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ZPH.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPH.TO vs. HBIL-U.TO

Last updated Jul 17, 2026
Documentation

ZPH.TO (BMO US Put Write Hedged to CAD ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, ZPH.TO returned 8.71% vs 6.47% for HBIL-U.TO. At a correlation of -0.05, they often move in opposite directions.

Performance

ZPH.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Put Write Hedged to CAD ETF (ZPH.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZPH.TO achieves a 2.64% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZPH.TO

1D
0.29%
1M
1.47%
6M
3.15%
YTD
2.64%
1Y
8.71%
3Y*
7.98%
5Y*
5.84%
10Y*
—

HBIL-U.TO

1D
-0.10%
1M
0.03%
6M
2.17%
YTD
3.86%
1Y
6.47%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPH.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZPH.TO
BMO US Put Write Hedged to CAD ETF		2.64%9.47%0.57%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZPH.TO and HBIL-U.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2024

-0.05

Compare stocks, funds, or ETFs

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BMO US Put Write Hedged to CAD ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

Often compared with ZPH.TO:
ZPH.TO vs. CRCY.TOZPH.TO vs. ZPW.TOZPH.TO vs. BANK.TOZPH.TO vs. ZWC.TOZPH.TO vs. ECHI.TOZPH.TO vs. QDAY.NEOZPH.TO vs. UMAX.TO
Often compared with HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. ZPL.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TO

Return for Risk

ZPH.TO vs. HBIL-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPH.TO
ZPH.TO Risk / Return Rank: 4444
Overall Rank
ZPH.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 4242
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8686
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9191
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8787
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.

ZPH.TO vs. HBIL-U.TO - 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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

ZPH.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.34
1.39

-0.05

Sortino ratioReturn per unit of downside risk
1.95
1.99

-0.04

Omega ratioGain probability vs. loss probability

1.25

1.25

0.00

Calmar ratioReturn relative to maximum drawdown

1.44

1.62

-0.18

Martin ratioReturn relative to average drawdown

5.44

4.12

+1.32

ZPH.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZPH.TO Sharpe Ratio is 1.34, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ZPH.TO and HBIL-U.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

ZPH.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZPH.TO drawdown since its inception was -33.38%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and HBIL-U.TO.

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Drawdown Indicators

ZPH.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.38%

-6.68%

-26.70%

Max Drawdown (1Y)

Largest decline over 1 year

-6.07%

-4.01%

-2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-11.83%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-18.38%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.20%

+2.20%

Average Drawdown

Average peak-to-trough decline

-4.23%

-2.26%

-1.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.57%

+0.03%

Volatility

ZPH.TO vs. HBIL-U.TO - Volatility Comparison

BMO US Put Write Hedged to CAD ETF (ZPH.TO) has a higher volatility of 2.42% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that ZPH.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPH.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.42%

1.82%

+0.60%

Volatility (6M)

Calculated over the trailing 6-month period

5.64%

3.60%

+2.04%

Volatility (1Y)

Calculated over the trailing 1-year period

6.55%

4.68%

+1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.18%

5.85%

+5.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.59%

5.85%

+6.74%

Dividends

ZPH.TO vs. HBIL-U.TO - Dividend Comparison

ZPH.TO's dividend yield for the trailing twelve months is around 10.32%, more than HBIL-U.TO's 6.75% yield.

PositionTTM202520242023202220212020201920182017
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.75%7.37%2.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		10.32%10.06%9.95%8.18%8.83%7.27%7.67%7.26%6.98%5.94%

Frequently Asked Questions

ZPH.TO and HBIL-U.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZPH.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: BMO and Hamilton.

Portfolio Optimizer

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