ZPH.TO vs. ZQQ.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZPH.TO is actively managed, while ZQQ.TO is passively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 13.78%/yr for ZQQ.TO. A 0.52 correlation means they provide meaningful diversification when combined. ZPH.TO charges 0.65%/yr vs 0.39%/yr for ZQQ.TO.
Performance
ZPH.TO vs. ZQQ.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 ZQQ.TO's 18.49% 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*
- —
ZQQ.TO
- 1D
- 1.60%
- 1M
- -0.35%
- YTD
- 18.49%
- 6M
- 17.55%
- 1Y
- 26.82%
- 3Y*
- 22.92%
- 5Y*
- 13.78%
- 10Y*
- 19.81%
ZPH.TO vs. ZQQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 18.49% | 14.59% | 24.00% | 52.52% | -33.75% | 26.68% | 45.33% | 37.08% | -2.29% | 23.31% |
Correlation
The correlation between ZPH.TO and ZQQ.TO is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.52 |
The correlation between ZPH.TO and ZQQ.TO shifts across timeframes, from 0.52 (all time) to 0.65 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPH.TO vs. ZQQ.TO — Risk / Return Rank
ZPH.TO
ZQQ.TO
ZPH.TO vs. ZQQ.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 (CAD Hedged) (ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.72 | -0.77 |
| Martin ratioReturn relative to average drawdown | 3.61 | 5.44 | -1.84 |
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Drawdowns
ZPH.TO vs. ZQQ.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZQQ.TO.
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Drawdown Indicators
| ZPH.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -36.39% | +3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -15.65% | +9.58% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -22.79% | +10.96% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -36.39% | +18.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.39% | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.39% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -5.46% | +1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 4.94% | -3.34% |
Volatility
ZPH.TO vs. ZQQ.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 (CAD Hedged) (ZQQ.TO) has a volatility of 9.57%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 9.57% | -7.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 14.82% | -9.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 18.32% | -11.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 22.94% | -11.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 22.54% | -9.93% |
ZPH.TO vs. ZQQ.TO - Expense Ratio Comparison
ZPH.TO has a 0.65% expense ratio, which is higher than ZQQ.TO's 0.39% expense ratio.
Dividends
ZPH.TO vs. ZQQ.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZQQ.TO's 0.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 0.22% | 0.27% | 0.37% | 0.32% | 0.45% | 0.14% | 0.41% | 0.51% | 0.64% | 0.57% | 1.60% | 0.81% |
Frequently Asked Questions
ZPH.TO and ZQQ.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZPH.TO.
ZPH.TO is categorized as Derivative Income, while ZQQ.TO is Nasdaq-100. Their fees differ too: 0.65% for ZPH.TO and 0.39% for ZQQ.TO.
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