ZPW.TO vs. ZQQ.TO
ZPW.TO (BMO US Put Write ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZPW.TO is actively managed, while ZQQ.TO is passively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 19.81%/yr for ZQQ.TO. At a 0.36 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 0.39%/yr for ZQQ.TO.
Performance
ZPW.TO vs. ZQQ.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 ZQQ.TO's 18.49% return. Over the past 10 years, ZPW.TO has underperformed ZQQ.TO with an annualized return of 6.04%, while ZQQ.TO has yielded a comparatively higher 19.81% 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%
ZQQ.TO
- 1D
- 1.60%
- 1M
- -0.35%
- YTD
- 18.49%
- 6M
- 17.55%
- 1Y
- 26.82%
- 3Y*
- 22.92%
- 5Y*
- 13.78%
- 10Y*
- 19.81%
ZPW.TO vs. ZQQ.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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 18.49% | 14.59% | 24.00% | 52.52% | -33.75% | 26.68% | 45.33% | 37.08% | -2.29% | 31.51% |
Correlation
The correlation between ZPW.TO and ZQQ.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.36 |
The correlation between ZPW.TO and ZQQ.TO shifts across timeframes, from 0.36 (all time) to 0.50 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPW.TO vs. ZQQ.TO — Risk / Return Rank
ZPW.TO
ZQQ.TO
ZPW.TO vs. ZQQ.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 NASDAQ 100 Equity (CAD Hedged) (ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.72 | +0.44 |
| Martin ratioReturn relative to average drawdown | 6.12 | 5.44 | +0.68 |
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Drawdowns
ZPW.TO vs. ZQQ.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZQQ.TO.
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Drawdown Indicators
| ZPW.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -36.39% | +12.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -15.65% | +10.04% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -22.79% | +10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -36.39% | +19.82% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -36.39% | +12.62% |
Current DrawdownCurrent decline from peak | -0.53% | -1.39% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -5.46% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 4.94% | -2.96% |
Volatility
ZPW.TO vs. ZQQ.TO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 9.57%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.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 | ZQQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 9.57% | -6.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 14.82% | -8.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 18.32% | -11.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 22.94% | -12.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 22.54% | -10.82% |
ZPW.TO vs. ZQQ.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is higher than ZQQ.TO's 0.39% expense ratio.
Dividends
ZPW.TO vs. ZQQ.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZQQ.TO's 0.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 0.22% | 0.27% | 0.37% | 0.32% | 0.45% | 0.14% | 0.41% | 0.51% | 0.64% | 0.57% | 1.60% | 0.81% |
Frequently Asked Questions
ZPW.TO and ZQQ.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZPW.TO.
ZPW.TO is categorized as Derivative Income, while ZQQ.TO is Nasdaq-100. Their fees differ too: 0.65% for ZPW.TO and 0.39% for ZQQ.TO.
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