ZPW.TO vs. HPYB.TO

Last updated Jul 18, 2026

ZPW.TO (BMO US Put Write ETF) and HPYB.TO (Harvest Premium Yield Canadian Bank ETF) are both Derivative Income funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent.

Performance

ZPW.TO vs. HPYB.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 Harvest Premium Yield Canadian Bank ETF (HPYB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZPW.TO

• 1D: -0.82%
• 1M: 1.32%
• 6M: 4.43%
• YTD: 5.56%
• 1Y: 12.20%
• 3Y*: 11.53%
• 5Y*: 9.12%
• 10Y*: 6.04%

HPYB.TO

• 1D: -0.15%
• 1M: 3.18%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)
ZPW.TO BMO US Put Write ETF	6.37%
HPYB.TO Harvest Premium Yield Canadian Bank ETF	17.96%

Correlation

The correlation between ZPW.TO and HPYB.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	0.29

Return for Risk

ZPW.TO vs. HPYB.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: 62
ZPW.TO Sharpe Ratio Rank: 69
ZPW.TO Sortino Ratio Rank: 66
ZPW.TO Omega Ratio Rank: 71
ZPW.TO Calmar Ratio Rank: 58
ZPW.TO Martin Ratio Rank: 49

HPYB.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HPYB.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 Premium Yield Canadian Bank ETF (HPYB.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	HPYB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.68	—	—
Sortino ratio: Return per unit of downside risk	2.32	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.19	—	—
Martin ratio: Return relative to average drawdown	6.20	—	—

Drawdowns

ZPW.TO vs. HPYB.TO - Drawdown Comparison

The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than HPYB.TO's maximum drawdown of -6.37%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and HPYB.TO.

Drawdown Indicators

	ZPW.TO	HPYB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.77%	-6.37%	-17.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	—	—
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 Drawdown Current decline from peak	-0.82%	-0.41%	-0.41%
Average Drawdown Average peak-to-trough decline	-4.05%	-1.08%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	—	—

Volatility

Volatility by Period

	ZPW.TO	HPYB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	11.78%	-4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	11.78%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	11.78%	-0.06%

Dividends

ZPW.TO vs. HPYB.TO - Dividend Comparison

ZPW.TO's dividend yield for the trailing twelve months is around 9.51%, more than HPYB.TO's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPYB.TO Harvest Premium Yield Canadian Bank ETF	6.36%	0.00%	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	9.51%	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

Can I hold both ZPW.TO and HPYB.TO in my portfolio?

ZPW.TO and HPYB.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZPW.TO and HPYB.TO?

They also come from different issuers: BMO and Harvest.