ZPW.TO vs. EMCL.NEO
ZPW.TO (BMO US Put Write ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZPW.TO returned 12.08% vs 50.83% for EMCL.NEO. At a 0.37 correlation, their price movements are largely independent.
Performance
ZPW.TO vs. EMCL.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPW.TO achieves a 4.29% return, which is significantly lower than EMCL.NEO's 29.58% return.
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%
EMCL.NEO
- 1D
- 1.62%
- 1M
- 4.66%
- YTD
- 29.58%
- 6M
- 29.82%
- 1Y
- 50.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPW.TO vs. EMCL.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZPW.TO BMO US Put Write ETF | 4.29% | 6.40% | 9.31% |
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 29.58% | 20.46% | 3.66% |
Correlation
The correlation between ZPW.TO and EMCL.NEO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since May 29, 2024 | 0.37 |
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Return for Risk
ZPW.TO vs. EMCL.NEO — Risk / Return Rank
ZPW.TO
EMCL.NEO
ZPW.TO vs. EMCL.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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.TO | EMCL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.47 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.99 | -1.83 |
| Martin ratioReturn relative to average drawdown | 6.12 | 14.20 | -8.08 |
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Drawdowns
ZPW.TO vs. EMCL.NEO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and EMCL.NEO.
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Drawdown Indicators
| ZPW.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -19.73% | -4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -13.12% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -2.66% | +2.13% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -2.58% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 3.64% | -1.66% |
Volatility
ZPW.TO vs. EMCL.NEO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.54%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPW.TO | EMCL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 12.54% | -9.67% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 20.84% | -14.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 22.52% | -15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 22.96% | -12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 22.96% | -11.24% |
Dividends
ZPW.TO vs. EMCL.NEO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, less than EMCL.NEO's 10.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF | 10.19% | 9.86% | 3.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
ZPW.TO and EMCL.NEO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Global X.
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