HPF.TO vs. ZWEN.TO
HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) and ZWEN.TO (BMO Covered Call Energy ETF) are both Energy Equities funds. Both are actively managed. Over the past 3 years, HPF.TO returned 14.19%/yr vs 18.70%/yr for ZWEN.TO. Their correlation of 0.84 suggests significant overlap in exposure.
Performance
HPF.TO vs. ZWEN.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HPF.TO having a 28.72% return and ZWEN.TO slightly higher at 29.72%.
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%
ZWEN.TO
- 1D
- -0.63%
- 1M
- 3.12%
- 6M
- 22.59%
- YTD
- 29.72%
- 1Y
- 36.03%
- 3Y*
- 18.70%
- 5Y*
- —
- 10Y*
- —
HPF.TO vs. ZWEN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged | 28.72% | 8.98% | -2.46% | 0.58% |
ZWEN.TO BMO Covered Call Energy ETF | 29.72% | 6.74% | 10.43% | 1.13% |
Correlation
The correlation between HPF.TO and ZWEN.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | 0.84 |
The correlation between HPF.TO and ZWEN.TO has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
HPF.TO vs. ZWEN.TO — Risk / Return Rank
HPF.TO
ZWEN.TO
HPF.TO vs. ZWEN.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 Covered Call Energy ETF (ZWEN.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.TO | ZWEN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.35 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 3.85 | -0.75 |
| Martin ratioReturn relative to average drawdown | 9.15 | 10.64 | -1.48 |
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Drawdowns
HPF.TO vs. ZWEN.TO - Drawdown Comparison
The maximum HPF.TO drawdown since its inception was -72.97%, which is greater than ZWEN.TO's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for HPF.TO and ZWEN.TO.
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Drawdown Indicators
| HPF.TO | ZWEN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.97% | -18.75% | -54.22% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -9.50% | -2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -18.75% | -4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -23.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -69.11% | — | — |
Current DrawdownCurrent decline from peak | -5.69% | -2.56% | -3.13% |
Average DrawdownAverage peak-to-trough decline | -26.28% | -4.49% | -21.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 3.45% | +0.61% |
Volatility
HPF.TO vs. ZWEN.TO - Volatility Comparison
Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a higher volatility of 6.52% compared to BMO Covered Call Energy ETF (ZWEN.TO) at 5.18%. This indicates that HPF.TO's price experiences larger fluctuations and is considered to be riskier than ZWEN.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.TO | ZWEN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.52% | 5.18% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 16.30% | 13.89% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.76% | 17.23% | +2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 18.32% | +5.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.03% | 18.32% | +9.71% |
Dividends
HPF.TO vs. ZWEN.TO - Dividend Comparison
HPF.TO's dividend yield for the trailing twelve months is around 8.04%, more than ZWEN.TO's 7.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZWEN.TO BMO Covered Call Energy ETF | 7.65% | 9.53% | 9.09% | 6.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HPF.TO and ZWEN.TO have a correlation of 0.88, 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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