ZPW.TO vs. HHIS.TO
ZPW.TO (BMO US Put Write ETF) and HHIS.TO (Harvest Diversified High Income Shares ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZPW.TO returned 13.56% vs 14.43% for HHIS.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZPW.TO charges 0.65%/yr vs 0.00%/yr for HHIS.TO.
Performance
ZPW.TO vs. HHIS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPW.TO achieves a 6.43% return, which is significantly lower than HHIS.TO's 7.24% return.
ZPW.TO
- 1D
- 0.38%
- 1M
- 2.16%
- 6M
- 5.42%
- YTD
- 6.43%
- 1Y
- 13.56%
- 3Y*
- 11.83%
- 5Y*
- 9.30%
- 10Y*
- 6.21%
HHIS.TO
- 1D
- -2.07%
- 1M
- 0.75%
- 6M
- 6.20%
- YTD
- 7.24%
- 1Y
- 14.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPW.TO vs. HHIS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZPW.TO BMO US Put Write ETF | 6.43% | 4.15% |
HHIS.TO Harvest Diversified High Income Shares ETF | 7.24% | 24.70% |
Correlation
The correlation between ZPW.TO and HHIS.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025 | 0.51 |
The correlation between ZPW.TO and HHIS.TO has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.
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Return for Risk
ZPW.TO vs. HHIS.TO — Risk / Return Rank
ZPW.TO
HHIS.TO
ZPW.TO vs. HHIS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and Harvest Diversified High Income Shares ETF (HHIS.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.TO | HHIS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.12 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 0.59 | +1.84 |
| Martin ratioReturn relative to average drawdown | 6.90 | 1.44 | +5.45 |
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Drawdowns
ZPW.TO vs. HHIS.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum HHIS.TO drawdown of -31.83%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and HHIS.TO.
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Drawdown Indicators
| ZPW.TO | HHIS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -31.83% | +8.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -24.43% | +18.82% |
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 | 0.00% | -4.79% | +4.79% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -8.44% | +4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 10.02% | -8.05% |
Volatility
ZPW.TO vs. HHIS.TO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.61%, while Harvest Diversified High Income Shares ETF (HHIS.TO) has a volatility of 7.57%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than HHIS.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.TO | HHIS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 7.57% | -4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 19.10% | -12.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 24.71% | -17.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.62% | 33.47% | -22.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 33.47% | -21.75% |
ZPW.TO vs. HHIS.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is higher than HHIS.TO's 0.00% expense ratio.
Dividends
ZPW.TO vs. HHIS.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.43%, less than HHIS.TO's 27.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HHIS.TO Harvest Diversified High Income Shares ETF | 27.98% | 22.88% | 0.00% | 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 | 9.43% | 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 HHIS.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HHIS.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HHIS.TO is cheaper with a 0.00% expense ratio, compared with 0.65% for ZPW.TO.
They also come from different issuers: BMO and Harvest. Their fees differ too: 0.65% for ZPW.TO and 0.00% for HHIS.TO.
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