HPYT.TO vs. ZPH.TO
HPYT.TO (Harvest Premium Yield Treasury ETF A) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HPYT.TO returned 3.40% vs 7.85% for ZPH.TO. At a 0.13 correlation, their price movements are largely independent. HPYT.TO charges 0.45%/yr vs 0.65%/yr for ZPH.TO.
Performance
HPYT.TO vs. ZPH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HPYT.TO achieves a -1.08% return, which is significantly lower than ZPH.TO's 1.91% return.
HPYT.TO
- 1D
- 0.39%
- 1M
- -1.78%
- 6M
- -1.78%
- YTD
- -1.08%
- 1Y
- 3.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPH.TO
- 1D
- -0.72%
- 1M
- 1.55%
- 6M
- 2.41%
- YTD
- 1.91%
- 1Y
- 7.85%
- 3Y*
- 7.75%
- 5Y*
- 5.69%
- 10Y*
- —
HPYT.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HPYT.TO Harvest Premium Yield Treasury ETF A | -1.08% | 4.39% | -5.96% | 6.05% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 1.91% | 9.47% | 4.21% | 9.25% |
Correlation
The correlation between HPYT.TO and ZPH.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 Sep 28, 2023 | 0.13 |
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Return for Risk
HPYT.TO vs. ZPH.TO — Risk / Return Rank
HPYT.TO
ZPH.TO
HPYT.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield Treasury ETF A (HPYT.TO) and BMO US Put Write Hedged to CAD ETF (ZPH.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.
| HPYT.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.22 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.30 | -0.78 |
| Martin ratioReturn relative to average drawdown | 1.24 | 4.90 | -3.66 |
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Drawdowns
HPYT.TO vs. ZPH.TO - Drawdown Comparison
The maximum HPYT.TO drawdown since its inception was -13.17%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for HPYT.TO and ZPH.TO.
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Drawdown Indicators
| HPYT.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.17% | -33.38% | +20.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -6.07% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.38% | — |
Current DrawdownCurrent decline from peak | -8.06% | -0.72% | -7.34% |
Average DrawdownAverage peak-to-trough decline | -5.90% | -4.22% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 1.61% | +1.13% |
Volatility
HPYT.TO vs. ZPH.TO - Volatility Comparison
Harvest Premium Yield Treasury ETF A (HPYT.TO) has a higher volatility of 2.65% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.40%. This indicates that HPYT.TO's price experiences larger fluctuations and is considered to be riskier than ZPH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPYT.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 2.40% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 5.69% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.93% | 6.59% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.81% | 11.18% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.81% | 12.59% | -1.78% |
HPYT.TO vs. ZPH.TO - Expense Ratio Comparison
HPYT.TO has a 0.45% expense ratio, which is lower than ZPH.TO's 0.65% expense ratio.
Dividends
HPYT.TO vs. ZPH.TO - Dividend Comparison
HPYT.TO's dividend yield for the trailing twelve months is around 17.22%, more than ZPH.TO's 10.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HPYT.TO Harvest Premium Yield Treasury ETF A | 17.22% | 18.87% | 18.61% | 3.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.40% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
HPYT.TO and ZPH.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.
On fees, HPYT.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPYT.TO is cheaper with a 0.45% expense ratio, compared with 0.65% for ZPH.TO.
They also come from different issuers: Harvest and BMO. Their fees differ too: 0.45% for HPYT.TO and 0.65% for ZPH.TO.
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