ZPW.TO vs. ZWU.TO
ZPW.TO (BMO US Put Write ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 5.78%/yr for ZWU.TO. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.
Performance
ZPW.TO vs. ZWU.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 ZWU.TO's 10.14% return. Both investments have delivered pretty close results over the past 10 years, with ZPW.TO having a 6.04% annualized return and ZWU.TO not far behind at 5.78%.
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%
ZWU.TO
- 1D
- -1.42%
- 1M
- -0.44%
- YTD
- 10.14%
- 6M
- 10.14%
- 1Y
- 14.93%
- 3Y*
- 10.92%
- 5Y*
- 6.30%
- 10Y*
- 5.78%
ZPW.TO vs. ZWU.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% |
ZWU.TO BMO Covered Call Utilities ETF | 10.14% | 13.18% | 10.97% | -2.79% | -3.88% | 15.80% | -7.09% | 23.48% | -5.73% | 5.63% |
Correlation
The correlation between ZPW.TO and ZWU.TO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.11 |
The correlation between ZPW.TO and ZWU.TO shifts across timeframes, from -0.05 (1 year) to 0.15 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPW.TO vs. ZWU.TO — Risk / Return Rank
ZPW.TO
ZWU.TO
ZPW.TO vs. ZWU.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 Utilities ETF (ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.34 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.08 | -0.92 |
| Martin ratioReturn relative to average drawdown | 6.12 | 8.51 | -2.39 |
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Drawdowns
ZPW.TO vs. ZWU.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZWU.TO.
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Drawdown Indicators
| ZPW.TO | ZWU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -37.41% | +13.64% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -4.86% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -12.23% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -23.36% | +6.79% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -37.41% | +13.64% |
Current DrawdownCurrent decline from peak | -0.53% | -2.65% | +2.12% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -5.35% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.76% | +0.22% |
Volatility
ZPW.TO vs. ZWU.TO - Volatility Comparison
BMO US Put Write ETF (ZPW.TO) and BMO Covered Call Utilities ETF (ZWU.TO) have volatilities of 2.87% and 3.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPW.TO | ZWU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 3.00% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 6.50% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 7.85% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 10.52% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 14.19% | -2.47% |
ZPW.TO vs. ZWU.TO - Expense Ratio Comparison
Both ZPW.TO and ZWU.TO have an expense ratio of 0.65%.
Dividends
ZPW.TO vs. ZWU.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZWU.TO's 7.14% 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% |
ZWU.TO BMO Covered Call Utilities ETF | 7.14% | 7.59% | 7.96% | 8.54% | 8.35% | 7.43% | 7.94% | 6.29% | 6.84% | 6.46% | 6.77% | 7.57% |
Frequently Asked Questions
ZPW.TO and ZWU.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZPW.TO and ZWU.TO have the same expense ratio: 0.65% per year.
ZPW.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities.
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