ZPW.TO vs. ZAG.TO
ZPW.TO (BMO US Put Write ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. ZPW.TO is actively managed, while ZAG.TO is passively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 1.60%/yr for ZAG.TO. At a 0.08 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 0.09%/yr for ZAG.TO.
Performance
ZPW.TO vs. ZAG.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 higher than ZAG.TO's 2.13% return. Over the past 10 years, ZPW.TO has outperformed ZAG.TO with an annualized return of 6.04%, while ZAG.TO has yielded a comparatively lower 1.60% annualized 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%
ZAG.TO
- 1D
- -0.14%
- 1M
- 0.43%
- YTD
- 2.13%
- 6M
- 2.13%
- 1Y
- 3.17%
- 3Y*
- 4.31%
- 5Y*
- 0.71%
- 10Y*
- 1.60%
ZPW.TO vs. ZAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPW.TO BMO US Put Write ETF | 4.29% | 6.40% | 13.88% | 21.83% | -4.23% | 13.18% | 1.56% | -1.21% | 3.01% | -1.78% |
ZAG.TO BMO Aggregate Bond Index ETF | 2.13% | 2.25% | 4.48% | 6.41% | -11.60% | -2.60% | 8.34% | 6.84% | 1.12% | 2.45% |
Correlation
The correlation between ZPW.TO and ZAG.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.08 |
The correlation between ZPW.TO and ZAG.TO shifts across timeframes, from 0.07 (10 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZPW.TO vs. ZAG.TO — Risk / Return Rank
ZPW.TO
ZAG.TO
ZPW.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and BMO Aggregate Bond Index ETF (ZAG.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 | ZAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.13 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.14 | +1.02 |
| Martin ratioReturn relative to average drawdown | 6.12 | 2.79 | +3.33 |
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Drawdowns
ZPW.TO vs. ZAG.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than ZAG.TO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZAG.TO.
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Drawdown Indicators
| ZPW.TO | ZAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -18.03% | -5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -2.79% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -5.42% | -6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -15.77% | -0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -18.03% | -5.74% |
Current DrawdownCurrent decline from peak | -0.53% | -0.67% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -3.53% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.19% | +0.79% |
Volatility
ZPW.TO vs. ZAG.TO - Volatility Comparison
BMO US Put Write ETF (ZPW.TO) has a higher volatility of 2.87% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.09%. This indicates that ZPW.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.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 | ZAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 1.09% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 3.37% | +2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 4.45% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 6.58% | +4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 7.11% | +4.61% |
ZPW.TO vs. ZAG.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio.
Dividends
ZPW.TO vs. ZAG.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZAG.TO's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAG.TO BMO Aggregate Bond Index ETF | 3.40% | 3.48% | 3.44% | 3.47% | 3.56% | 3.04% | 2.88% | 3.03% | 2.92% | 2.95% | 3.07% | 3.13% |
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 ZAG.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.65% for ZPW.TO.
ZPW.TO is categorized as Derivative Income, while ZAG.TO is Canadian Government Bonds. Their fees differ too: 0.65% for ZPW.TO and 0.09% for ZAG.TO.
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