ZPW.TO vs. HYLD.TO

Last updated Jul 17, 2026

ZPW.TO (BMO US Put Write ETF) and HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPW.TO returned 11.83%/yr vs 21.82%/yr for HYLD.TO. At a 0.45 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 2.37%/yr for HYLD.TO.

Performance

ZPW.TO vs. HYLD.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 Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPW.TO achieves a 6.43% return, which is significantly lower than HYLD.TO's 13.62% 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%

HYLD.TO

• 1D: -1.01%
• 1M: -0.94%
• 6M: 12.40%
• YTD: 13.62%
• 1Y: 30.00%
• 3Y*: 21.82%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
ZPW.TO BMO US Put Write ETF	6.43%	6.40%	13.88%	21.83%	1.60%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	13.62%	22.14%	25.39%	19.01%	-18.00%

Correlation

The correlation between ZPW.TO and HYLD.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.45

ZPW.TO vs. HYLD.TO - Sectors Allocation Comparison

Sectors	ZPW.TO	HYLD.TO
Technology	35.8%	37.2%
Financial Services	16.0%	11.8%
Healthcare	14.2%	9.1%
Consumer Defensive	13.6%	3.2%
Communication Services	9.5%	11.1%
Industrials	9.0%	5.0%
Consumer Cyclical	2.0%	8.1%
Basic Materials	-	4.5%
Energy	-	4.1%
Real Estate	-	3.6%
Utilities	-	2.3%

Return for Risk

ZPW.TO vs. HYLD.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: 66
ZPW.TO Sharpe Ratio Rank: 73
ZPW.TO Sortino Ratio Rank: 71
ZPW.TO Omega Ratio Rank: 76
ZPW.TO Calmar Ratio Rank: 61
ZPW.TO Martin Ratio Rank: 51

HYLD.TO

HYLD.TO Risk / Return Rank: 68
HYLD.TO Sharpe Ratio Rank: 71
HYLD.TO Sortino Ratio Rank: 68
HYLD.TO Omega Ratio Rank: 68
HYLD.TO Calmar Ratio Rank: 62
HYLD.TO Martin Ratio Rank: 73

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. HYLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and Hamilton Enhanced U.S. Covered Call ETF (HYLD.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	HYLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.81	+0.07
Sortino ratio: Return per unit of downside risk	2.59	2.49	+0.10
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.43	2.51	-0.08
Martin ratio: Return relative to average drawdown	6.90	10.70	-3.80

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

The current ZPW.TO Sharpe Ratio is 1.88, which is comparable to the HYLD.TO Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ZPW.TO and HYLD.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.

Drawdowns

ZPW.TO vs. HYLD.TO - Drawdown Comparison

The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum HYLD.TO drawdown of -31.38%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and HYLD.TO.

Drawdown Indicators

	ZPW.TO	HYLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.77%	-31.38%	+7.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-12.01%	+6.40%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-21.83%	+9.48%
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	0.00%	-2.54%	+2.54%
Average Drawdown Average peak-to-trough decline	-4.05%	-8.71%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.81%	-0.84%

Volatility

ZPW.TO vs. HYLD.TO - Volatility Comparison

The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.61%, while Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a volatility of 4.36%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than HYLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPW.TO	HYLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	4.36%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	13.87%	-7.68%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	16.62%	-9.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	19.28%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	19.28%	-7.56%

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

ZPW.TO has a 0.65% expense ratio, which is lower than HYLD.TO's 2.37% expense ratio.

Dividends

ZPW.TO vs. HYLD.TO - Dividend Comparison

ZPW.TO's dividend yield for the trailing twelve months is around 9.43%, less than HYLD.TO's 11.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.66%	11.98%	12.13%	12.11%	13.02%	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

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

ZPW.TO and HYLD.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPW.TO or HYLD.TO?

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.

Which ETF is cheaper, ZPW.TO or HYLD.TO?

ZPW.TO is cheaper with a 0.65% expense ratio, compared with 2.37% for HYLD.TO.

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

They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.65% for ZPW.TO and 2.37% for HYLD.TO.