RCDC.TO vs. ZPH.TO
RCDC.TO (RBC Canadian Dividend Covered Call ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, RCDC.TO returned 20.10%/yr vs 7.85%/yr for ZPH.TO. At a 0.30 correlation, their price movements are largely independent. RCDC.TO charges 0.64%/yr vs 0.65%/yr for ZPH.TO.
Performance
RCDC.TO vs. ZPH.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RCDC.TO achieves a 17.67% return, which is significantly higher than ZPH.TO's 1.91% return.
RCDC.TO
- 1D
- 0.11%
- 1M
- 2.62%
- 6M
- 16.79%
- YTD
- 17.67%
- 1Y
- 32.57%
- 3Y*
- 20.10%
- 5Y*
- —
- 10Y*
- —
ZPH.TO
- 1D
- 0.29%
- 1M
- 1.55%
- 6M
- 1.70%
- YTD
- 1.91%
- 1Y
- 7.48%
- 3Y*
- 7.85%
- 5Y*
- 5.63%
- 10Y*
- —
RCDC.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
RCDC.TO RBC Canadian Dividend Covered Call ETF | 17.67% | 19.29% | 17.27% | 1.66% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 1.91% | 9.47% | 4.21% | 19.62% |
Correlation
The correlation between RCDC.TO and ZPH.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.30 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RCDC.TO vs. ZPH.TO — Risk / Return Rank
RCDC.TO
ZPH.TO
RCDC.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBC Canadian Dividend Covered Call ETF (RCDC.TO) and BMO US Put Write Hedged to CAD ETF (ZPH.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.
| RCDC.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.72 | ||
| Sortino ratioReturn per unit of downside risk | +3.88 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.21 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 1.24 | +4.79 |
| Martin ratioReturn relative to average drawdown | 29.99 | 4.67 | +25.32 |
Loading charts...
Drawdowns
RCDC.TO vs. ZPH.TO - Drawdown Comparison
The maximum RCDC.TO drawdown since its inception was -10.88%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for RCDC.TO and ZPH.TO.
Loading charts...
Drawdown Indicators
| RCDC.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.88% | -33.38% | +22.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -6.07% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -10.88% | -11.83% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.38% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.26% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -4.23% | +2.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.60% | -0.51% |
Volatility
RCDC.TO vs. ZPH.TO - Volatility Comparison
The current volatility for RBC Canadian Dividend Covered Call ETF (RCDC.TO) is 2.15%, while BMO US Put Write Hedged to CAD ETF (ZPH.TO) has a volatility of 2.53%. This indicates that RCDC.TO experiences smaller price fluctuations and is considered to be less risky than ZPH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| RCDC.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 2.53% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 5.62% | +1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.48% | 6.54% | +1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.09% | 11.18% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.09% | 12.60% | -2.51% |
RCDC.TO vs. ZPH.TO - Expense Ratio Comparison
RCDC.TO has a 0.64% expense ratio, which is lower than ZPH.TO's 0.65% expense ratio.
Dividends
RCDC.TO vs. ZPH.TO - Dividend Comparison
RCDC.TO's dividend yield for the trailing twelve months is around 6.18%, less than ZPH.TO's 10.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RCDC.TO RBC Canadian Dividend Covered Call ETF | 6.18% | 6.38% | 6.46% | 6.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.40% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
RCDC.TO and ZPH.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RCDC.TO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RCDC.TO is cheaper with a 0.64% expense ratio, compared with 0.65% for ZPH.TO.
They also come from different issuers: RBC and BMO. Their fees differ too: 0.64% for RCDC.TO and 0.65% for ZPH.TO.
Find the right allocation for RCDC.TO and ZPH.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer