ZFN.TO vs. ZWC.TO

Last updated Aug 4, 2026

ZFN.TO (BMO SIA Focused North American Equity Fund) and ZWC.TO (BMO CA High Dividend Covered Call ETF) are both exchange-traded funds - ZFN.TO is a Canada Equities fund actively managed by BMO, while ZWC.TO is a Derivative Income fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZFN.TO returned 12.50%/yr vs 11.92%/yr for ZWC.TO. Their 0.41 correlation means their historical movements had little consistent relationship. ZFN.TO charges 0.80%/yr vs 0.91%/yr for ZWC.TO.

Performance

ZFN.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO SIA Focused North American Equity Fund (ZFN.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, ZFN.TO achieves a 1.20% return, which is significantly lower than ZWC.TO's 15.08% return.

ZFN.TO

• 1D: 0.61%
• 1M: -3.74%
• 6M: -1.91%
• YTD: 1.20%
• 1Y: 13.73%
• 3Y*: 15.87%
• 5Y*: 12.50%
• 10Y*: —
• ALL TIME*: 11.09%

ZWC.TO

• 1D: -0.35%
• 1M: 2.51%
• 6M: 12.64%
• YTD: 15.08%
• 1Y: 30.50%
• 3Y*: 17.85%
• 5Y*: 11.92%
• 10Y*: —
• ALL TIME*: 8.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ZFN.TO BMO SIA Focused North American Equity Fund	CA$170.59K	CA$152.77K	CA$257.53K
ZWC.TO BMO CA High Dividend Covered Call ETF	CA$2.06M	CA$2.11M	CA$2.33M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZFN.TO BMO SIA Focused North American Equity Fund	1.20%	12.52%	36.74%	9.08%	-3.72%	16.80%	7.05%	10.34%	-1.06%
ZWC.TO BMO CA High Dividend Covered Call ETF	15.08%	22.79%	12.00%	7.54%	-3.53%	25.39%	-6.92%	17.32%	-2.86%

Correlation

The correlation between ZFN.TO and ZWC.TO is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.42
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018	0.41

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

Sectors	ZFN.TO	ZWC.TO
Financial Services	32.5%	40.5%
Technology	21.7%	-
Industrials	19.5%	5.7%
Energy	18.2%	22.9%
Healthcare	13.8%	-
Utilities	6.3%	8.9%
Communication Services	6.3%	5.0%
Basic Materials	-	11.0%
Consumer Cyclical	-	4.0%
Consumer Defensive	-	2.0%
Real Estate	-	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

ZFN.TO

ZFN.TO Risk / Return Rank: 24
ZFN.TO Sharpe Ratio Rank: 23
ZFN.TO Sortino Ratio Rank: 24
ZFN.TO Omega Ratio Rank: 25
ZFN.TO Calmar Ratio Rank: 24
ZFN.TO Martin Ratio Rank: 23

ZWC.TO

ZWC.TO Risk / Return Rank: 96
ZWC.TO Sharpe Ratio Rank: 97
ZWC.TO Sortino Ratio Rank: 97
ZWC.TO Omega Ratio Rank: 96
ZWC.TO Calmar Ratio Rank: 94
ZWC.TO Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused North American Equity Fund (ZFN.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.

	ZFN.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.55	3.60	-3.06
Sortino ratio: Return per unit of downside risk	0.92	4.98	-4.07
Omega ratio: Gain probability vs. loss probability	1.12	1.66	-0.54
Calmar ratio: Return relative to maximum drawdown	0.76	5.02	-4.26
Martin ratio: Return relative to average drawdown	1.75	24.07	-22.32

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

The current ZFN.TO Sharpe Ratio is 0.55, which is lower than the ZWC.TO Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of ZFN.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.

Drawdowns

ZFN.TO vs. ZWC.TO - Drawdown Comparison

The maximum ZFN.TO drawdown since its inception was -21.64%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for ZFN.TO and ZWC.TO.

Drawdown Indicators

	ZFN.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-40.57%	+18.93%
Max Drawdown (1Y) Largest decline over 1 year	-15.99%	-5.99%	-10.00%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-9.09%	-8.24%
Max Drawdown (5Y) Largest decline over 5 years	-17.33%	-16.43%	-0.90%
Current Drawdown Current decline from peak	-6.81%	-0.61%	-6.20%
Average Drawdown Average peak-to-trough decline	-5.01%	-4.62%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.92%	1.25%	+5.67%

Volatility

ZFN.TO vs. ZWC.TO - Volatility Comparison

BMO SIA Focused North American Equity Fund (ZFN.TO) has a higher volatility of 5.27% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.31%. This indicates that ZFN.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.

Volatility by Period

	ZFN.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	2.31%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	6.95%	+7.99%
Volatility (1Y) Calculated over the trailing 1-year period	22.26%	8.35%	+13.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	10.16%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	14.85%	+1.59%

ZFN.TO vs. ZWC.TO - Expense Ratio Comparison

ZFN.TO has a 0.80% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

Dividends

ZFN.TO vs. ZWC.TO - Dividend Comparison

ZFN.TO's dividend yield for the trailing twelve months is around 0.49%, less than ZWC.TO's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZFN.TO BMO SIA Focused North American Equity Fund	0.49%	0.50%	0.90%	0.97%	2.37%	0.69%	0.59%	0.37%	0.03%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.68%	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 ZFN.TO and ZWC.TO in my portfolio?

ZFN.TO and ZWC.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZFN.TO or ZWC.TO?

On fees, ZFN.TO is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZFN.TO or ZWC.TO?

ZFN.TO is cheaper with a 0.80% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between ZFN.TO and ZWC.TO?

ZFN.TO is categorized as Canada Equities, while ZWC.TO is Derivative Income. Their fees differ too: 0.80% for ZFN.TO and 0.91% for ZWC.TO.