VIDY.TO vs. ZWP.TO

Last updated Jun 4, 2026

VIDY.TO (Vanguard FTSE Developed ex North America High Dividend Yield Index ETF) and ZWP.TO (BMO Covered Call Europe High Dividend ETF) are both exchange-traded funds - VIDY.TO is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America High Dividend Yield Index, while ZWP.TO is a Europe Equities fund actively managed by BMO. VIDY.TO is passively managed, while ZWP.TO is actively managed. Over the past 5 years, VIDY.TO returned 15.12%/yr vs 10.85%/yr for ZWP.TO. A 0.62 correlation means they provide meaningful diversification when combined. VIDY.TO charges 0.31%/yr vs 0.65%/yr for ZWP.TO.

Performance

VIDY.TO vs. ZWP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed ex North America High Dividend Yield Index ETF (VIDY.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIDY.TO achieves a 10.45% return, which is significantly higher than ZWP.TO's 4.01% return.

VIDY.TO

• 1D: -0.53%
• 1M: 3.26%
• YTD: 10.45%
• 6M: 11.80%
• 1Y: 27.71%
• 3Y*: 22.64%
• 5Y*: 15.12%
• 10Y*: —

ZWP.TO

• 1D: -0.15%
• 1M: 2.94%
• YTD: 4.01%
• 6M: 5.17%
• 1Y: 15.26%
• 3Y*: 14.07%
• 5Y*: 10.85%
• 10Y*: —

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

VIDY.TO vs. ZWP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VIDY.TO Vanguard FTSE Developed ex North America High Dividend Yield Index ETF	10.45%	34.37%	13.41%	15.46%	1.54%	14.21%	-2.65%	13.21%	-5.68%
ZWP.TO BMO Covered Call Europe High Dividend ETF	4.01%	22.37%	8.60%	16.33%	-0.97%	12.69%	-3.55%	13.15%	-7.18%

Correlation

The correlation between VIDY.TO and ZWP.TO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.62

The correlation between VIDY.TO and ZWP.TO has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

VIDY.TO vs. ZWP.TO - Sectors Allocation Comparison

Sectors	VIDY.TO	ZWP.TO
Financial Services	40.7%	24.1%
Healthcare	9.4%	12.5%
Consumer Defensive	8.8%	8.3%
Energy	7.2%	10.0%
Consumer Cyclical	7.2%	3.3%
Industrials	7.1%	13.4%
Utilities	6.4%	9.8%
Basic Materials	6.3%	7.0%
Communication Services	4.4%	6.4%
Technology	1.3%	5.2%
Real Estate	1.3%	-

Return for Risk

VIDY.TO vs. ZWP.TO — Risk / Return Rank

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

VIDY.TO

VIDY.TO Risk / Return Rank: 59
VIDY.TO Sharpe Ratio Rank: 62
VIDY.TO Sortino Ratio Rank: 62
VIDY.TO Omega Ratio Rank: 62
VIDY.TO Calmar Ratio Rank: 53
VIDY.TO Martin Ratio Rank: 57

ZWP.TO

ZWP.TO Risk / Return Rank: 32
ZWP.TO Sharpe Ratio Rank: 34
ZWP.TO Sortino Ratio Rank: 32
ZWP.TO Omega Ratio Rank: 34
ZWP.TO Calmar Ratio Rank: 30
ZWP.TO Martin Ratio Rank: 33

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.

VIDY.TO vs. ZWP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed ex North America High Dividend Yield Index ETF (VIDY.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.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.

	VIDY.TO	ZWP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.22	+0.89
Sortino ratio: Return per unit of downside risk	2.94	1.74	+1.20
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	2.66	1.43	+1.22
Martin ratio: Return relative to average drawdown	10.28	4.92	+5.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIDY.TO vs. ZWP.TO - Sharpe Ratio Comparison

The current VIDY.TO Sharpe Ratio is 2.11, which is higher than the ZWP.TO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of VIDY.TO and ZWP.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

	VIDY.TO	ZWP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.22	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.78	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.46	+0.26

Drawdowns

VIDY.TO vs. ZWP.TO - Drawdown Comparison

The maximum VIDY.TO drawdown since its inception was -31.99%, roughly equal to the maximum ZWP.TO drawdown of -30.71%. Use the drawdown chart below to compare losses from any high point for VIDY.TO and ZWP.TO.

Drawdown Indicators

	VIDY.TO	ZWP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.99%	-30.71%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-10.68%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-14.04%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-19.02%	-19.30%	+0.28%
Current Drawdown Current decline from peak	-2.28%	-2.33%	+0.05%
Average Drawdown Average peak-to-trough decline	-4.25%	-4.74%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.11%	-0.41%

Volatility

VIDY.TO vs. ZWP.TO - Volatility Comparison

Vanguard FTSE Developed ex North America High Dividend Yield Index ETF (VIDY.TO) and BMO Covered Call Europe High Dividend ETF (ZWP.TO) have volatilities of 4.18% and 4.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIDY.TO	ZWP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	4.03%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	10.19%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.21%	12.56%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.41%	14.02%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	15.71%	+0.73%

VIDY.TO vs. ZWP.TO - Expense Ratio Comparison

VIDY.TO has a 0.31% expense ratio, which is lower than ZWP.TO's 0.65% expense ratio.

Dividends

VIDY.TO vs. ZWP.TO - Dividend Comparison

VIDY.TO's dividend yield for the trailing twelve months is around 2.47%, less than ZWP.TO's 6.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VIDY.TO Vanguard FTSE Developed ex North America High Dividend Yield Index ETF	2.47%	2.80%	3.59%	3.89%	4.37%	3.28%	3.34%	3.36%	0.93%
ZWP.TO BMO Covered Call Europe High Dividend ETF	6.16%	6.22%	7.13%	7.23%	7.04%	6.45%	7.28%	6.92%	6.45%

Frequently Asked Questions

Can I hold both VIDY.TO and ZWP.TO in my portfolio?

VIDY.TO and ZWP.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VIDY.TO or ZWP.TO?

On fees, VIDY.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VIDY.TO or ZWP.TO?

VIDY.TO is cheaper with a 0.31% expense ratio, compared with 0.65% for ZWP.TO.

What is the main difference between VIDY.TO and ZWP.TO?

VIDY.TO is categorized as Foreign Large Cap Equities, while ZWP.TO is Europe Equities. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.31% for VIDY.TO and 0.65% for ZWP.TO.