TF.TO vs. ZWC.TO
TF.TO (Timbercreek Financial Corp.) is a stock, while ZWC.TO (BMO CA High Dividend Covered Call ETF) is Derivative Income fund actively managed by BMO. Over the past 5 years, TF.TO returned 0.19%/yr vs 11.93%/yr for ZWC.TO. At a 0.42 correlation, their price movements are largely independent.
Performance
TF.TO vs. ZWC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TF.TO achieves a -4.59% return, which is significantly lower than ZWC.TO's 13.97% return.
TF.TO
- 1D
- -2.97%
- 1M
- -5.67%
- 6M
- -8.98%
- YTD
- -4.59%
- 1Y
- -12.02%
- 3Y*
- 3.14%
- 5Y*
- 0.19%
- 10Y*
- 5.56%
- ALL TIME*
- 5.68%
ZWC.TO
- 1D
- -0.96%
- 1M
- 1.75%
- 6M
- 10.95%
- YTD
- 13.97%
- 1Y
- 28.96%
- 3Y*
- 17.29%
- 5Y*
- 11.93%
- 10Y*
- —
- ALL TIME*
- 8.45%
TF.TO vs. ZWC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TF.TO Timbercreek Financial Corp. | -4.59% | 6.58% | 16.09% | 3.20% | -19.62% | 19.59% | -5.44% | 22.00% | -1.96% | 11.55% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 13.97% | 22.79% | 12.00% | 7.54% | -3.53% | 25.39% | -6.92% | 17.32% | -10.05% | 7.34% |
Correlation
The correlation between TF.TO and ZWC.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017 | 0.42 |
The correlation between TF.TO and ZWC.TO shifts across timeframes, from 0.39 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TF.TO vs. ZWC.TO — Risk / Return Rank
TF.TO
ZWC.TO
TF.TO vs. ZWC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Timbercreek Financial Corp. (TF.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.
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.
| TF.TO | ZWC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.27 | ||
| Sortino ratioReturn per unit of downside risk | -5.78 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.65 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 4.86 | -5.60 |
| Martin ratioReturn relative to average drawdown | -1.59 | 23.30 | -24.89 |
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Drawdowns
TF.TO vs. ZWC.TO - Drawdown Comparison
The maximum TF.TO drawdown since its inception was -40.43%, roughly equal to the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for TF.TO and ZWC.TO.
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Drawdown Indicators
| TF.TO | ZWC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.43% | -40.57% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -16.36% | -5.99% | -10.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.05% | -9.09% | -13.96% |
Max Drawdown (5Y)Largest decline over 5 years | -30.99% | -16.43% | -14.56% |
Max Drawdown (10Y)Largest decline over 10 years | -40.43% | — | — |
Current DrawdownCurrent decline from peak | -12.87% | -1.09% | -11.78% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.63% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 1.25% | +6.30% |
Volatility
TF.TO vs. ZWC.TO - Volatility Comparison
Timbercreek Financial Corp. (TF.TO) has a higher volatility of 4.65% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.00%. This indicates that TF.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TF.TO | ZWC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 2.00% | +2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 12.53% | 7.07% | +5.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.47% | 8.25% | +8.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.31% | 10.15% | +8.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.02% | 14.86% | +4.16% |
Dividends
TF.TO vs. ZWC.TO - Dividend Comparison
TF.TO's dividend yield for the trailing twelve months is around 11.13%, more than ZWC.TO's 5.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TF.TO Timbercreek Financial Corp. | 11.13% | 10.09% | 9.76% | 10.35% | 9.76% | 7.18% | 7.99% | 6.95% | 7.89% | 7.12% | 3.92% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 5.62% | 5.92% | 6.73% | 7.62% | 7.01% | 6.60% | 8.15% | 6.92% | 7.11% | 5.46% | 0.00% |
Frequently Asked Questions
TF.TO and ZWC.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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