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ZPH.TO vs. UMAX.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPH.TO vs. UMAX.TO

Last updated Jul 1, 2026
See Documentation

ZPH.TO (BMO US Put Write Hedged to CAD ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPH.TO returned 7.73%/yr vs 7.90%/yr for UMAX.TO. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZPH.TO vs. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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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 UMAX.TO's 8.12% 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*
—

UMAX.TO

1D
-1.34%
1M
0.13%
YTD
8.12%
6M
8.10%
1Y
13.59%
3Y*
7.90%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPH.TO vs. UMAX.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZPH.TO
BMO US Put Write Hedged to CAD ETF		-0.15%9.47%4.21%9.51%
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		8.12%9.90%5.99%0.18%

Correlation

The correlation between ZPH.TO and UMAX.TO is 0.03, 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

0.03

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jun 15, 2023

0.23

Over the past year, the correlation between ZPH.TO and UMAX.TO has dropped to 0.03 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

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BMO US Put Write Hedged to CAD ETF

Hamilton Utilities YIELD MAXIMIZER ETF

Often compared with UMAX.TO:
UMAX.TO vs. HMAX.TOUMAX.TO vs. UTESUMAX.TO vs. AMAX.TOUMAX.TO vs. UTES.TOUMAX.TO vs. ZWU.TOUMAX.TO vs. HCAL.TOUMAX.TO vs. QMAX.TO

Return for Risk

ZPH.TO vs. UMAX.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: 2626
Overall Rank
ZPH.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 2626
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 2323
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 2929
Martin Ratio Rank
UMAX.TO
UMAX.TO Risk / Return Rank: 6969
Overall Rank
UMAX.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
UMAX.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
UMAX.TO Omega Ratio Rank: 7272
Omega Ratio Rank
UMAX.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
UMAX.TO Martin Ratio Rank: 6161
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. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.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.TOUMAX.TODifference
Sharpe ratioReturn per unit of total volatility
0.90
1.95

-1.05

Sortino ratioReturn per unit of downside risk
1.31
2.94

-1.63

Omega ratioGain probability vs. loss probability

1.17

1.36

-0.20

Calmar ratioReturn relative to maximum drawdown

0.95

2.67

-1.72

Martin ratioReturn relative to average drawdown

3.61

9.23

-5.63

ZPH.TO vs. UMAX.TO - Sharpe Ratio Comparison

The current ZPH.TO Sharpe Ratio is 0.90, which is lower than the UMAX.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ZPH.TO and UMAX.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. UMAX.TO - Drawdown Comparison

The maximum ZPH.TO drawdown since its inception was -33.38%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and UMAX.TO.

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Drawdown Indicators

ZPH.TOUMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.38%

-10.09%

-23.29%

Max Drawdown (1Y)

Largest decline over 1 year

-6.07%

-5.11%

-0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-11.83%

-10.09%

-1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-18.38%

—

—

Current Drawdown

Current decline from peak

-2.27%

-2.20%

-0.07%

Average Drawdown

Average peak-to-trough decline

-4.24%

-2.03%

-2.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.48%

+0.12%

Volatility

ZPH.TO vs. UMAX.TO - Volatility Comparison

The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) has a volatility of 2.85%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than UMAX.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.TOUMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.33%

2.85%

-0.52%

Volatility (6M)

Calculated over the trailing 6-month period

5.44%

5.92%

-0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

6.42%

7.01%

-0.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.16%

8.74%

+2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.61%

8.74%

+3.87%

ZPH.TO vs. UMAX.TO - Expense Ratio Comparison

Both ZPH.TO and UMAX.TO have an expense ratio of 0.65%.

Dividends

ZPH.TO vs. UMAX.TO - Dividend Comparison

ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, less than UMAX.TO's 14.14% yield.

PositionTTM202520242023202220212020201920182017
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		14.14%14.85%14.78%6.96%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 UMAX.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZPH.TO and UMAX.TO have the same expense ratio: 0.65% per year.

They also come from different issuers: BMO and Hamilton Capital.

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