ZPW.TO vs. ZSP.TO
ZPW.TO (BMO US Put Write ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. ZPW.TO is actively managed, while ZSP.TO is passively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 16.20%/yr for ZSP.TO. A 0.60 correlation means they provide meaningful diversification when combined. ZPW.TO charges 0.65%/yr vs 0.09%/yr for ZSP.TO.
Performance
ZPW.TO vs. ZSP.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 ZSP.TO's 13.62% return. Over the past 10 years, ZPW.TO has underperformed ZSP.TO with an annualized return of 6.04%, while ZSP.TO has yielded a comparatively higher 16.20% 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%
ZSP.TO
- 1D
- 0.55%
- 1M
- 1.75%
- YTD
- 13.62%
- 6M
- 13.06%
- 1Y
- 27.01%
- 3Y*
- 23.01%
- 5Y*
- 16.12%
- 10Y*
- 16.20%
ZPW.TO vs. ZSP.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% |
ZSP.TO BMO S&P 500 Index ETF | 13.62% | 12.36% | 35.07% | 23.30% | -12.68% | 27.54% | 15.61% | 24.69% | 3.28% | 13.60% |
Correlation
The correlation between ZPW.TO and ZSP.TO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.60 |
The correlation between ZPW.TO and ZSP.TO has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
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Return for Risk
ZPW.TO vs. ZSP.TO — Risk / Return Rank
ZPW.TO
ZSP.TO
ZPW.TO vs. ZSP.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 500 Index ETF (ZSP.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 | ZSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.15 | -0.99 |
| Martin ratioReturn relative to average drawdown | 6.12 | 11.67 | -5.55 |
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Drawdowns
ZPW.TO vs. ZSP.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZSP.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZSP.TO.
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Drawdown Indicators
| ZPW.TO | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -26.94% | +3.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -8.61% | +3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -18.95% | +6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -22.25% | +5.68% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -26.94% | +3.17% |
Current DrawdownCurrent decline from peak | -0.53% | -0.09% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -3.33% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.32% | -0.34% |
Volatility
ZPW.TO vs. ZSP.TO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 4.81%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than ZSP.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 | ZSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 4.81% | -1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 9.58% | -3.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 12.11% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 15.08% | -4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 16.39% | -4.67% |
ZPW.TO vs. ZSP.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.
Dividends
ZPW.TO vs. ZSP.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZSP.TO's 0.76% 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% |
ZSP.TO BMO S&P 500 Index ETF | 0.76% | 0.82% | 0.94% | 1.33% | 1.44% | 1.15% | 1.45% | 1.48% | 1.68% | 1.68% | 2.23% | 1.60% |
Frequently Asked Questions
ZPW.TO and ZSP.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.65% for ZPW.TO.
ZPW.TO is categorized as Derivative Income, while ZSP.TO is S&P 500. Their fees differ too: 0.65% for ZPW.TO and 0.09% for ZSP.TO.
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