IDVO vs. ZWU.TO

Last updated Jul 21, 2026

IDVO (Amplify CWP International Enhanced Dividend Income ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - IDVO is a Derivative Income fund actively managed by Amplify, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 3 years, IDVO returned 20.92%/yr vs 8.90%/yr for ZWU.TO. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

IDVO vs. ZWU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify CWP International Enhanced Dividend Income ETF (IDVO) and BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IDVO is traded in USD, while ZWU.TO is traded in CAD. To make them comparable, the ZWU.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IDVO achieves a 12.22% return, which is significantly higher than ZWU.TO's 8.96% return.

IDVO

• 1D: -0.38%
• 1M: -0.99%
• 6M: 4.02%
• YTD: 12.22%
• 1Y: 30.16%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.32%

ZWU.TO

• 1D: -0.12%
• 1M: 1.20%
• 6M: 9.79%
• YTD: 8.96%
• 1Y: 12.82%
• 3Y*: 8.90%
• 5Y*: 4.17%
• 10Y*: 5.01%
• ALL TIME*: 3.13%

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

IDVO vs. ZWU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IDVO Amplify CWP International Enhanced Dividend Income ETF	12.22%	36.46%	10.16%	17.53%	6.42%
ZWU.TO BMO Covered Call Utilities ETF	8.96%	18.60%	2.31%	-0.43%	-9.16%

Correlation

The correlation between IDVO and ZWU.TO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.27

Over the past year, the correlation between IDVO and ZWU.TO has dropped to 0.03 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

IDVO vs. ZWU.TO - Sectors Allocation Comparison

Sectors	IDVO	ZWU.TO
Financial Services	22.3%	5.2%
Basic Materials	13.2%	-
Energy	12.7%	24.1%
Technology	11.9%	-
Communication Services	10.7%	19.3%
Consumer Defensive	9.5%	-
Healthcare	7.5%	-
Industrials	6.9%	-
Utilities	3.1%	50.6%
Consumer Cyclical	2.2%	-
Real Estate	-	-

Return for Risk

IDVO vs. ZWU.TO — Risk / Return Rank

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

IDVO

IDVO Risk / Return Rank: 76
IDVO Sharpe Ratio Rank: 78
IDVO Sortino Ratio Rank: 74
IDVO Omega Ratio Rank: 76
IDVO Calmar Ratio Rank: 77
IDVO Martin Ratio Rank: 78

ZWU.TO

ZWU.TO Risk / Return Rank: 75
ZWU.TO Sharpe Ratio Rank: 78
ZWU.TO Sortino Ratio Rank: 79
ZWU.TO Omega Ratio Rank: 75
ZWU.TO Calmar Ratio Rank: 80
ZWU.TO Martin Ratio Rank: 64

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.

IDVO vs. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify CWP International Enhanced Dividend Income ETF (IDVO) and BMO Covered Call Utilities ETF (ZWU.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.

	IDVO	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.40	+0.45
Sortino ratio: Return per unit of downside risk	2.50	2.03	+0.47
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.92	2.13	+0.79
Martin ratio: Return relative to average drawdown	10.74	6.55	+4.20

IDVO vs. ZWU.TO - Sharpe Ratio Comparison

The current IDVO Sharpe Ratio is 1.85, which is higher than the ZWU.TO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of IDVO and ZWU.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

IDVO vs. ZWU.TO - Drawdown Comparison

The maximum IDVO drawdown since its inception was -15.46%, smaller than the maximum ZWU.TO drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for IDVO and ZWU.TO.

Drawdown Indicators

	IDVO	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.46%	-42.71%	+27.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-6.04%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.46%	-15.36%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.71%	—
Current Drawdown Current decline from peak	-2.90%	-2.76%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.30%	-11.11%	+8.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.96%	+0.85%

Volatility

IDVO vs. ZWU.TO - Volatility Comparison

Amplify CWP International Enhanced Dividend Income ETF (IDVO) and BMO Covered Call Utilities ETF (ZWU.TO) have volatilities of 3.51% and 3.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDVO	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.63%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	7.62%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	9.23%	+7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	12.44%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	15.81%	+0.59%

IDVO vs. ZWU.TO - Expense Ratio Comparison

Both IDVO and ZWU.TO have an expense ratio of 0.65%.

Dividends

IDVO vs. ZWU.TO - Dividend Comparison

IDVO's dividend yield for the trailing twelve months is around 5.69%, less than ZWU.TO's 7.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDVO Amplify CWP International Enhanced Dividend Income ETF	5.69%	5.42%	6.14%	5.72%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.05%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%

Frequently Asked Questions

Can I hold both IDVO and ZWU.TO in my portfolio?

IDVO and ZWU.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IDVO or ZWU.TO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IDVO or ZWU.TO?

IDVO and ZWU.TO have the same expense ratio: 0.65% per year.

What is the main difference between IDVO and ZWU.TO?

IDVO is categorized as Derivative Income, while ZWU.TO is Utilities Equities. They also come from different issuers: Amplify and BMO.