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ZPW.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPW.TO vs. ZCN.TO

Last updated Jul 1, 2026
See Documentation

ZPW.TO (BMO US Put Write ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. ZPW.TO is actively managed, while ZCN.TO is passively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 12.76%/yr for ZCN.TO. At a 0.29 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 0.06%/yr for ZCN.TO.

Performance

ZPW.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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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 ZCN.TO's 11.09% return. Over the past 10 years, ZPW.TO has underperformed ZCN.TO with an annualized return of 6.04%, while ZCN.TO has yielded a comparatively higher 12.76% 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%

ZCN.TO

1D
0.15%
1M
0.71%
YTD
11.09%
6M
10.54%
1Y
32.80%
3Y*
23.36%
5Y*
14.78%
10Y*
12.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		11.09%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.85%8.98%

Correlation

The correlation between ZPW.TO and ZCN.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2015

0.29

The correlation between ZPW.TO and ZCN.TO shifts across timeframes, from 0.29 (all time) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO US Put Write ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

ZPW.TO vs. ZCN.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: 5353
Overall Rank
ZPW.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 6161
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 4343
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8686
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
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. ZCN.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 S&P/TSX Capped Composite Index ETF (ZCN.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.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
1.68
2.52

-0.83

Sortino ratioReturn per unit of downside risk
2.31
3.26

-0.95

Omega ratioGain probability vs. loss probability

1.32

1.45

-0.13

Calmar ratioReturn relative to maximum drawdown

2.16

3.54

-1.38

Martin ratioReturn relative to average drawdown

6.12

16.14

-10.02

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

The current ZPW.TO Sharpe Ratio is 1.68, which is lower than the ZCN.TO Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of ZPW.TO and ZCN.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.

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Drawdowns

ZPW.TO vs. ZCN.TO - Drawdown Comparison

The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZCN.TO.

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Drawdown Indicators

ZPW.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.77%

-37.18%

+13.41%

Max Drawdown (1Y)

Largest decline over 1 year

-5.61%

-9.30%

+3.69%

Max Drawdown (3Y)

Largest decline over 3 years

-12.35%

-12.25%

-0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-16.57%

-16.25%

-0.32%

Max Drawdown (10Y)

Largest decline over 10 years

-23.77%

-37.18%

+13.41%

Current Drawdown

Current decline from peak

-0.53%

-1.41%

+0.88%

Average Drawdown

Average peak-to-trough decline

-4.06%

-4.72%

+0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.04%

-0.06%

Volatility

ZPW.TO vs. ZCN.TO - Volatility Comparison

The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 4.18%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.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.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.87%

4.18%

-1.31%

Volatility (6M)

Calculated over the trailing 6-month period

6.10%

10.73%

-4.63%

Volatility (1Y)

Calculated over the trailing 1-year period

7.22%

13.11%

-5.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.61%

13.19%

-2.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.72%

14.98%

-3.26%

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

ZPW.TO has a 0.65% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

ZPW.TO vs. ZCN.TO - Dividend Comparison

ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZCN.TO's 2.06% yield.

PositionTTM20252024202320222021202020192018201720162015
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.06%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.75%2.86%3.36%
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 ZCN.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.65% for ZPW.TO.

ZPW.TO is categorized as Derivative Income, while ZCN.TO is Canada Equities. Their fees differ too: 0.65% for ZPW.TO and 0.06% for ZCN.TO.

Portfolio Optimizer

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