

FHI.TO vs. ZPW.TO - Volatility Comparison

CI Health Care Giants Covered Call ETF (FHI.TO) has a higher volatility of 5.08% compared to BMO US Put Write ETF (ZPW.TO) at 2.61%. This indicates that FHI.TO's price experiences larger fluctuations and is considered to be riskier 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

FHI.TOZPW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

2.61%

+2.47%

Volatility (6M)

Calculated over the trailing 6-month period

9.93%

6.19%

+3.74%

Volatility (1Y)

Calculated over the trailing 1-year period

13.88%

7.24%

+6.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.23%

10.62%

+3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.53%

11.72%

+4.81%

Dividends

FHI.TO vs. ZPW.TO - Dividend Comparison

FHI.TO's dividend yield for the trailing twelve months is around 6.82%, less than ZPW.TO's 9.43% yield.

PositionTTM20252024202320222021202020192018201720162015
FHI.TO
CI Health Care Giants Covered Call ETF		6.82%7.14%7.84%5.80%5.98%7.38%9.69%5.42%2.42%0.00%0.00%0.00%
ZPW.TO
BMO US Put Write ETF		9.43%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

FHI.TO and ZPW.TO have a correlation of 0.28, 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.

Portfolio Optimizer

Find the right allocation for FHI.TO and ZPW.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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