SYLD.TO vs. ZWC.TO

Last updated Jun 4, 2026

SYLD.TO (Purpose Strategic Yield Fund) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both exchange-traded funds - SYLD.TO is a fund fund, while ZWC.TO is a Derivative Income fund actively managed by BMO. Over the past 5 years, SYLD.TO returned 5.28%/yr vs 11.09%/yr for ZWC.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

SYLD.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Strategic Yield Fund (SYLD.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, SYLD.TO achieves a 3.34% return, which is significantly lower than ZWC.TO's 11.12% return.

SYLD.TO

• 1D: 0.10%
• 1M: 1.45%
• YTD: 3.34%
• 6M: 3.07%
• 1Y: 12.50%
• 3Y*: 10.68%
• 5Y*: 5.28%
• 10Y*: —

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SYLD.TO Purpose Strategic Yield Fund	3.34%	10.15%	13.23%	6.84%	-8.63%	12.53%	10.72%	8.65%	-3.45%
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	12.00%	7.54%	-3.54%	25.39%	-6.92%	17.32%	-4.01%

Correlation

The correlation between SYLD.TO and ZWC.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.16

The correlation between SYLD.TO and ZWC.TO shifts across timeframes, from 0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

SYLD.TO vs. ZWC.TO - Sectors Allocation Comparison

Sectors	SYLD.TO	ZWC.TO
Real Estate	39.3%	-
Healthcare	23.5%	-
Industrials	20.3%	4.9%
Utilities	5.6%	8.9%
Energy	3.5%	22.9%
Financial Services	3.3%	38.7%
Consumer Defensive	2.0%	1.5%
Basic Materials	1.1%	12.7%
Consumer Cyclical	0.9%	4.1%
Communication Services	0.4%	6.4%
Technology	0.2%	-

Return for Risk

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

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

SYLD.TO

SYLD.TO Risk / Return Rank: 95
SYLD.TO Sharpe Ratio Rank: 92
SYLD.TO Sortino Ratio Rank: 96
SYLD.TO Omega Ratio Rank: 95
SYLD.TO Calmar Ratio Rank: 96
SYLD.TO Martin Ratio Rank: 96

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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.

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

This table presents a comparison of risk-adjusted performance metrics for Purpose Strategic Yield Fund (SYLD.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.

	SYLD.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.39	3.61	-0.22
Sortino ratio: Return per unit of downside risk	5.52	5.11	+0.42
Omega ratio: Gain probability vs. loss probability	1.72	1.69	+0.03
Calmar ratio: Return relative to maximum drawdown	9.41	4.71	+4.71
Martin ratio: Return relative to average drawdown	36.07	23.23	+12.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current SYLD.TO Sharpe Ratio is 3.39, which is comparable to the ZWC.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of SYLD.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.

Sharpe Ratios by Period

	SYLD.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.39	3.61	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.31	1.10	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.56	+0.19

Drawdowns

SYLD.TO vs. ZWC.TO - Drawdown Comparison

The maximum SYLD.TO drawdown since its inception was -32.00%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for SYLD.TO and ZWC.TO.

Drawdown Indicators

	SYLD.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.00%	-40.57%	+8.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-5.99%	+4.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-9.09%	+5.69%
Max Drawdown (5Y) Largest decline over 5 years	-9.48%	-16.43%	+6.95%
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-2.62%	-4.69%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.21%	-0.85%

Volatility

SYLD.TO vs. ZWC.TO - Volatility Comparison

The current volatility for Purpose Strategic Yield Fund (SYLD.TO) is 0.89%, while BMO CA High Dividend Covered Call ETF (ZWC.TO) has a volatility of 2.40%. This indicates that SYLD.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

	SYLD.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	2.40%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	6.77%	-4.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	7.80%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.69%	10.13%	-5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.96%	14.94%	-2.98%

Dividends

SYLD.TO vs. ZWC.TO - Dividend Comparison

SYLD.TO's dividend yield for the trailing twelve months is around 5.80%, more than ZWC.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SYLD.TO Purpose Strategic Yield Fund	5.80%	5.85%	6.07%	6.45%	6.46%	5.56%	5.91%	6.13%	4.70%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%

Frequently Asked Questions

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

SYLD.TO and ZWC.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.