ZPH.TO vs. ZWU.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZPH.TO is a Derivative Income fund actively managed by BMO, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZPH.TO returned 5.25%/yr vs 6.30%/yr for ZWU.TO. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.
Performance
ZPH.TO vs. ZWU.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 ZWU.TO's 10.14% 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*
- —
ZWU.TO
- 1D
- -1.42%
- 1M
- -0.44%
- YTD
- 10.14%
- 6M
- 10.14%
- 1Y
- 14.93%
- 3Y*
- 10.92%
- 5Y*
- 6.30%
- 10Y*
- 5.78%
ZPH.TO vs. ZWU.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% |
ZWU.TO BMO Covered Call Utilities ETF | 10.14% | 13.18% | 10.97% | -2.79% | -3.88% | 15.80% | -7.09% | 23.48% | -5.73% | 5.19% |
Correlation
The correlation between ZPH.TO and ZWU.TO is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.23 |
The correlation between ZPH.TO and ZWU.TO shifts across timeframes, from -0.10 (1 year) to 0.25 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPH.TO vs. ZWU.TO — Risk / Return Rank
ZPH.TO
ZWU.TO
ZPH.TO vs. ZWU.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 Utilities ETF (ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.34 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 3.08 | -2.13 |
| Martin ratioReturn relative to average drawdown | 3.61 | 8.51 | -4.90 |
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Drawdowns
ZPH.TO vs. ZWU.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and ZWU.TO.
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Drawdown Indicators
| ZPH.TO | ZWU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -37.41% | +4.03% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -4.86% | -1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -12.23% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -23.36% | +4.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.41% | — |
Current DrawdownCurrent decline from peak | -2.27% | -2.65% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -5.35% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.76% | -0.16% |
Volatility
ZPH.TO vs. ZWU.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while BMO Covered Call Utilities ETF (ZWU.TO) has a volatility of 3.00%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 3.00% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 6.50% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 7.85% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 10.52% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 14.19% | -1.58% |
ZPH.TO vs. ZWU.TO - Expense Ratio Comparison
Both ZPH.TO and ZWU.TO have an expense ratio of 0.65%.
Dividends
ZPH.TO vs. ZWU.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than ZWU.TO's 7.14% 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% |
ZWU.TO BMO Covered Call Utilities ETF | 7.14% | 7.59% | 7.96% | 8.54% | 8.35% | 7.43% | 7.94% | 6.29% | 6.84% | 6.46% | 6.77% | 7.57% |
Frequently Asked Questions
ZPH.TO and ZWU.TO have a correlation of -0.10, 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 ZWU.TO have the same expense ratio: 0.65% per year.
ZPH.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities.
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