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

ZPH.TO vs. ZPW.TO

Last updated Jul 1, 2026
See Documentation

ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds from BMO. Both are actively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 9.22%/yr for ZPW.TO. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZPH.TO vs. ZPW.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 BMO US Put Write ETF (ZPW.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 ZPW.TO's 4.29% 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*
—

ZPW.TO

1D
0.00%
1M
1.26%
YTD
4.29%
6M
4.22%
1Y
12.08%
3Y*
11.38%
5Y*
9.22%
10Y*
6.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZPH.TO
BMO US Put Write Hedged to CAD ETF		-0.15%9.47%4.21%22.61%-10.37%13.57%2.43%3.22%-6.77%3.90%
ZPW.TO
BMO US Put Write ETF		4.29%6.40%13.88%21.83%-4.23%13.18%1.56%-1.21%3.01%-0.26%

Correlation

The correlation between ZPH.TO and ZPW.TO is 0.64, 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

0.64

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

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2017

0.47

The correlation between ZPH.TO and ZPW.TO shifts across timeframes, from 0.47 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

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BMO US Put Write Hedged to CAD ETF

BMO US Put Write ETF

Return for Risk

ZPH.TO vs. ZPW.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
ZPW.TO
ZPW.TO Risk / Return Rank: 5353
Overall Rank
ZPW.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 6161
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 4343
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. ZPW.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 US Put Write ETF (ZPW.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.TOZPW.TODifference
Sharpe ratioReturn per unit of total volatility
0.90
1.68

-0.78

Sortino ratioReturn per unit of downside risk
1.31
2.31

-1.00

Omega ratioGain probability vs. loss probability

1.17

1.32

-0.15

Calmar ratioReturn relative to maximum drawdown

0.95

2.16

-1.21

Martin ratioReturn relative to average drawdown

3.61

6.12

-2.52

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

The current ZPH.TO Sharpe Ratio is 0.90, which is lower than the ZPW.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of ZPH.TO and ZPW.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. ZPW.TO - Drawdown Comparison

The maximum ZPH.TO drawdown since its inception was -33.38%, which is greater than ZPW.TO's maximum drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZPW.TO.

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Drawdown Indicators

ZPH.TOZPW.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.38%

-23.77%

-9.61%

Max Drawdown (1Y)

Largest decline over 1 year

-6.07%

-5.61%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-11.83%

-12.35%

+0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-18.38%

-16.57%

-1.81%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.77%

—

Current Drawdown

Current decline from peak

-2.27%

-0.53%

-1.74%

Average Drawdown

Average peak-to-trough decline

-4.24%

-4.06%

-0.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.98%

-0.38%

Volatility

ZPH.TO vs. ZPW.TO - Volatility Comparison

The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while BMO US Put Write ETF (ZPW.TO) has a volatility of 2.87%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than ZPW.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.TOZPW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.33%

2.87%

-0.54%

Volatility (6M)

Calculated over the trailing 6-month period

5.44%

6.10%

-0.66%

Volatility (1Y)

Calculated over the trailing 1-year period

6.42%

7.22%

-0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.16%

10.61%

+0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.61%

11.72%

+0.89%

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

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

Dividends

ZPH.TO vs. ZPW.TO - Dividend Comparison

ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZPW.TO's 9.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
ZPW.TO
BMO US Put Write ETF		9.62%9.55%9.18%7.57%8.20%7.24%7.61%7.17%6.61%6.82%7.32%2.32%

Frequently Asked Questions

ZPH.TO and ZPW.TO have a correlation of 0.64, 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 ZPW.TO have the same expense ratio: 0.65% per year.

Portfolio Optimizer

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