MSHE.TO vs. ZWC.TO

Last updated Jun 4, 2026

MSHE.TO (Harvest Microsoft Enhanced High Income Shares ETF - Class A Units) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MSHE.TO returned -8.22% vs 28.05% for ZWC.TO. At a 0.18 correlation, their price movements are largely independent. MSHE.TO charges 0.40%/yr vs 0.91%/yr for ZWC.TO.

Performance

MSHE.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSHE.TO achieves a -13.46% return, which is significantly lower than ZWC.TO's 11.12% return.

MSHE.TO

• 1D: -2.54%
• 1M: 6.93%
• YTD: -13.46%
• 6M: -13.17%
• 1Y: -8.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

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

MSHE.TO vs. ZWC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSHE.TO Harvest Microsoft Enhanced High Income Shares ETF - Class A Units	-13.46%	8.80%	5.80%
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	3.97%

Correlation

The correlation between MSHE.TO and ZWC.TO is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.18

Return for Risk

MSHE.TO vs. ZWC.TO — Risk / Return Rank

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

MSHE.TO

MSHE.TO Risk / Return Rank: 6
MSHE.TO Sharpe Ratio Rank: 6
MSHE.TO Sortino Ratio Rank: 6
MSHE.TO Omega Ratio Rank: 6
MSHE.TO Calmar Ratio Rank: 7
MSHE.TO Martin Ratio Rank: 7

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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.

MSHE.TO vs. ZWC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) and BMO CA High Dividend Covered Call ETF (ZWC.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.

	MSHE.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	3.61	-3.91
Sortino ratio: Return per unit of downside risk	-0.23	5.11	-5.34
Omega ratio: Gain probability vs. loss probability	0.97	1.69	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.22	4.71	-4.92
Martin ratio: Return relative to average drawdown	-0.45	23.23	-23.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSHE.TO vs. ZWC.TO - Sharpe Ratio Comparison

The current MSHE.TO Sharpe Ratio is -0.30, which is lower than the ZWC.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of MSHE.TO and ZWC.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.

Sharpe Ratios by Period

	MSHE.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	3.61	-3.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.56	-0.56

Drawdowns

MSHE.TO vs. ZWC.TO - Drawdown Comparison

The maximum MSHE.TO drawdown since its inception was -37.62%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for MSHE.TO and ZWC.TO.

Drawdown Indicators

	MSHE.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.62%	-40.57%	+2.95%
Max Drawdown (1Y) Largest decline over 1 year	-37.62%	-5.99%	-31.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.43%	—
Current Drawdown Current decline from peak	-23.77%	-0.97%	-22.80%
Average Drawdown Average peak-to-trough decline	-11.19%	-4.69%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.36%	1.21%	+17.15%

Volatility

MSHE.TO vs. ZWC.TO - Volatility Comparison

Harvest Microsoft Enhanced High Income Shares ETF - Class A Units (MSHE.TO) has a higher volatility of 11.24% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.40%. This indicates that MSHE.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSHE.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	2.40%	+8.84%
Volatility (6M) Calculated over the trailing 6-month period	24.57%	6.77%	+17.80%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	7.80%	+19.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.27%	10.13%	+18.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.27%	14.94%	+13.33%

MSHE.TO vs. ZWC.TO - Expense Ratio Comparison

MSHE.TO has a 0.40% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

MSHE.TO vs. ZWC.TO - Dividend Comparison

MSHE.TO's dividend yield for the trailing twelve months is around 21.77%, more than ZWC.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSHE.TO Harvest Microsoft Enhanced High Income Shares ETF - Class A Units	21.77%	17.17%	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%

Frequently Asked Questions

Can I hold both MSHE.TO and ZWC.TO in my portfolio?

MSHE.TO and ZWC.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSHE.TO or ZWC.TO?

On fees, MSHE.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSHE.TO or ZWC.TO?

MSHE.TO is cheaper with a 0.40% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between MSHE.TO and ZWC.TO?

They also come from different issuers: Harvest and BMO. Their fees differ too: 0.40% for MSHE.TO and 0.91% for ZWC.TO.