ZPH.TO vs. EMCL.NEO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZPH.TO returned 5.75% vs 50.83% for EMCL.NEO. At a 0.35 correlation, their price movements are largely independent.
Performance
ZPH.TO vs. EMCL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPH.TO achieves a -0.15% return, which is significantly lower than EMCL.NEO's 29.58% return.
ZPH.TO
- 1D
- 0.30%
- 1M
- -2.07%
- YTD
- -0.15%
- 6M
- -0.22%
- 1Y
- 5.75%
- 3Y*
- 7.73%
- 5Y*
- 5.25%
- 10Y*
- —
EMCL.NEO
- 1D
- 1.62%
- 1M
- 4.66%
- YTD
- 29.58%
- 6M
- 29.82%
- 1Y
- 50.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPH.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | -0.15% | 9.47% | 3.33% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 29.58% | 20.46% | 3.66% |
Correlation
The correlation between ZPH.TO and EMCL.NEO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 29, 2024 | 0.35 |
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Return for Risk
ZPH.TO vs. EMCL.NEO — Risk / Return Rank
ZPH.TO
EMCL.NEO
ZPH.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write Hedged to CAD ETF (ZPH.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.
| ZPH.TO | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.47 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 3.99 | -3.04 |
| Martin ratioReturn relative to average drawdown | 3.61 | 14.20 | -10.60 |
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Drawdowns
ZPH.TO vs. EMCL.NEO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and EMCL.NEO.
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Drawdown Indicators
| ZPH.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -19.73% | -13.65% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -13.12% | +7.05% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -2.66% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -2.58% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 3.64% | -2.04% |
Volatility
ZPH.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.54%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPH.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 12.54% | -10.21% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 20.84% | -15.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 22.52% | -16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 22.96% | -11.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 22.96% | -10.35% |
Dividends
ZPH.TO vs. EMCL.NEO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than EMCL.NEO's 10.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.19% | 9.86% | 3.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.61% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
ZPH.TO and EMCL.NEO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Global X.
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