HLIF.TO vs. ZWG.TO
HLIF.TO (Harvest Canadian Equity Income Leaders ETF Class A) and ZWG.TO (BMO Global High Dividend Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HLIF.TO returned 19.93%/yr vs 16.14%/yr for ZWG.TO. A 0.50 correlation means they provide meaningful diversification when combined. HLIF.TO charges 0.79%/yr vs 0.65%/yr for ZWG.TO.
Performance
HLIF.TO vs. ZWG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HLIF.TO achieves a 15.41% return, which is significantly higher than ZWG.TO's 11.46% return.
HLIF.TO
- 1D
- -0.32%
- 1M
- 3.60%
- YTD
- 15.41%
- 6M
- 16.85%
- 1Y
- 36.13%
- 3Y*
- 19.93%
- 5Y*
- —
- 10Y*
- —
ZWG.TO
- 1D
- -0.41%
- 1M
- 7.53%
- YTD
- 11.46%
- 6M
- 8.19%
- 1Y
- 22.65%
- 3Y*
- 16.14%
- 5Y*
- 10.76%
- 10Y*
- —
HLIF.TO vs. ZWG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 15.41% | 25.43% | 17.21% | 6.13% | -2.86% |
ZWG.TO BMO Global High Dividend Covered Call ETF | 11.46% | 7.31% | 21.47% | 9.25% | 9.56% |
Correlation
The correlation between HLIF.TO and ZWG.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2022 | 0.50 |
The correlation between HLIF.TO and ZWG.TO has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.
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Return for Risk
HLIF.TO vs. ZWG.TO — Risk / Return Rank
HLIF.TO
ZWG.TO
HLIF.TO vs. ZWG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian Equity Income Leaders ETF Class A (HLIF.TO) and BMO Global High Dividend Covered Call ETF (ZWG.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.
| HLIF.TO | ZWG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.22 | ||
| Sortino ratioReturn per unit of downside risk | +4.95 | ||
| Omega ratioGain probability vs. loss probability | 2.10 | 1.37 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 11.74 | 3.31 | +8.44 |
| Martin ratioReturn relative to average drawdown | 60.41 | 12.68 | +47.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HLIF.TO | ZWG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.30 | 2.08 | +3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.92 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 0.21 | +1.24 |
Drawdowns
HLIF.TO vs. ZWG.TO - Drawdown Comparison
The maximum HLIF.TO drawdown since its inception was -11.12%, smaller than the maximum ZWG.TO drawdown of -25.55%. Use the drawdown chart below to compare losses from any high point for HLIF.TO and ZWG.TO.
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Drawdown Indicators
| HLIF.TO | ZWG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.12% | -25.55% | +14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -6.88% | +3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -14.87% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.62% | — |
Current DrawdownCurrent decline from peak | -0.32% | -0.56% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.02% | -3.46% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 1.79% | -1.19% |
Volatility
HLIF.TO vs. ZWG.TO - Volatility Comparison
The current volatility for Harvest Canadian Equity Income Leaders ETF Class A (HLIF.TO) is 2.17%, while BMO Global High Dividend Covered Call ETF (ZWG.TO) has a volatility of 4.16%. This indicates that HLIF.TO experiences smaller price fluctuations and is considered to be less risky than ZWG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLIF.TO | ZWG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 4.16% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 8.75% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 10.95% | -4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.47% | 11.71% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.47% | 239.97% | -229.50% |
HLIF.TO vs. ZWG.TO - Expense Ratio Comparison
HLIF.TO has a 0.79% expense ratio, which is higher than ZWG.TO's 0.65% expense ratio.
Dividends
HLIF.TO vs. ZWG.TO - Dividend Comparison
HLIF.TO's dividend yield for the trailing twelve months is around 6.07%, more than ZWG.TO's 5.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 6.07% | 6.26% | 7.33% | 7.96% | 3.91% | 0.00% | 0.00% |
ZWG.TO BMO Global High Dividend Covered Call ETF | 5.88% | 6.41% | 6.48% | 7.42% | 7.23% | 6.40% | 6.09% |
Frequently Asked Questions
HLIF.TO and ZWG.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWG.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWG.TO is cheaper with a 0.65% expense ratio, compared with 0.79% for HLIF.TO.
They also come from different issuers: Harvest and BMO. Their fees differ too: 0.79% for HLIF.TO and 0.65% for ZWG.TO.
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