PSA.TO vs. ZWC.TO

Last updated Jun 14, 2026

PSA.TO (Purpose High Interest Savings Fund) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both exchange-traded funds - PSA.TO is a Money Market fund actively managed by Purpose Investments, while ZWC.TO is a Derivative Income fund actively managed by BMO. Both are actively managed. Over the past 5 years, PSA.TO returned 3.18%/yr vs 11.38%/yr for ZWC.TO. At a 0.03 correlation, their price movements are largely independent. PSA.TO charges 0.17%/yr vs 0.91%/yr for ZWC.TO.

Performance

PSA.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose High Interest Savings Fund (PSA.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, PSA.TO achieves a 0.97% return, which is significantly lower than ZWC.TO's 12.66% return.

PSA.TO

• 1D: 0.02%
• 1M: 0.15%
• YTD: 0.97%
• 6M: 1.10%
• 1Y: 2.34%
• 3Y*: 3.71%
• 5Y*: 3.18%
• 10Y*: 2.26%

ZWC.TO

• 1D: 0.76%
• 1M: 3.01%
• YTD: 12.66%
• 6M: 13.79%
• 1Y: 29.42%
• 3Y*: 17.73%
• 5Y*: 11.38%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSA.TO Purpose High Interest Savings Fund	0.97%	2.64%	4.55%	5.13%	2.32%	0.61%	0.93%	2.22%	1.65%	0.97%
ZWC.TO BMO CA High Dividend Covered Call ETF	12.66%	22.79%	12.00%	7.54%	-3.53%	25.39%	-6.92%	17.32%	-10.05%	7.34%

Correlation

The correlation between PSA.TO and ZWC.TO is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.03

Return for Risk

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

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

PSA.TO

PSA.TO Risk / Return Rank: 99
PSA.TO Sharpe Ratio Rank: 99
PSA.TO Sortino Ratio Rank: 99
PSA.TO Omega Ratio Rank: 99
PSA.TO Calmar Ratio Rank: 100
PSA.TO Martin Ratio Rank: 100

ZWC.TO

ZWC.TO Risk / Return Rank: 94
ZWC.TO Sharpe Ratio Rank: 96
ZWC.TO Sortino Ratio Rank: 96
ZWC.TO Omega Ratio Rank: 95
ZWC.TO Calmar Ratio Rank: 90
ZWC.TO Martin Ratio Rank: 94

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose High Interest Savings Fund (PSA.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.

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.

	PSA.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	9.67	3.67	+5.99
Sortino ratio: Return per unit of downside risk	24.56	5.16	+19.40
Omega ratio: Gain probability vs. loss probability	6.11	1.70	+4.41
Calmar ratio: Return relative to maximum drawdown	119.32	4.92	+114.39
Martin ratio: Return relative to average drawdown	370.97	24.13	+346.83

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

The current PSA.TO Sharpe Ratio is 9.67, which is higher than the ZWC.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of PSA.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.

Drawdowns

PSA.TO vs. ZWC.TO - Drawdown Comparison

The maximum PSA.TO drawdown since its inception was -0.04%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for PSA.TO and ZWC.TO.

Drawdown Indicators

	PSA.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-40.57%	+40.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-5.99%	+5.97%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-9.09%	+9.07%
Max Drawdown (5Y) Largest decline over 5 years	-0.04%	-16.43%	+16.39%
Max Drawdown (10Y) Largest decline over 10 years	-0.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-4.68%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.22%	-1.21%

Volatility

PSA.TO vs. ZWC.TO - Volatility Comparison

The current volatility for Purpose High Interest Savings Fund (PSA.TO) is 0.06%, while BMO CA High Dividend Covered Call ETF (ZWC.TO) has a volatility of 2.75%. This indicates that PSA.TO experiences smaller price fluctuations and is considered to be less risky than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSA.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	2.75%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	0.17%	6.98%	-6.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	8.03%	-7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.29%	10.16%	-9.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.25%	14.92%	-14.67%

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

PSA.TO has a 0.17% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

PSA.TO vs. ZWC.TO - Dividend Comparison

PSA.TO's dividend yield for the trailing twelve months is around 2.33%, less than ZWC.TO's 5.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSA.TO Purpose High Interest Savings Fund	2.33%	2.61%	4.46%	5.05%	2.26%	0.59%	0.94%	2.18%	1.66%	1.07%	0.99%	1.07%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.56%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%	0.00%	0.00%

Frequently Asked Questions

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

PSA.TO and ZWC.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.91% for ZWC.TO.

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

PSA.TO is categorized as Money Market, while ZWC.TO is Derivative Income. They also come from different issuers: Purpose Investments and BMO. Their fees differ too: 0.17% for PSA.TO and 0.91% for ZWC.TO.