HBF.TO vs. ZWU.TO

Last updated Jun 4, 2026

HBF.TO (Harvest US Equity Leaders Income ETF Class A (CAD Hedged)) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - HBF.TO is a Derivative Income fund actively managed by Harvest Portfolios Group, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, HBF.TO returned 11.18%/yr vs 6.08%/yr for ZWU.TO. At a 0.36 correlation, their price movements are largely independent. HBF.TO charges 0.75%/yr vs 0.65%/yr for ZWU.TO.

Performance

HBF.TO vs. ZWU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) and BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBF.TO achieves a 8.15% return, which is significantly lower than ZWU.TO's 10.15% return. Over the past 10 years, HBF.TO has outperformed ZWU.TO with an annualized return of 11.18%, while ZWU.TO has yielded a comparatively lower 6.08% annualized return.

HBF.TO

• 1D: -1.15%
• 1M: 3.49%
• YTD: 8.15%
• 6M: 7.25%
• 1Y: 25.20%
• 3Y*: 14.19%
• 5Y*: 7.67%
• 10Y*: 11.18%

ZWU.TO

• 1D: -0.50%
• 1M: -0.34%
• YTD: 10.15%
• 6M: 9.37%
• 1Y: 15.17%
• 3Y*: 10.66%
• 5Y*: 6.33%
• 10Y*: 6.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HBF.TO vs. ZWU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBF.TO Harvest US Equity Leaders Income ETF Class A (CAD Hedged)	8.15%	15.51%	13.12%	11.23%	-14.97%	21.88%	11.41%	25.99%	-4.71%	18.27%
ZWU.TO BMO Covered Call Utilities ETF	10.15%	13.18%	10.97%	-2.79%	-3.89%	15.80%	-7.09%	23.48%	-5.73%	5.63%

Correlation

The correlation between HBF.TO and ZWU.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 25, 2014	0.36

The correlation between HBF.TO and ZWU.TO shifts across timeframes, from -0.03 (1 year) to 0.42 (10 years), reflecting how their relationship changes across market environments.

HBF.TO vs. ZWU.TO - Sectors Allocation Comparison

Sectors	HBF.TO	ZWU.TO
Technology	29.5%	-
Financial Services	19.7%	-
Consumer Defensive	15.1%	-
Communication Services	10.4%	21.5%
Consumer Cyclical	9.9%	-
Industrials	5.4%	-
Energy	5.1%	25.8%
Healthcare	5.0%	-
Basic Materials	-	-
Real Estate	-	-
Utilities	-	52.7%

Return for Risk

HBF.TO vs. ZWU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HBF.TO

HBF.TO Risk / Return Rank: 74
HBF.TO Sharpe Ratio Rank: 76
HBF.TO Sortino Ratio Rank: 79
HBF.TO Omega Ratio Rank: 75
HBF.TO Calmar Ratio Rank: 66
HBF.TO Martin Ratio Rank: 72

ZWU.TO

ZWU.TO Risk / Return Rank: 58
ZWU.TO Sharpe Ratio Rank: 58
ZWU.TO Sortino Ratio Rank: 62
ZWU.TO Omega Ratio Rank: 57
ZWU.TO Calmar Ratio Rank: 63
ZWU.TO Martin Ratio Rank: 51

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.

HBF.TO vs. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) and BMO Covered Call Utilities ETF (ZWU.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.

	HBF.TO	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.01	+0.45
Sortino ratio: Return per unit of downside risk	3.52	2.94	+0.58
Omega ratio: Gain probability vs. loss probability	1.44	1.36	+0.09
Calmar ratio: Return relative to maximum drawdown	3.25	3.13	+0.12
Martin ratio: Return relative to average drawdown	13.35	8.85	+4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBF.TO vs. ZWU.TO - Sharpe Ratio Comparison

The current HBF.TO Sharpe Ratio is 2.46, which is comparable to the ZWU.TO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of HBF.TO and ZWU.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.

Sharpe Ratios by Period

	HBF.TO	ZWU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.01	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.61	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.43	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.42	+0.08

Drawdowns

HBF.TO vs. ZWU.TO - Drawdown Comparison

The maximum HBF.TO drawdown since its inception was -35.28%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for HBF.TO and ZWU.TO.

Drawdown Indicators

	HBF.TO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-37.41%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.79%	-4.86%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.21%	-12.85%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-23.69%	-23.36%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	-35.28%	-37.41%	+2.13%
Current Drawdown Current decline from peak	-1.15%	-2.31%	+1.16%
Average Drawdown Average peak-to-trough decline	-6.77%	-5.38%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.73%	+0.16%

Volatility

HBF.TO vs. ZWU.TO - Volatility Comparison

The current volatility for Harvest US Equity Leaders Income ETF Class A (CAD Hedged) (HBF.TO) is 2.65%, while BMO Covered Call Utilities ETF (ZWU.TO) has a volatility of 2.81%. This indicates that HBF.TO experiences smaller price fluctuations and is considered to be less risky than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBF.TO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.81%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	6.30%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	7.59%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	10.47%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	14.18%	+2.77%

HBF.TO vs. ZWU.TO - Expense Ratio Comparison

HBF.TO has a 0.75% expense ratio, which is higher than ZWU.TO's 0.65% expense ratio.

Dividends

HBF.TO vs. ZWU.TO - Dividend Comparison

HBF.TO's dividend yield for the trailing twelve months is around 7.41%, more than ZWU.TO's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBF.TO Harvest US Equity Leaders Income ETF Class A (CAD Hedged)	7.41%	7.27%	7.48%	7.52%	7.75%	5.62%	6.34%	6.57%	7.72%	6.86%	7.54%	7.74%
ZWU.TO BMO Covered Call Utilities ETF	7.09%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both HBF.TO and ZWU.TO in my portfolio?

HBF.TO and ZWU.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBF.TO or ZWU.TO?

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

Which ETF is cheaper, HBF.TO or ZWU.TO?

ZWU.TO is cheaper with a 0.65% expense ratio, compared with 0.75% for HBF.TO.

What is the main difference between HBF.TO and ZWU.TO?

HBF.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities. They also come from different issuers: Harvest Portfolios Group and BMO. Their fees differ too: 0.75% for HBF.TO and 0.65% for ZWU.TO.