RCDC.TO vs. ZPW.TO
RCDC.TO (RBC Canadian Dividend Covered Call ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, RCDC.TO returned 20.10%/yr vs 11.79%/yr for ZPW.TO. At a 0.26 correlation, their price movements are largely independent. RCDC.TO charges 0.64%/yr vs 0.65%/yr for ZPW.TO.
Performance
RCDC.TO vs. ZPW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, RCDC.TO achieves a 17.67% return, which is significantly higher than ZPW.TO's 6.23% return.
RCDC.TO
- 1D
- 0.11%
- 1M
- 2.62%
- 6M
- 16.79%
- YTD
- 17.67%
- 1Y
- 32.57%
- 3Y*
- 20.10%
- 5Y*
- —
- 10Y*
- —
ZPW.TO
- 1D
- 0.25%
- 1M
- 3.28%
- 6M
- 4.63%
- YTD
- 6.23%
- 1Y
- 13.06%
- 3Y*
- 11.79%
- 5Y*
- 9.35%
- 10Y*
- 6.17%
RCDC.TO vs. ZPW.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% |
ZPW.TO BMO US Put Write ETF | 6.23% | 6.40% | 13.88% | 19.09% |
Correlation
The correlation between RCDC.TO and ZPW.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 | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.26 |
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Return for Risk
RCDC.TO vs. ZPW.TO — Risk / Return Rank
RCDC.TO
ZPW.TO
RCDC.TO vs. ZPW.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 ETF (ZPW.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 | ZPW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.34 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 2.34 | +3.69 |
| Martin ratioReturn relative to average drawdown | 29.99 | 6.61 | +23.38 |
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Drawdowns
RCDC.TO vs. ZPW.TO - Drawdown Comparison
The maximum RCDC.TO drawdown since its inception was -10.88%, smaller than the maximum ZPW.TO drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for RCDC.TO and ZPW.TO.
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Drawdown Indicators
| RCDC.TO | ZPW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.88% | -23.77% | +12.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -5.61% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -10.88% | -12.35% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.77% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -4.05% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.98% | -0.89% |
Volatility
RCDC.TO vs. ZPW.TO - Volatility Comparison
The current volatility for RBC Canadian Dividend Covered Call ETF (RCDC.TO) is 2.15%, while BMO US Put Write ETF (ZPW.TO) has a volatility of 2.85%. This indicates that RCDC.TO experiences smaller price fluctuations and is considered to be less risky than ZPW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RCDC.TO | ZPW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 2.85% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 6.17% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.48% | 7.31% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.09% | 10.61% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.09% | 11.72% | -1.63% |
RCDC.TO vs. ZPW.TO - Expense Ratio Comparison
RCDC.TO has a 0.64% expense ratio, which is lower than ZPW.TO's 0.65% expense ratio.
Dividends
RCDC.TO vs. ZPW.TO - Dividend Comparison
RCDC.TO's dividend yield for the trailing twelve months is around 6.18%, less than ZPW.TO's 9.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
ZPW.TO BMO US Put Write ETF | 9.45% | 9.55% | 9.18% | 7.57% | 8.20% | 7.24% | 7.61% | 7.17% | 6.61% | 6.82% | 7.32% | 2.32% |
Frequently Asked Questions
RCDC.TO and ZPW.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 ZPW.TO.
They also come from different issuers: RBC and BMO. Their fees differ too: 0.64% for RCDC.TO and 0.65% for ZPW.TO.
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