HPYM.TO vs. ZWH.TO

Last updated Jun 4, 2026

HPYM.TO (Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units) and ZWH.TO (BMO US High Dividend Covered Call ETF) are both exchange-traded funds - HPYM.TO is a Government Bonds fund actively managed by Harvest, while ZWH.TO is a Derivative Income fund actively managed by BMO. Both are actively managed. Over the past year, HPYM.TO returned 2.79% vs 27.24% for ZWH.TO. At a 0.10 correlation, their price movements are largely independent. HPYM.TO charges 0.45%/yr vs 0.65%/yr for ZWH.TO.

Performance

HPYM.TO vs. ZWH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) and BMO US High Dividend Covered Call ETF (ZWH.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPYM.TO achieves a -1.25% return, which is significantly lower than ZWH.TO's 13.86% return.

HPYM.TO

• 1D: -0.20%
• 1M: -0.10%
• YTD: -1.25%
• 6M: -1.71%
• 1Y: 2.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWH.TO

• 1D: 0.66%
• 1M: 7.97%
• YTD: 13.86%
• 6M: 11.86%
• 1Y: 27.24%
• 3Y*: 14.93%
• 5Y*: 11.42%
• 10Y*: 9.87%

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

HPYM.TO vs. ZWH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	-1.25%	6.72%	-0.41%
ZWH.TO BMO US High Dividend Covered Call ETF	13.86%	6.40%	17.83%

Correlation

The correlation between HPYM.TO and ZWH.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.10

Return for Risk

HPYM.TO vs. ZWH.TO — Risk / Return Rank

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

HPYM.TO

HPYM.TO Risk / Return Rank: 19
HPYM.TO Sharpe Ratio Rank: 19
HPYM.TO Sortino Ratio Rank: 19
HPYM.TO Omega Ratio Rank: 18
HPYM.TO Calmar Ratio Rank: 18
HPYM.TO Martin Ratio Rank: 19

ZWH.TO

ZWH.TO Risk / Return Rank: 85
ZWH.TO Sharpe Ratio Rank: 84
ZWH.TO Sortino Ratio Rank: 88
ZWH.TO Omega Ratio Rank: 83
ZWH.TO Calmar Ratio Rank: 86
ZWH.TO Martin Ratio Rank: 87

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.

HPYM.TO vs. ZWH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) and BMO US High Dividend Covered Call ETF (ZWH.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.

	HPYM.TO	ZWH.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.77	-2.15
Sortino ratio: Return per unit of downside risk	0.90	4.08	-3.17
Omega ratio: Gain probability vs. loss probability	1.11	1.51	-0.39
Calmar ratio: Return relative to maximum drawdown	0.73	4.81	-4.08
Martin ratio: Return relative to average drawdown	2.05	18.98	-16.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPYM.TO vs. ZWH.TO - Sharpe Ratio Comparison

The current HPYM.TO Sharpe Ratio is 0.62, which is lower than the ZWH.TO Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of HPYM.TO and ZWH.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

	HPYM.TO	ZWH.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.77	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.80	-0.43

Drawdowns

HPYM.TO vs. ZWH.TO - Drawdown Comparison

The maximum HPYM.TO drawdown since its inception was -6.19%, smaller than the maximum ZWH.TO drawdown of -34.01%. Use the drawdown chart below to compare losses from any high point for HPYM.TO and ZWH.TO.

Drawdown Indicators

	HPYM.TO	ZWH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-34.01%	+27.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-5.69%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.01%	—
Current Drawdown Current decline from peak	-2.71%	0.00%	-2.71%
Average Drawdown Average peak-to-trough decline	-1.94%	-3.11%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	1.44%	-0.08%

Volatility

HPYM.TO vs. ZWH.TO - Volatility Comparison

The current volatility for Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) is 2.02%, while BMO US High Dividend Covered Call ETF (ZWH.TO) has a volatility of 3.46%. This indicates that HPYM.TO experiences smaller price fluctuations and is considered to be less risky than ZWH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPYM.TO	ZWH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	3.46%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	7.66%	-4.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	9.91%	-5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	11.65%	-6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.61%	14.84%	-9.23%

HPYM.TO vs. ZWH.TO - Expense Ratio Comparison

HPYM.TO has a 0.45% expense ratio, which is lower than ZWH.TO's 0.65% expense ratio.

Dividends

HPYM.TO vs. ZWH.TO - Dividend Comparison

HPYM.TO's dividend yield for the trailing twelve months is around 9.38%, more than ZWH.TO's 5.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units	9.38%	9.01%	8.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWH.TO BMO US High Dividend Covered Call ETF	5.76%	6.22%	4.87%	5.71%	6.03%	5.64%	6.59%	5.97%	5.66%	5.46%	5.57%	5.31%

Frequently Asked Questions

Can I hold both HPYM.TO and ZWH.TO in my portfolio?

HPYM.TO and ZWH.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPYM.TO or ZWH.TO?

On fees, HPYM.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPYM.TO or ZWH.TO?

HPYM.TO is cheaper with a 0.45% expense ratio, compared with 0.65% for ZWH.TO.

What is the main difference between HPYM.TO and ZWH.TO?

HPYM.TO is categorized as Government Bonds, while ZWH.TO is Derivative Income. They also come from different issuers: Harvest and BMO. Their fees differ too: 0.45% for HPYM.TO and 0.65% for ZWH.TO.