MMA.AX vs. ZWU.TO

Last updated Jul 21, 2026

MMA.AX (Maronan Metals Limited) is a stock, while ZWU.TO (BMO Covered Call Utilities ETF) is Utilities Equities fund actively managed by BMO. Over the past 3 years, MMA.AX returned 19.75%/yr vs 7.46%/yr for ZWU.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

MMA.AX vs. ZWU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Maronan Metals Limited (MMA.AX) and BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, MMA.AX achieves a -5.95% return, which is significantly lower than ZWU.TO's 3.80% return.

MMA.AX

• 1D: 0.00%
• 1M: -22.55%
• 6M: -35.25%
• YTD: -5.95%
• 1Y: 68.09%
• 3Y*: 19.75%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.72%

ZWU.TO

• 1D: -0.44%
• 1M: 1.31%
• 6M: 5.24%
• YTD: 3.80%
• 1Y: 4.81%
• 3Y*: 7.46%
• 5Y*: 5.20%
• 10Y*: 5.69%
• ALL TIME*: 6.15%

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

MMA.AX vs. ZWU.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MMA.AX Maronan Metals Limited	-5.95%	100.00%	-20.75%	-5.36%	-6.67%
ZWU.TO BMO Covered Call Utilities ETF	3.80%	9.98%	12.61%	-0.35%	-10.67%

Correlation

The correlation between MMA.AX 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	0.04
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.01

Return for Risk

MMA.AX vs. ZWU.TO — Risk / Return Rank

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

MMA.AX

MMA.AX Risk / Return Rank: 70
MMA.AX Sharpe Ratio Rank: 70
MMA.AX Sortino Ratio Rank: 74
MMA.AX Omega Ratio Rank: 69
MMA.AX Calmar Ratio Rank: 71
MMA.AX Martin Ratio Rank: 66

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.

MMA.AX vs. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Maronan Metals Limited (MMA.AX) 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.

	MMA.AX	ZWU.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.40	+0.35
Sortino ratio: Return per unit of downside risk	1.64	0.67	+0.97
Omega ratio: Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio: Return relative to maximum drawdown	1.22	0.74	+0.48
Martin ratio: Return relative to average drawdown	2.17	1.44	+0.73

MMA.AX vs. ZWU.TO - Sharpe Ratio Comparison

The current MMA.AX Sharpe Ratio is 0.75, which is higher than the ZWU.TO Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of MMA.AX 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

MMA.AX vs. ZWU.TO - Drawdown Comparison

The maximum MMA.AX drawdown since its inception was -55.64%, which is greater than ZWU.TO's maximum drawdown of -34.91%. Use the drawdown chart below to compare losses from any high point for MMA.AX and ZWU.TO.

Drawdown Indicators

	MMA.AX	ZWU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-34.91%	-20.73%
Max Drawdown (1Y) Largest decline over 1 year	-55.64%	-6.52%	-49.12%
Max Drawdown (3Y) Largest decline over 3 years	-55.64%	-9.92%	-45.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.91%	—
Current Drawdown Current decline from peak	-40.60%	-3.15%	-37.45%
Average Drawdown Average peak-to-trough decline	-33.82%	-6.36%	-27.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.66%	3.35%	+28.31%

Volatility

MMA.AX vs. ZWU.TO - Volatility Comparison

Maronan Metals Limited (MMA.AX) has a higher volatility of 21.09% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 4.74%. This indicates that MMA.AX's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMA.AX	ZWU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.09%	4.74%	+16.35%
Volatility (6M) Calculated over the trailing 6-month period	66.07%	10.00%	+56.07%
Volatility (1Y) Calculated over the trailing 1-year period	90.85%	12.10%	+78.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.01%	13.45%	+62.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.01%	16.14%	+59.87%

Dividends

MMA.AX vs. ZWU.TO - Dividend Comparison

MMA.AX has not paid dividends to shareholders, while ZWU.TO's dividend yield for the trailing twelve months is around 7.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMA.AX Maronan Metals Limited	0.00%	0.00%	0.00%	0.00%	0.00%	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 MMA.AX and ZWU.TO in my portfolio?

MMA.AX 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.