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

ZPW.TO vs. DXQ.TO

Last updated Jul 15, 2026
Documentation

ZPW.TO (BMO US Put Write ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPW.TO returned 11.60%/yr vs 17.09%/yr for DXQ.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZPW.TO charges 0.65%/yr vs 0.72%/yr for DXQ.TO.

Performance

ZPW.TO vs. DXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Put Write ETF (ZPW.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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, ZPW.TO achieves a 5.69% return, which is significantly lower than DXQ.TO's 8.79% return.

ZPW.TO

1D
-0.50%
1M
2.76%
6M
4.49%
YTD
5.69%
1Y
11.62%
3Y*
11.60%
5Y*
9.15%
10Y*
6.12%

DXQ.TO

1D
0.46%
1M
2.33%
6M
6.18%
YTD
8.79%
1Y
16.96%
3Y*
17.09%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022
ZPW.TO
BMO US Put Write ETF		5.69%6.40%13.88%21.83%3.43%
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF		8.79%12.99%21.07%20.08%3.57%

Correlation

The correlation between ZPW.TO and DXQ.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

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

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2022

0.51

The correlation between ZPW.TO and DXQ.TO has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO US Put Write ETF

Dynamic Active Enhanced Yield Covered Options ETF

Often compared with ZPW.TO:
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Often compared with DXQ.TO:
DXQ.TO vs. ECHI.TODXQ.TO vs. DXBB.TODXQ.TO vs. YCST.NEODXQ.TO vs. DXU.TODXQ.TO vs. HHIS.TODXQ.TO vs. CRCY.TODXQ.TO vs. BKCL.TO

Return for Risk

ZPW.TO vs. DXQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPW.TO
ZPW.TO Risk / Return Rank: 5555
Overall Rank
ZPW.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 4545
Martin Ratio Rank
DXQ.TO
DXQ.TO Risk / Return Rank: 7373
Overall Rank
DXQ.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
DXQ.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
DXQ.TO Omega Ratio Rank: 7575
Omega Ratio Rank
DXQ.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
DXQ.TO Martin Ratio Rank: 6464
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.

ZPW.TO vs. DXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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.

ZPW.TODXQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.60
1.84

-0.23

Sortino ratioReturn per unit of downside risk
2.21
2.59

-0.38

Omega ratioGain probability vs. loss probability

1.30

1.35

-0.05

Calmar ratioReturn relative to maximum drawdown

2.08

3.33

-1.25

Martin ratioReturn relative to average drawdown

5.91

9.17

-3.26

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

The current ZPW.TO Sharpe Ratio is 1.60, which is comparable to the DXQ.TO Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of ZPW.TO and DXQ.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

ZPW.TO vs. DXQ.TO - Drawdown Comparison

The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and DXQ.TO.

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Drawdown Indicators

ZPW.TODXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.77%

-15.54%

-8.23%

Max Drawdown (1Y)

Largest decline over 1 year

-5.61%

-5.11%

-0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-12.35%

-15.54%

+3.19%

Max Drawdown (5Y)

Largest decline over 5 years

-16.57%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-23.77%

—

—

Current Drawdown

Current decline from peak

-0.50%

-0.57%

+0.07%

Average Drawdown

Average peak-to-trough decline

-4.05%

-1.25%

-2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.85%

+0.13%

Volatility

ZPW.TO vs. DXQ.TO - Volatility Comparison

BMO US Put Write ETF (ZPW.TO) has a higher volatility of 2.89% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 2.72%. This indicates that ZPW.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPW.TODXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

2.72%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

6.18%

7.58%

-1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

7.32%

9.28%

-1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.62%

10.87%

-0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.72%

10.87%

+0.85%

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

ZPW.TO has a 0.65% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.

Dividends

ZPW.TO vs. DXQ.TO - Dividend Comparison

ZPW.TO's dividend yield for the trailing twelve months is around 9.49%, more than DXQ.TO's 7.79% yield.

PositionTTM20252024202320222021202020192018201720162015
DXQ.TO
Dynamic Active Enhanced Yield Covered Options ETF		7.79%7.45%5.74%6.54%1.83%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPW.TO
BMO US Put Write ETF		9.49%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

ZPW.TO and DXQ.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZPW.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZPW.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for DXQ.TO.

They also come from different issuers: BMO and Dynamic. Their fees differ too: 0.65% for ZPW.TO and 0.72% for DXQ.TO.

Portfolio Optimizer

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