HVOI.TO vs. ZWB.TO

Last updated Aug 5, 2026

HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - HVOI.TO is a Derivative Income fund actively managed by Harvest, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past year, HVOI.TO returned 20.16% vs 58.72% for ZWB.TO. Their 0.50 correlation means their historical movements had little consistent relationship. HVOI.TO charges 0.89%/yr vs 0.72%/yr for ZWB.TO.

Performance

HVOI.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HVOI.TO achieves a 11.03% return, which is significantly lower than ZWB.TO's 28.33% return.

HVOI.TO

• 1D: 0.28%
• 1M: 1.05%
• 6M: 11.45%
• YTD: 11.03%
• 1Y: 20.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.02%

ZWB.TO

• 1D: -0.03%
• 1M: 1.44%
• 6M: 26.21%
• YTD: 28.33%
• 1Y: 58.72%
• 3Y*: 28.63%
• 5Y*: 16.10%
• 10Y*: 13.23%
• ALL TIME*: 11.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	CA$34.24K	CA$36.50K	CA$47.47K
ZWB.TO BMO Covered Call Canadian Banks ETF	CA$6.73M	CA$6.38M	CA$4.83M

HVOI.TO vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	11.03%	15.49%
ZWB.TO BMO Covered Call Canadian Banks ETF	28.33%	44.70%

Correlation

The correlation between HVOI.TO and ZWB.TO is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.50

The correlation between HVOI.TO and ZWB.TO has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.

Return for Risk

HVOI.TO vs. ZWB.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HVOI.TO

HVOI.TO Risk / Return Rank: 84
HVOI.TO Sharpe Ratio Rank: 88
HVOI.TO Sortino Ratio Rank: 89
HVOI.TO Omega Ratio Rank: 88
HVOI.TO Calmar Ratio Rank: 75
HVOI.TO Martin Ratio Rank: 81

ZWB.TO

ZWB.TO Risk / Return Rank: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 97
ZWB.TO Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HVOI.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and BMO Covered Call Canadian Banks ETF (ZWB.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.

	HVOI.TO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	4.59	-2.29
Sortino ratio: Return per unit of downside risk	3.35	5.83	-2.47
Omega ratio: Gain probability vs. loss probability	1.43	1.83	-0.40
Calmar ratio: Return relative to maximum drawdown	3.01	7.54	-4.53
Martin ratio: Return relative to average drawdown	12.03	32.01	-19.98

HVOI.TO vs. ZWB.TO - Sharpe Ratio Comparison

The current HVOI.TO Sharpe Ratio is 2.30, which is lower than the ZWB.TO Sharpe Ratio of 4.59. The chart below compares the historical Sharpe Ratios of HVOI.TO and ZWB.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.

Drawdowns

HVOI.TO vs. ZWB.TO - Drawdown Comparison

The maximum HVOI.TO drawdown since its inception was -6.72%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for HVOI.TO and ZWB.TO.

Drawdown Indicators

	HVOI.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-6.72%	-39.36%	+32.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-7.82%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-1.03%	-2.75%	+1.72%
Average Drawdown Average peak-to-trough decline	-0.89%	-5.51%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.84%	-0.16%

Volatility

HVOI.TO vs. ZWB.TO - Volatility Comparison

The current volatility for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) is 2.18%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 5.88%. This indicates that HVOI.TO experiences smaller price fluctuations and is considered to be less risky than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HVOI.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	5.88%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	11.16%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	8.81%	12.88%	-4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.31%	12.84%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.31%	15.75%	-7.44%

HVOI.TO vs. ZWB.TO - Expense Ratio Comparison

HVOI.TO has a 0.89% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.

Dividends

HVOI.TO vs. ZWB.TO - Dividend Comparison

HVOI.TO's dividend yield for the trailing twelve months is around 6.69%, more than ZWB.TO's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A	6.69%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.91%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%

Frequently Asked Questions

Can I hold both HVOI.TO and ZWB.TO in my portfolio?

HVOI.TO and ZWB.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HVOI.TO or ZWB.TO?

On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HVOI.TO or ZWB.TO?

ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.89% for HVOI.TO.

What is the main difference between HVOI.TO and ZWB.TO?

HVOI.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Harvest and BMO. Their fees differ too: 0.89% for HVOI.TO and 0.72% for ZWB.TO.