ZPH.TO vs. ZWB.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 16.13%/yr for ZWB.TO. At a 0.42 correlation, their price movements are largely independent. ZPH.TO charges 0.65%/yr vs 0.72%/yr for ZWB.TO.
Performance
ZPH.TO vs. ZWB.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 ZWB.TO's 27.50% 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*
- —
ZWB.TO
- 1D
- 0.65%
- 1M
- 10.15%
- YTD
- 27.50%
- 6M
- 26.99%
- 1Y
- 59.36%
- 3Y*
- 29.02%
- 5Y*
- 16.13%
- 10Y*
- 13.52%
ZPH.TO vs. ZWB.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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 27.50% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 7.16% |
Correlation
The correlation between ZPH.TO and ZWB.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.42 |
The correlation between ZPH.TO and ZWB.TO shifts across timeframes, from 0.39 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPH.TO vs. ZWB.TO — Risk / Return Rank
ZPH.TO
ZWB.TO
ZPH.TO vs. ZWB.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 Covered Call Canadian Banks ETF (ZWB.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 | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.28 | ||
| Sortino ratioReturn per unit of downside risk | -5.75 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.98 | -0.81 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 7.63 | -6.68 |
| Martin ratioReturn relative to average drawdown | 3.61 | 34.24 | -30.63 |
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Drawdowns
ZPH.TO vs. ZWB.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZWB.TO.
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Drawdown Indicators
| ZPH.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -39.36% | +5.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -7.82% | +1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -14.05% | +2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -25.26% | +6.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.36% | — |
Current DrawdownCurrent decline from peak | -2.27% | 0.00% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -5.53% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.74% | -0.14% |
Volatility
ZPH.TO vs. ZWB.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 2.60%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than ZWB.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 | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 2.60% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 10.00% | -4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 11.54% | -5.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 12.65% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 15.65% | -3.04% |
ZPH.TO vs. ZWB.TO - Expense Ratio Comparison
ZPH.TO has a 0.65% expense ratio, which is lower than ZWB.TO's 0.72% expense ratio.
Dividends
ZPH.TO vs. ZWB.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZWB.TO's 4.73% 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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.73% | 5.38% | 6.66% | 7.62% | 7.30% | 5.46% | 5.80% | 5.53% | 5.59% | 4.80% | 5.04% | 5.64% |
Frequently Asked Questions
ZPH.TO and ZWB.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPH.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPH.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for ZWB.TO.
ZPH.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. Their fees differ too: 0.65% for ZPH.TO and 0.72% for ZWB.TO.
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