HYLD.TO vs. ZPW.TO

Last updated Jul 15, 2026

HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, HYLD.TO returned 22.53%/yr vs 11.60%/yr for ZPW.TO. At a 0.45 correlation, their price movements are largely independent. HYLD.TO charges 2.37%/yr vs 0.65%/yr for ZPW.TO.

Performance

HYLD.TO vs. ZPW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) and BMO US Put Write ETF (ZPW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYLD.TO achieves a 15.42% return, which is significantly higher than ZPW.TO's 5.69% return.

HYLD.TO

• 1D: 0.57%
• 1M: 2.04%
• 6M: 13.35%
• YTD: 15.42%
• 1Y: 32.36%
• 3Y*: 22.53%
• 5Y*: —
• 10Y*: —

ZPW.TO

• 1D: -0.50%
• 1M: 2.76%
• 6M: 4.49%
• YTD: 5.69%
• 1Y: 11.62%
• 3Y*: 11.60%
• 5Y*: 9.15%
• 10Y*: 6.12%

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

HYLD.TO vs. ZPW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	15.42%	22.14%	25.39%	19.01%	-18.00%
ZPW.TO BMO US Put Write ETF	5.69%	6.40%	13.88%	21.83%	1.60%

Correlation

The correlation between HYLD.TO and ZPW.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.45

HYLD.TO vs. ZPW.TO - Sectors Allocation Comparison

Sectors	HYLD.TO	ZPW.TO
Technology	37.2%	35.8%
Financial Services	11.8%	16.0%
Communication Services	11.1%	9.5%
Healthcare	9.1%	14.2%
Consumer Cyclical	8.1%	2.0%
Industrials	5.0%	9.0%
Basic Materials	4.5%	-
Energy	4.1%	-
Real Estate	3.6%	-
Consumer Defensive	3.2%	13.6%
Utilities	2.3%	-

Return for Risk

HYLD.TO vs. ZPW.TO — Risk / Return Rank

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

HYLD.TO

HYLD.TO Risk / Return Rank: 75
HYLD.TO Sharpe Ratio Rank: 78
HYLD.TO Sortino Ratio Rank: 74
HYLD.TO Omega Ratio Rank: 75
HYLD.TO Calmar Ratio Rank: 68
HYLD.TO Martin Ratio Rank: 78

ZPW.TO

ZPW.TO Risk / Return Rank: 55
ZPW.TO Sharpe Ratio Rank: 60
ZPW.TO Sortino Ratio Rank: 57
ZPW.TO Omega Ratio Rank: 62
ZPW.TO Calmar Ratio Rank: 51
ZPW.TO Martin Ratio Rank: 45

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.

HYLD.TO vs. ZPW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) and BMO US Put Write ETF (ZPW.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.

	HYLD.TO	ZPW.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.60	+0.36
Sortino ratio: Return per unit of downside risk	2.66	2.21	+0.45
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.71	2.08	+0.62
Martin ratio: Return relative to average drawdown	11.56	5.91	+5.65

HYLD.TO vs. ZPW.TO - Sharpe Ratio Comparison

The current HYLD.TO Sharpe Ratio is 1.96, which is comparable to the ZPW.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of HYLD.TO and ZPW.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

HYLD.TO vs. ZPW.TO - Drawdown Comparison

The maximum HYLD.TO drawdown since its inception was -31.38%, which is greater than ZPW.TO's maximum drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for HYLD.TO and ZPW.TO.

Drawdown Indicators

	HYLD.TO	ZPW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.38%	-23.77%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-5.61%	-6.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.83%	-12.35%	-9.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-23.77%	—
Current Drawdown Current decline from peak	-0.99%	-0.50%	-0.49%
Average Drawdown Average peak-to-trough decline	-8.72%	-4.05%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.98%	+0.83%

Volatility

HYLD.TO vs. ZPW.TO - Volatility Comparison

Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a higher volatility of 5.08% compared to BMO US Put Write ETF (ZPW.TO) at 2.89%. This indicates that HYLD.TO's price experiences larger fluctuations and is considered to be riskier than ZPW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLD.TO	ZPW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	2.89%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	6.18%	+7.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	7.32%	+9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.28%	10.62%	+8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	11.72%	+7.56%

HYLD.TO vs. ZPW.TO - Expense Ratio Comparison

HYLD.TO has a 2.37% expense ratio, which is higher than ZPW.TO's 0.65% expense ratio.

Dividends

HYLD.TO vs. ZPW.TO - Dividend Comparison

HYLD.TO's dividend yield for the trailing twelve months is around 11.48%, more than ZPW.TO's 9.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.48%	11.98%	12.13%	12.11%	13.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZPW.TO BMO US Put Write ETF	9.49%	9.55%	9.18%	7.57%	8.20%	7.24%	7.61%	7.17%	6.61%	6.82%	7.32%	2.32%

Frequently Asked Questions

Can I hold both HYLD.TO and ZPW.TO in my portfolio?

HYLD.TO and ZPW.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYLD.TO or ZPW.TO?

On fees, ZPW.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, HYLD.TO or ZPW.TO?

ZPW.TO is cheaper with a 0.65% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between HYLD.TO and ZPW.TO?

They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 2.37% for HYLD.TO and 0.65% for ZPW.TO.