ZPAY.TO vs. HPYB.TO

Last updated Jun 4, 2026

ZPAY.TO (BMO Premium Yield ETF) and HPYB.TO (Harvest Premium Yield Canadian Bank ETF) are both exchange-traded funds - ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO, while HPYB.TO is a Large Cap Blend Equities fund actively managed by Harvest. Both are actively managed. At a 0.46 correlation, their price movements are largely independent.

Performance

ZPAY.TO vs. HPYB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Premium Yield ETF (ZPAY.TO) and Harvest Premium Yield Canadian Bank ETF (HPYB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZPAY.TO

• 1D: 0.37%
• 1M: 3.77%
• YTD: 4.79%
• 6M: 0.79%
• 1Y: 10.41%
• 3Y*: 9.74%
• 5Y*: 8.59%
• 10Y*: —

HPYB.TO

• 1D: 0.00%
• 1M: 3.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZPAY.TO vs. HPYB.TO - Yearly Performance Comparison

	2026 (YTD)
ZPAY.TO BMO Premium Yield ETF	4.30%
HPYB.TO Harvest Premium Yield Canadian Bank ETF	10.74%

Correlation

The correlation between ZPAY.TO and HPYB.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.46

Return for Risk

ZPAY.TO vs. HPYB.TO — Risk / Return Rank

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

ZPAY.TO

ZPAY.TO Risk / Return Rank: 31
ZPAY.TO Sharpe Ratio Rank: 35
ZPAY.TO Sortino Ratio Rank: 31
ZPAY.TO Omega Ratio Rank: 35
ZPAY.TO Calmar Ratio Rank: 28
ZPAY.TO Martin Ratio Rank: 26

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.

ZPAY.TO vs. HPYB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Premium Yield ETF (ZPAY.TO) and Harvest Premium Yield Canadian Bank ETF (HPYB.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.

	ZPAY.TO	HPYB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	1.73	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.37	—	—
Martin ratio: Return relative to average drawdown	3.57	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZPAY.TO	HPYB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	2.52	-2.30

Drawdowns

ZPAY.TO vs. HPYB.TO - Drawdown Comparison

The maximum ZPAY.TO drawdown since its inception was -14.89%, which is greater than HPYB.TO's maximum drawdown of -6.37%. Use the drawdown chart below to compare losses from any high point for ZPAY.TO and HPYB.TO.

Drawdown Indicators

	ZPAY.TO	HPYB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.89%	-6.37%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.76%	—	—
Current Drawdown Current decline from peak	-1.70%	-0.94%	-0.76%
Average Drawdown Average peak-to-trough decline	-2.66%	-1.40%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	—	—

Volatility

Volatility by Period

	ZPAY.TO	HPYB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	12.87%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	12.87%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.01%	12.87%	+183.14%

Dividends

ZPAY.TO vs. HPYB.TO - Dividend Comparison

ZPAY.TO's dividend yield for the trailing twelve months is around 7.40%, more than HPYB.TO's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HPYB.TO Harvest Premium Yield Canadian Bank ETF	5.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZPAY.TO BMO Premium Yield ETF	7.40%	7.46%	5.81%	6.40%	7.00%	6.10%	5.42%

Frequently Asked Questions

Can I hold both ZPAY.TO and HPYB.TO in my portfolio?

ZPAY.TO and HPYB.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZPAY.TO and HPYB.TO?

ZPAY.TO is categorized as Large Cap Growth Equities, while HPYB.TO is Large Cap Blend Equities. They also come from different issuers: BMO and Harvest.