USCL.TO vs. ZPW.TO

Last updated Jul 14, 2026

USCL.TO (Global X Enhanced S&P 500 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, USCL.TO returned 21.77%/yr vs 11.79%/yr for ZPW.TO. A 0.63 correlation means they provide meaningful diversification when combined. USCL.TO charges 1.61%/yr vs 0.65%/yr for ZPW.TO.

Performance

USCL.TO vs. ZPW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and BMO US Put Write ETF (ZPW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCL.TO achieves a 14.62% return, which is significantly higher than ZPW.TO's 6.23% return.

USCL.TO

• 1D: -0.76%
• 1M: 3.46%
• 6M: 10.82%
• YTD: 14.62%
• 1Y: 27.88%
• 3Y*: 21.77%
• 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%

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

USCL.TO vs. ZPW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	14.62%	10.03%	38.54%	8.88%
ZPW.TO BMO US Put Write ETF	6.23%	6.40%	13.88%	9.34%

Correlation

The correlation between USCL.TO and ZPW.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jul 6, 2023	0.63

The correlation between USCL.TO and ZPW.TO has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

USCL.TO vs. ZPW.TO - Sectors Allocation Comparison

Sectors	USCL.TO	ZPW.TO
Technology	35.6%	35.8%
Financial Services	11.8%	16.0%
Communication Services	11.2%	9.5%
Consumer Cyclical	10.1%	2.0%
Healthcare	8.5%	14.2%
Industrials	8.3%	9.0%
Consumer Defensive	4.9%	13.6%
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

USCL.TO vs. ZPW.TO — Risk / Return Rank

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

USCL.TO

USCL.TO Risk / Return Rank: 85
USCL.TO Sharpe Ratio Rank: 88
USCL.TO Sortino Ratio Rank: 85
USCL.TO Omega Ratio Rank: 88
USCL.TO Calmar Ratio Rank: 79
USCL.TO Martin Ratio Rank: 83

ZPW.TO

ZPW.TO Risk / Return Rank: 64
ZPW.TO Sharpe Ratio Rank: 70
ZPW.TO Sortino Ratio Rank: 68
ZPW.TO Omega Ratio Rank: 73
ZPW.TO Calmar Ratio Rank: 59
ZPW.TO Martin Ratio Rank: 50

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.

USCL.TO vs. ZPW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Covered Call ETF (USCL.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.

	USCL.TO	ZPW.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.80	+0.46
Sortino ratio: Return per unit of downside risk	3.05	2.47	+0.57
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	3.27	2.34	+0.93
Martin ratio: Return relative to average drawdown	13.12	6.61	+6.50

USCL.TO vs. ZPW.TO - Sharpe Ratio Comparison

The current USCL.TO Sharpe Ratio is 2.26, which is comparable to the ZPW.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of USCL.TO and ZPW.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.

Drawdowns

USCL.TO vs. ZPW.TO - Drawdown Comparison

The maximum USCL.TO drawdown since its inception was -21.85%, smaller than the maximum ZPW.TO drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for USCL.TO and ZPW.TO.

Drawdown Indicators

	USCL.TO	ZPW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.85%	-23.77%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-5.61%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-21.85%	-12.35%	-9.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-23.77%	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-2.48%	-4.05%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.98%	+0.15%

Volatility

USCL.TO vs. ZPW.TO - Volatility Comparison

Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) has a higher volatility of 3.32% compared to BMO US Put Write ETF (ZPW.TO) at 2.85%. This indicates that USCL.TO's price experiences larger fluctuations and is considered to be riskier than ZPW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCL.TO	ZPW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	2.85%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	6.17%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.41%	7.31%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	10.61%	+4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	11.72%	+3.86%

USCL.TO vs. ZPW.TO - Expense Ratio Comparison

USCL.TO has a 1.61% expense ratio, which is higher than ZPW.TO's 0.65% expense ratio.

Dividends

USCL.TO vs. ZPW.TO - Dividend Comparison

USCL.TO's dividend yield for the trailing twelve months is around 11.66%, more than ZPW.TO's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.66%	12.94%	11.57%	7.08%	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

Can I hold both USCL.TO and ZPW.TO in my portfolio?

USCL.TO and ZPW.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USCL.TO or ZPW.TO?

On fees, ZPW.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USCL.TO or ZPW.TO?

ZPW.TO is cheaper with a 0.65% expense ratio, compared with 1.61% for USCL.TO.

What is the main difference between USCL.TO and ZPW.TO?

They also come from different issuers: Global X and BMO. Their fees differ too: 1.61% for USCL.TO and 0.65% for ZPW.TO.