ZPH.TO vs. ZNQ.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZNQ.TO (BMO NASDAQ 100 Equity Index ETF) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while ZNQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZPH.TO is actively managed, while ZNQ.TO is passively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 19.23%/yr for ZNQ.TO. At a 0.49 correlation, their price movements are largely independent. ZPH.TO charges 0.65%/yr vs 0.39%/yr for ZNQ.TO.
Performance
ZPH.TO vs. ZNQ.TO - 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 ZNQ.TO's 23.99% 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*
- —
ZNQ.TO
- 1D
- 1.63%
- 1M
- 2.62%
- YTD
- 23.99%
- 6M
- 23.16%
- 1Y
- 39.20%
- 3Y*
- 29.08%
- 5Y*
- 19.23%
- 10Y*
- —
ZPH.TO vs. ZNQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | -0.15% | 9.47% | 4.21% | 22.61% | -10.37% | 13.57% | 2.43% | 1.39% |
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 23.99% | 14.95% | 35.84% | 51.32% | -28.06% | 26.59% | 44.65% | 22.53% |
Correlation
The correlation between ZPH.TO and ZNQ.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2019 | 0.49 |
The correlation between ZPH.TO and ZNQ.TO has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
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Return for Risk
ZPH.TO vs. ZNQ.TO — Risk / Return Rank
ZPH.TO
ZNQ.TO
ZPH.TO vs. ZNQ.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 BMO NASDAQ 100 Equity Index ETF (ZNQ.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.TO | ZNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.40 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 3.22 | -2.27 |
| Martin ratioReturn relative to average drawdown | 3.61 | 10.03 | -6.43 |
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Drawdowns
ZPH.TO vs. ZNQ.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, roughly equal to the maximum ZNQ.TO drawdown of -32.09%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZNQ.TO.
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Drawdown Indicators
| ZPH.TO | ZNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -32.09% | -1.29% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -12.24% | +6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -22.67% | +10.84% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -32.09% | +13.71% |
Current DrawdownCurrent decline from peak | -2.27% | -0.30% | -1.97% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -6.59% | +2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 3.92% | -2.32% |
Volatility
ZPH.TO vs. ZNQ.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) has a volatility of 9.27%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than ZNQ.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.TO | ZNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 9.27% | -6.94% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 14.58% | -9.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 17.76% | -11.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 21.15% | -9.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 22.46% | -9.85% |
ZPH.TO vs. ZNQ.TO - Expense Ratio Comparison
ZPH.TO has a 0.65% expense ratio, which is higher than ZNQ.TO's 0.39% expense ratio.
Dividends
ZPH.TO vs. ZNQ.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZNQ.TO's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 0.20% | 0.25% | 0.30% | 0.35% | 0.23% | 0.12% | 0.47% | 0.52% | 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 ZNQ.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZNQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZNQ.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZPH.TO.
ZPH.TO is categorized as Derivative Income, while ZNQ.TO is Nasdaq-100. Their fees differ too: 0.65% for ZPH.TO and 0.39% for ZNQ.TO.
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