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XYLD vs. ZWC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XYLD vs. ZWC.TO

Last updated Jun 14, 2026

XYLD (Global X S&P 500 Covered Call ETF) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both Derivative Income funds. XYLD is passively managed, while ZWC.TO is actively managed. Over the past 5 years, XYLD returned 7.61%/yr vs 8.21%/yr for ZWC.TO. At a 0.46 correlation, their price movements are largely independent. XYLD charges 0.60%/yr vs 0.91%/yr for ZWC.TO.

Performance

XYLD vs. ZWC.TO - Performance Comparison

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

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Different Trading Currencies

XYLD is traded in USD, while ZWC.TO is traded in CAD. To make them comparable, the ZWC.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XYLD achieves a 4.83% return, which is significantly lower than ZWC.TO's 10.42% return.

XYLD

1D
0.57%
1M
1.40%
YTD
4.83%
6M
6.01%
1Y
17.00%
3Y*
11.00%
5Y*
7.61%
10Y*
8.35%

ZWC.TO

1D
0.57%
1M
1.17%
YTD
10.42%
6M
12.19%
1Y
25.93%
3Y*
16.00%
5Y*
8.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XYLD vs. ZWC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XYLD
Global X S&P 500 Covered Call ETF		4.83%8.02%19.49%11.10%-12.05%19.59%-0.56%21.41%-6.09%12.92%
ZWC.TO
BMO CA High Dividend Covered Call ETF		10.42%28.66%3.26%10.16%-9.28%25.45%-4.66%22.36%-17.02%12.18%

Correlation

The correlation between XYLD 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

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2017

0.46

XYLD vs. ZWC.TO - Sectors Allocation Comparison

Sectors
XYLD
ZWC.TO

Technology

39.0%

-

Financial Services

11.1%
38.7%

Communication Services

10.6%
6.4%

Consumer Cyclical

9.9%
4.1%

Healthcare

8.3%

-

Industrials

7.8%
4.9%

Consumer Defensive

4.5%
1.5%

Energy

3.2%
22.9%

Utilities

2.1%
8.9%

Real Estate

1.8%

-

Basic Materials

1.7%
12.7%

Technology

XYLD
39.0%
ZWC.TO

-

Financial Services

XYLD
11.1%
ZWC.TO
38.7%

Communication Services

XYLD
10.6%
ZWC.TO
6.4%

Consumer Cyclical

XYLD
9.9%
ZWC.TO
4.1%

Healthcare

XYLD
8.3%
ZWC.TO

-

Industrials

XYLD
7.8%
ZWC.TO
4.9%

Consumer Defensive

XYLD
4.5%
ZWC.TO
1.5%

Energy

XYLD
3.2%
ZWC.TO
22.9%

Utilities

XYLD
2.1%
ZWC.TO
8.9%

Real Estate

XYLD
1.8%
ZWC.TO

-

Basic Materials

XYLD
1.7%
ZWC.TO
12.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X S&P 500 Covered Call ETF

BMO CA High Dividend Covered Call ETF

Often compared with XYLD:
XYLD vs. JEPIXYLD vs. QYLDXYLD vs. SPYXYLD vs. RYLDXYLD vs. XYLGXYLD vs. VOOXYLD vs. SCHD
Often compared with ZWC.TO:
ZWC.TO vs. ZWB.TOZWC.TO vs. VDY.TOZWC.TO vs. HDIV.TOZWC.TO vs. XEI.TOZWC.TO vs. ZDV.TOZWC.TO vs. ZWH.TOZWC.TO vs. HMAX.TO

Return for Risk

XYLD vs. ZWC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XYLD
XYLD Risk / Return Rank: 8585
Overall Rank
XYLD Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XYLD Sortino Ratio Rank: 8888
Sortino Ratio Rank
XYLD Omega Ratio Rank: 9393
Omega Ratio Rank
XYLD Calmar Ratio Rank: 7272
Calmar Ratio Rank
XYLD Martin Ratio Rank: 8888
Martin Ratio Rank
ZWC.TO
ZWC.TO Risk / Return Rank: 9494
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9595
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9494
Martin Ratio Rank
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.

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

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

XYLDZWC.TODifference
Sharpe ratioReturn per unit of total volatility
2.46
2.97

-0.51

Sortino ratioReturn per unit of downside risk
3.49
4.10

-0.61

Omega ratioGain probability vs. loss probability

1.57

1.54

+0.03

Calmar ratioReturn relative to maximum drawdown

3.16

4.13

-0.97

Martin ratioReturn relative to average drawdown

16.57

17.71

-1.14

XYLD vs. ZWC.TO - Sharpe Ratio Comparison

The current XYLD Sharpe Ratio is 2.46, which is comparable to the ZWC.TO Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of XYLD 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.

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Drawdowns

XYLD vs. ZWC.TO - Drawdown Comparison

The maximum XYLD drawdown since its inception was -33.46%, smaller than the maximum ZWC.TO drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for XYLD and ZWC.TO.

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Drawdown Indicators

XYLDZWC.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.46%

-46.00%

+12.54%

Max Drawdown (1Y)

Largest decline over 1 year

-5.29%

-6.45%

+1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-15.53%

-12.27%

-3.26%

Max Drawdown (5Y)

Largest decline over 5 years

-18.66%

-23.74%

+5.08%

Max Drawdown (10Y)

Largest decline over 10 years

-33.46%

—

—

Current Drawdown

Current decline from peak

-0.29%

-0.82%

+0.53%

Average Drawdown

Average peak-to-trough decline

-3.71%

-7.28%

+3.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.01%

1.50%

-0.49%

Volatility

XYLD vs. ZWC.TO - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 2.17%, while BMO CA High Dividend Covered Call ETF (ZWC.TO) has a volatility of 2.73%. This indicates that XYLD 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.

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Volatility by Period

XYLDZWC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.17%

2.73%

-0.56%

Volatility (6M)

Calculated over the trailing 6-month period

5.71%

7.49%

-1.78%

Volatility (1Y)

Calculated over the trailing 1-year period

6.79%

8.97%

-2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.25%

12.25%

-1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.22%

16.45%

-2.23%

XYLD vs. ZWC.TO - Expense Ratio Comparison

XYLD has a 0.60% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

XYLD vs. ZWC.TO - Dividend Comparison

XYLD's dividend yield for the trailing twelve months is around 10.53%, more than ZWC.TO's 5.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XYLD
Global X S&P 500 Covered Call ETF		10.53%10.51%11.54%10.51%13.43%9.07%7.93%5.76%7.12%5.18%3.23%4.65%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.56%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%0.00%0.00%

Frequently Asked Questions

XYLD 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.

On fees, XYLD is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XYLD is cheaper with a 0.60% expense ratio, compared with 0.91% for ZWC.TO.

They also come from different issuers: Global X and BMO. Their fees differ too: 0.60% for XYLD and 0.91% for ZWC.TO.

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