HDIV.TO vs. ZST.TO

Last updated Jun 9, 2026

HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. Both are actively managed. Over the past 3 years, HDIV.TO returned 27.24%/yr vs 3.86%/yr for ZST.TO. At a 0.10 correlation, their price movements are largely independent. HDIV.TO charges 0.00%/yr vs 0.17%/yr for ZST.TO.

Performance

HDIV.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDIV.TO achieves a 15.21% return, which is significantly higher than ZST.TO's 1.08% return.

HDIV.TO

• 1D: 0.66%
• 1M: 1.98%
• YTD: 15.21%
• 6M: 16.84%
• 1Y: 44.73%
• 3Y*: 27.24%
• 5Y*: —
• 10Y*: —

ZST.TO

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.08%
• 6M: 0.29%
• 1Y: 1.70%
• 3Y*: 3.86%
• 5Y*: 2.98%
• 10Y*: 2.37%

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

HDIV.TO vs. ZST.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	15.21%	33.87%	23.15%	13.91%	-2.53%	9.27%
ZST.TO BMO Ultra Short-Term Bond ETF	1.08%	2.06%	5.21%	5.38%	1.22%	0.04%

Correlation

The correlation between HDIV.TO and ZST.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 22, 2021	0.10

Return for Risk

HDIV.TO vs. ZST.TO — Risk / Return Rank

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

HDIV.TO

HDIV.TO Risk / Return Rank: 94
HDIV.TO Sharpe Ratio Rank: 95
HDIV.TO Sortino Ratio Rank: 94
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 90
HDIV.TO Martin Ratio Rank: 94

ZST.TO

ZST.TO Risk / Return Rank: 51
ZST.TO Sharpe Ratio Rank: 50
ZST.TO Sortino Ratio Rank: 35
ZST.TO Omega Ratio Rank: 97
ZST.TO Calmar Ratio Rank: 38
ZST.TO Martin Ratio Rank: 33

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.

HDIV.TO vs. ZST.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) and BMO Ultra Short-Term Bond ETF (ZST.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.

	HDIV.TO	ZST.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.54	1.58	+1.96
Sortino ratio: Return per unit of downside risk	4.47	1.66	+2.82
Omega ratio: Gain probability vs. loss probability	1.65	1.84	-0.18
Calmar ratio: Return relative to maximum drawdown	5.15	1.70	+3.45
Martin ratio: Return relative to average drawdown	24.85	4.56	+20.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDIV.TO vs. ZST.TO - Sharpe Ratio Comparison

The current HDIV.TO Sharpe Ratio is 3.54, which is higher than the ZST.TO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of HDIV.TO and ZST.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

	HDIV.TO	ZST.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.54	1.58	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	4.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.43	-0.23

Drawdowns

HDIV.TO vs. ZST.TO - Drawdown Comparison

The maximum HDIV.TO drawdown since its inception was -22.32%, which is greater than ZST.TO's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for HDIV.TO and ZST.TO.

Drawdown Indicators

	HDIV.TO	ZST.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.32%	-3.60%	-18.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-1.01%	-7.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.58%	-1.01%	-13.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-1.06%	—
Current Drawdown Current decline from peak	-1.71%	-0.02%	-1.69%
Average Drawdown Average peak-to-trough decline	-4.22%	-0.58%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.37%	+1.44%

Volatility

HDIV.TO vs. ZST.TO - Volatility Comparison

Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a higher volatility of 4.37% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that HDIV.TO's price experiences larger fluctuations and is considered to be riskier than ZST.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDIV.TO	ZST.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	0.08%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	1.05%	+9.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	1.08%	+11.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	0.72%	+14.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	0.71%	+14.94%

HDIV.TO vs. ZST.TO - Expense Ratio Comparison

HDIV.TO has a 0.00% expense ratio, which is lower than ZST.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HDIV.TO vs. ZST.TO - Dividend Comparison

HDIV.TO's dividend yield for the trailing twelve months is around 9.42%, more than ZST.TO's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.42%	10.09%	11.38%	10.41%	9.64%	3.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZST.TO BMO Ultra Short-Term Bond ETF	2.56%	2.85%	4.70%	4.84%	2.78%	2.31%	2.68%	2.84%	3.47%	4.09%	3.96%	3.94%

Frequently Asked Questions

Can I hold both HDIV.TO and ZST.TO in my portfolio?

HDIV.TO and ZST.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDIV.TO or ZST.TO?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDIV.TO or ZST.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.17% for ZST.TO.

What is the main difference between HDIV.TO and ZST.TO?

HDIV.TO is categorized as Derivative Income, while ZST.TO is Canadian Government Bonds. They also come from different issuers: Hamilton ETFs and BMO. Their fees differ too: 0.00% for HDIV.TO and 0.17% for ZST.TO.