QDAY.NEO vs. ZWB.TO

Last updated Jul 15, 2026

QDAY.NEO (Hamilton EnhancedTechnology DayMAX™ ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - QDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past year, QDAY.NEO returned 48.25% vs 60.65% for ZWB.TO. At a 0.38 correlation, their price movements are largely independent. QDAY.NEO charges 0.85%/yr vs 0.72%/yr for ZWB.TO.

Performance

QDAY.NEO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QDAY.NEO having a 29.09% return and ZWB.TO slightly higher at 30.20%.

QDAY.NEO

• 1D: 0.87%
• 1M: 2.70%
• 6M: 24.69%
• YTD: 29.09%
• 1Y: 48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWB.TO

• 1D: 0.86%
• 1M: 6.99%
• 6M: 28.82%
• YTD: 30.20%
• 1Y: 60.65%
• 3Y*: 29.49%
• 5Y*: 16.45%
• 10Y*: 13.40%

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

QDAY.NEO vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025
QDAY.NEO Hamilton EnhancedTechnology DayMAX™ ETF	29.09%	14.84%
ZWB.TO BMO Covered Call Canadian Banks ETF	30.20%	23.44%

Correlation

The correlation between QDAY.NEO and ZWB.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.38

Return for Risk

QDAY.NEO vs. ZWB.TO — Risk / Return Rank

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

QDAY.NEO

QDAY.NEO Risk / Return Rank: 66
QDAY.NEO Sharpe Ratio Rank: 77
QDAY.NEO Sortino Ratio Rank: 67
QDAY.NEO Omega Ratio Rank: 71
QDAY.NEO Calmar Ratio Rank: 63
QDAY.NEO Martin Ratio Rank: 51

ZWB.TO

ZWB.TO Risk / Return Rank: 98
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 97
ZWB.TO Martin Ratio Rank: 97

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.

QDAY.NEO vs. ZWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO) and BMO Covered Call Canadian Banks ETF (ZWB.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.

	QDAY.NEO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	5.10	-3.16
Sortino ratio: Return per unit of downside risk	2.44	6.84	-4.40
Omega ratio: Gain probability vs. loss probability	1.33	1.94	-0.60
Calmar ratio: Return relative to maximum drawdown	2.52	7.79	-5.27
Martin ratio: Return relative to average drawdown	6.91	34.86	-27.95

QDAY.NEO vs. ZWB.TO - Sharpe Ratio Comparison

The current QDAY.NEO Sharpe Ratio is 1.94, which is lower than the ZWB.TO Sharpe Ratio of 5.10. The chart below compares the historical Sharpe Ratios of QDAY.NEO and ZWB.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

QDAY.NEO vs. ZWB.TO - Drawdown Comparison

The maximum QDAY.NEO drawdown since its inception was -19.44%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for QDAY.NEO and ZWB.TO.

Drawdown Indicators

	QDAY.NEO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.44%	-39.36%	+19.92%
Max Drawdown (1Y) Largest decline over 1 year	-19.44%	-7.82%	-11.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-2.80%	0.00%	-2.80%
Average Drawdown Average peak-to-trough decline	-5.04%	-5.52%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.75%	—

Volatility

QDAY.NEO vs. ZWB.TO - Volatility Comparison

Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO) has a higher volatility of 10.39% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.67%. This indicates that QDAY.NEO's price experiences larger fluctuations and is considered to be riskier than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDAY.NEO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	3.67%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	10.37%	+9.96%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	11.96%	+13.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.26%	12.70%	+12.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.26%	15.68%	+9.58%

QDAY.NEO vs. ZWB.TO - Expense Ratio Comparison

QDAY.NEO has a 0.85% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.

Dividends

QDAY.NEO vs. ZWB.TO - Dividend Comparison

QDAY.NEO's dividend yield for the trailing twelve months is around 15.94%, more than ZWB.TO's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDAY.NEO Hamilton EnhancedTechnology DayMAX™ ETF	15.94%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.63%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%

Frequently Asked Questions

Can I hold both QDAY.NEO and ZWB.TO in my portfolio?

QDAY.NEO and ZWB.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QDAY.NEO or ZWB.TO?

On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QDAY.NEO or ZWB.TO?

ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.85% for QDAY.NEO.

What is the main difference between QDAY.NEO and ZWB.TO?

QDAY.NEO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.85% for QDAY.NEO and 0.72% for ZWB.TO.