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HPF.TO vs. ZEO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HPF.TO vs. ZEO.TO

Last updated Jul 16, 2026
Documentation

HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both Energy Equities funds. HPF.TO is actively managed, while ZEO.TO is passively managed. Over the past 10 years, HPF.TO returned 5.03%/yr vs 9.85%/yr for ZEO.TO. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

HPF.TO vs. ZEO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.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, HPF.TO achieves a 28.72% return, which is significantly lower than ZEO.TO's 35.62% return. Over the past 10 years, HPF.TO has underperformed ZEO.TO with an annualized return of 5.03%, while ZEO.TO has yielded a comparatively higher 9.85% annualized return.

HPF.TO

1D
-0.80%
1M
2.08%
6M
22.63%
YTD
28.72%
1Y
37.02%
3Y*
14.19%
5Y*
16.67%
10Y*
5.03%

ZEO.TO

1D
-0.20%
1M
1.15%
6M
32.87%
YTD
35.62%
1Y
45.94%
3Y*
26.11%
5Y*
25.91%
10Y*
9.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPF.TO vs. ZEO.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HPF.TO
Harvest Energy Leaders Income ETF Class A CAD Hedged		28.72%8.98%-2.46%2.51%38.58%33.23%-37.56%9.43%-18.69%-0.07%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		35.62%12.36%21.51%5.98%39.67%63.65%-28.56%16.50%-27.39%-14.46%

Correlation

The correlation between HPF.TO and ZEO.TO is 0.79, 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

0.79

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

0.79

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

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2014

0.73

The correlation between HPF.TO and ZEO.TO has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

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Harvest Energy Leaders Income ETF Class A CAD Hedged

BMO Equal Weight Oil & Gas Index ETF

Often compared with ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. ENCC.TOZEO.TO vs. ZWEN.TOZEO.TO vs. XLEZEO.TO vs. VFV.TOZEO.TO vs. HXT.TO

Return for Risk

HPF.TO vs. ZEO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HPF.TO
HPF.TO Risk / Return Rank: 6969
Overall Rank
HPF.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
HPF.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
HPF.TO Omega Ratio Rank: 6464
Omega Ratio Rank
HPF.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
HPF.TO Martin Ratio Rank: 6464
Martin Ratio Rank
ZEO.TO
ZEO.TO Risk / Return Rank: 8989
Overall Rank
ZEO.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 8989
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8282
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.

HPF.TO vs. ZEO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) and BMO Equal Weight Oil & Gas Index ETF (ZEO.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.

HPF.TOZEO.TODifference
Sharpe ratioReturn per unit of total volatility
1.89
2.59

-0.70

Sortino ratioReturn per unit of downside risk
2.49
3.39

-0.90

Omega ratioGain probability vs. loss probability

1.31

1.44

-0.13

Calmar ratioReturn relative to maximum drawdown

3.10

4.67

-1.58

Martin ratioReturn relative to average drawdown

9.15

12.66

-3.50

HPF.TO vs. ZEO.TO - Sharpe Ratio Comparison

The current HPF.TO Sharpe Ratio is 1.89, which is comparable to the ZEO.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of HPF.TO and ZEO.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

HPF.TO vs. ZEO.TO - Drawdown Comparison

The maximum HPF.TO drawdown since its inception was -72.97%, smaller than the maximum ZEO.TO drawdown of -80.10%. Use the drawdown chart below to compare losses from any high point for HPF.TO and ZEO.TO.

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Drawdown Indicators

HPF.TOZEO.TODifference

Max Drawdown

Largest peak-to-trough decline

-72.97%

-80.10%

+7.13%

Max Drawdown (1Y)

Largest decline over 1 year

-12.01%

-9.88%

-2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-22.85%

-17.62%

-5.23%

Max Drawdown (5Y)

Largest decline over 5 years

-23.87%

-22.59%

-1.28%

Max Drawdown (10Y)

Largest decline over 10 years

-69.11%

-73.35%

+4.24%

Current Drawdown

Current decline from peak

-5.69%

-4.42%

-1.27%

Average Drawdown

Average peak-to-trough decline

-26.28%

-25.07%

-1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.06%

3.64%

+0.42%

Volatility

HPF.TO vs. ZEO.TO - Volatility Comparison

Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a higher volatility of 6.52% compared to BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) at 6.11%. This indicates that HPF.TO's price experiences larger fluctuations and is considered to be riskier than ZEO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HPF.TOZEO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.52%

6.11%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

16.30%

14.70%

+1.60%

Volatility (1Y)

Calculated over the trailing 1-year period

19.76%

17.85%

+1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.66%

21.24%

+2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.03%

27.14%

+0.89%

Dividends

HPF.TO vs. ZEO.TO - Dividend Comparison

HPF.TO's dividend yield for the trailing twelve months is around 8.04%, more than ZEO.TO's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
HPF.TO
Harvest Energy Leaders Income ETF Class A CAD Hedged		8.04%9.93%9.80%8.75%6.58%4.61%15.32%8.74%8.78%12.87%13.58%13.31%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.77%3.43%3.86%4.82%4.69%3.27%5.54%3.55%0.71%0.49%0.47%0.82%

Frequently Asked Questions

HPF.TO and ZEO.TO have a correlation of 0.79, 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: Harvest and BMO.

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