HPYE.TO vs. ZWC.TO

Last updated Jun 5, 2026

HPYE.TO (Harvest Premium Yield Enhanced ETF) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both Derivative Income funds. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. HPYE.TO charges 0.65%/yr vs 0.91%/yr for ZWC.TO.

Performance

HPYE.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Premium Yield Enhanced ETF (HPYE.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HPYE.TO

• 1D: 0.93%
• 1M: 6.56%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWC.TO

• 1D: 1.03%
• 1M: 3.11%
• YTD: 12.26%
• 6M: 13.20%
• 1Y: 29.76%
• 3Y*: 17.80%
• 5Y*: 11.31%
• 10Y*: —

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

HPYE.TO vs. ZWC.TO - Yearly Performance Comparison

	2026 (YTD)
HPYE.TO Harvest Premium Yield Enhanced ETF	10.25%
ZWC.TO BMO CA High Dividend Covered Call ETF	9.65%

Correlation

The correlation between HPYE.TO and ZWC.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.44

Return for Risk

HPYE.TO vs. ZWC.TO — Risk / Return Rank

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

ZWC.TO

ZWC.TO Risk / Return Rank: 93
ZWC.TO Sharpe Ratio Rank: 95
ZWC.TO Sortino Ratio Rank: 96
ZWC.TO Omega Ratio Rank: 95
ZWC.TO Calmar Ratio Rank: 87
ZWC.TO Martin Ratio Rank: 93

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.

HPYE.TO vs. ZWC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield Enhanced ETF (HPYE.TO) and BMO CA High Dividend Covered Call ETF (ZWC.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HPYE.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.81	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.35	0.56	+1.79

Drawdowns

HPYE.TO vs. ZWC.TO - Drawdown Comparison

The maximum HPYE.TO drawdown since its inception was -5.51%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for HPYE.TO and ZWC.TO.

Drawdown Indicators

	HPYE.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-40.57%	+35.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.43%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.37%	-4.69%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.21%	—

Volatility

Volatility by Period

	HPYE.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	7.86%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	10.14%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	14.94%	-2.01%

HPYE.TO vs. ZWC.TO - Expense Ratio Comparison

HPYE.TO has a 0.65% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

HPYE.TO vs. ZWC.TO - Dividend Comparison

HPYE.TO's dividend yield for the trailing twelve months is around 5.03%, less than ZWC.TO's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPYE.TO Harvest Premium Yield Enhanced ETF	5.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.58%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%

Frequently Asked Questions

Can I hold both HPYE.TO and ZWC.TO in my portfolio?

HPYE.TO and ZWC.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPYE.TO or ZWC.TO?

On fees, HPYE.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, HPYE.TO or ZWC.TO?

HPYE.TO is cheaper with a 0.65% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between HPYE.TO and ZWC.TO?

They also come from different issuers: Harvest Portfolios Group and BMO. Their fees differ too: 0.65% for HPYE.TO and 0.91% for ZWC.TO.