ZPW.TO vs. ZWB.TO
ZPW.TO (BMO US Put Write ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 13.52%/yr for ZWB.TO. At a 0.25 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 0.72%/yr for ZWB.TO.
Performance
ZPW.TO vs. ZWB.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 ZWB.TO's 27.50% return. Over the past 10 years, ZPW.TO has underperformed ZWB.TO with an annualized return of 6.04%, while ZWB.TO has yielded a comparatively higher 13.52% 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%
ZWB.TO
- 1D
- 0.65%
- 1M
- 10.15%
- YTD
- 27.50%
- 6M
- 26.99%
- 1Y
- 59.36%
- 3Y*
- 29.02%
- 5Y*
- 16.13%
- 10Y*
- 13.52%
ZPW.TO vs. ZWB.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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 27.50% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
Correlation
The correlation between ZPW.TO and ZWB.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.25 |
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Return for Risk
ZPW.TO vs. ZWB.TO — Risk / Return Rank
ZPW.TO
ZWB.TO
ZPW.TO vs. ZWB.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 Covered Call Canadian Banks ETF (ZWB.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 | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.49 | ||
| Sortino ratioReturn per unit of downside risk | -4.75 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.98 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 7.63 | -5.46 |
| Martin ratioReturn relative to average drawdown | 6.12 | 34.24 | -28.12 |
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Drawdowns
ZPW.TO vs. ZWB.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZWB.TO.
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Drawdown Indicators
| ZPW.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -39.36% | +15.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -7.82% | +2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -14.05% | +1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -25.26% | +8.69% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -39.36% | +15.59% |
Current DrawdownCurrent decline from peak | -0.53% | 0.00% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -5.53% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.74% | +0.24% |
Volatility
ZPW.TO vs. ZWB.TO - Volatility Comparison
BMO US Put Write ETF (ZPW.TO) has a higher volatility of 2.87% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 2.60%. This indicates that ZPW.TO's price experiences larger fluctuations and is considered to be riskier than ZWB.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 | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 2.60% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 10.00% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 11.54% | -4.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 12.65% | -2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 15.65% | -3.93% |
ZPW.TO vs. ZWB.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is lower than ZWB.TO's 0.72% expense ratio.
Dividends
ZPW.TO vs. ZWB.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZWB.TO's 4.73% 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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.73% | 5.38% | 6.66% | 7.62% | 7.30% | 5.46% | 5.80% | 5.53% | 5.59% | 4.80% | 5.04% | 5.64% |
Frequently Asked Questions
ZPW.TO and ZWB.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPW.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPW.TO is cheaper with a 0.65% expense ratio, compared with 0.72% for ZWB.TO.
ZPW.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. Their fees differ too: 0.65% for ZPW.TO and 0.72% for ZWB.TO.
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