ZPW.TO vs. UMAX.TO
ZPW.TO (BMO US Put Write ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPW.TO returned 11.38%/yr vs 7.90%/yr for UMAX.TO. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.
Performance
ZPW.TO vs. UMAX.TO - 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 UMAX.TO's 8.12% 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%
UMAX.TO
- 1D
- -1.34%
- 1M
- 0.13%
- YTD
- 8.12%
- 6M
- 8.10%
- 1Y
- 13.59%
- 3Y*
- 7.90%
- 5Y*
- —
- 10Y*
- —
ZPW.TO vs. UMAX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPW.TO BMO US Put Write ETF | 4.29% | 6.40% | 13.88% | 9.30% |
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF | 8.12% | 9.90% | 5.99% | 0.18% |
Correlation
The correlation between ZPW.TO and UMAX.TO is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023 | 0.17 |
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Return for Risk
ZPW.TO vs. UMAX.TO — Risk / Return Rank
ZPW.TO
UMAX.TO
ZPW.TO vs. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.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 | UMAX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.36 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.67 | -0.51 |
| Martin ratioReturn relative to average drawdown | 6.12 | 9.23 | -3.11 |
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Drawdowns
ZPW.TO vs. UMAX.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and UMAX.TO.
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Drawdown Indicators
| ZPW.TO | UMAX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -10.09% | -13.68% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -5.11% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -10.09% | -2.26% |
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% | -2.20% | +1.67% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -2.03% | -2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.48% | +0.50% |
Volatility
ZPW.TO vs. UMAX.TO - Volatility Comparison
BMO US Put Write ETF (ZPW.TO) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) have volatilities of 2.87% and 2.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPW.TO | UMAX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 2.85% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 5.92% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 7.01% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 8.74% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 8.74% | +2.98% |
ZPW.TO vs. UMAX.TO - Expense Ratio Comparison
Both ZPW.TO and UMAX.TO have an expense ratio of 0.65%.
Dividends
ZPW.TO vs. UMAX.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, less than UMAX.TO's 14.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF | 14.14% | 14.85% | 14.78% | 6.96% | 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 UMAX.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZPW.TO and UMAX.TO have the same expense ratio: 0.65% per year.
They also come from different issuers: BMO and Hamilton Capital.
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