INAI.TO vs. ZWT.TO
INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) and ZWT.TO (BMO Covered Call Technology ETF) are both Technology Equities funds. INAI.TO is passively managed, while ZWT.TO is actively managed. Over the past year, INAI.TO returned 78.13% vs 47.17% for ZWT.TO. A 0.63 correlation means they provide meaningful diversification when combined. INAI.TO charges 0.60%/yr vs 0.71%/yr for ZWT.TO.
Performance
INAI.TO vs. ZWT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, INAI.TO achieves a 39.66% return, which is significantly higher than ZWT.TO's 20.37% return.
INAI.TO
- 1D
- -0.45%
- 1M
- 19.44%
- YTD
- 39.66%
- 6M
- 31.65%
- 1Y
- 78.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWT.TO
- 1D
- -0.06%
- 1M
- 12.28%
- YTD
- 20.37%
- 6M
- 17.59%
- 1Y
- 47.17%
- 3Y*
- 36.02%
- 5Y*
- 23.64%
- 10Y*
- —
INAI.TO vs. ZWT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 39.66% | 30.39% | 50.13% |
ZWT.TO BMO Covered Call Technology ETF | 20.37% | 18.15% | 42.64% |
Correlation
The correlation between INAI.TO and ZWT.TO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.63 |
The correlation between INAI.TO and ZWT.TO shifts across timeframes, from 0.63 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INAI.TO vs. ZWT.TO — Risk / Return Rank
INAI.TO
ZWT.TO
INAI.TO vs. ZWT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and BMO Covered Call Technology ETF (ZWT.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.
| INAI.TO | ZWT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.45 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.98 | +0.58 |
| Martin ratioReturn relative to average drawdown | 10.22 | 9.56 | +0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INAI.TO | ZWT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.13 | 2.66 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.02 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 0.99 | +0.95 |
Drawdowns
INAI.TO vs. ZWT.TO - Drawdown Comparison
The maximum INAI.TO drawdown since its inception was -26.78%, smaller than the maximum ZWT.TO drawdown of -35.84%. Use the drawdown chart below to compare losses from any high point for INAI.TO and ZWT.TO.
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Drawdown Indicators
| INAI.TO | ZWT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.78% | -35.84% | +9.06% |
Max Drawdown (1Y)Largest decline over 1 year | -22.07% | -15.93% | -6.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.27% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.84% | — |
Current DrawdownCurrent decline from peak | -0.45% | -0.06% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -5.11% | -8.84% | +3.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.67% | 4.95% | +2.72% |
Volatility
INAI.TO vs. ZWT.TO - Volatility Comparison
Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) has a higher volatility of 9.06% compared to BMO Covered Call Technology ETF (ZWT.TO) at 4.19%. This indicates that INAI.TO's price experiences larger fluctuations and is considered to be riskier than ZWT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INAI.TO | ZWT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 4.19% | +4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 20.35% | 13.67% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.16% | 17.81% | +7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.51% | 23.23% | +4.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.51% | 22.98% | +4.53% |
INAI.TO vs. ZWT.TO - Expense Ratio Comparison
INAI.TO has a 0.60% expense ratio, which is lower than ZWT.TO's 0.71% expense ratio.
Dividends
INAI.TO vs. ZWT.TO - Dividend Comparison
INAI.TO's dividend yield for the trailing twelve months is around 0.03%, less than ZWT.TO's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 0.03% | 0.07% | 0.14% | 0.00% | 0.00% | 0.00% |
ZWT.TO BMO Covered Call Technology ETF | 4.22% | 4.46% | 3.34% | 3.83% | 6.54% | 4.00% |
Frequently Asked Questions
INAI.TO and ZWT.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, INAI.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
INAI.TO is cheaper with a 0.60% expense ratio, compared with 0.71% for ZWT.TO.
They also come from different issuers: Invesco and BMO. Their fees differ too: 0.60% for INAI.TO and 0.71% for ZWT.TO.
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