SDAY.NEO vs. ZWB.TO

Last updated Jun 16, 2026

SDAY.NEO (Hamilton Enhanced U.S. Equity DayMAX™ ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - SDAY.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. At a 0.37 correlation, their price movements are largely independent. SDAY.NEO charges 0.85%/yr vs 0.72%/yr for ZWB.TO.

Performance

SDAY.NEO vs. ZWB.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, SDAY.NEO achieves a 12.66% return, which is significantly lower than ZWB.TO's 21.78% return.

SDAY.NEO

• 1D: 0.30%
• 1M: 6.53%
• YTD: 12.66%
• 6M: 10.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWB.TO

• 1D: 0.07%
• 1M: 7.70%
• YTD: 21.78%
• 6M: 22.07%
• 1Y: 56.82%
• 3Y*: 27.16%
• 5Y*: 14.78%
• 10Y*: 12.93%

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

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

	2026 (YTD)	2025
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF	12.66%	4.49%
ZWB.TO BMO Covered Call Canadian Banks ETF	21.78%	23.44%

Correlation

The correlation between SDAY.NEO and ZWB.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.37

Return for Risk

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

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

SDAY.NEO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZWB.TO

ZWB.TO Risk / Return Rank: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 95
ZWB.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced U.S. Equity DayMAX™ ETF (SDAY.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.

	SDAY.NEO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	4.98	—
Sortino ratio: Return per unit of downside risk	—	6.84	—
Omega ratio: Gain probability vs. loss probability	—	1.96	—
Calmar ratio: Return relative to maximum drawdown	—	7.30	—
Martin ratio: Return relative to average drawdown	—	32.78	—

Drawdowns

SDAY.NEO vs. ZWB.TO - Drawdown Comparison

The maximum SDAY.NEO drawdown since its inception was -7.75%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for SDAY.NEO and ZWB.TO.

Drawdown Indicators

	SDAY.NEO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-7.75%	-39.36%	+31.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.82%	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.81%	-5.55%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.74%	—

Volatility

Volatility by Period

	SDAY.NEO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	11.48%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.59%	12.66%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.59%	15.68%	-4.09%

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

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

Dividends

SDAY.NEO vs. ZWB.TO - Dividend Comparison

SDAY.NEO's dividend yield for the trailing twelve months is around 16.66%, more than ZWB.TO's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF	16.66%	8.62%	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	4.79%	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 SDAY.NEO and ZWB.TO in my portfolio?

SDAY.NEO and ZWB.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

SDAY.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 SDAY.NEO and 0.72% for ZWB.TO.