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ZQQ.TO vs. ZWU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZQQ.TO vs. ZWU.TO

Last updated Jun 4, 2026

ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZWU.TO is a Utilities Equities fund actively managed by BMO. ZQQ.TO is passively managed, while ZWU.TO is actively managed. Over the past 10 years, ZQQ.TO returned 20.08%/yr vs 6.08%/yr for ZWU.TO. At a 0.32 correlation, their price movements are largely independent. ZQQ.TO charges 0.39%/yr vs 0.65%/yr for ZWU.TO.

Performance

ZQQ.TO vs. ZWU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) and BMO Covered Call Utilities ETF (ZWU.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, ZQQ.TO achieves a 19.82% return, which is significantly higher than ZWU.TO's 10.15% return. Over the past 10 years, ZQQ.TO has outperformed ZWU.TO with an annualized return of 20.08%, while ZWU.TO has yielded a comparatively lower 6.08% annualized return.

ZQQ.TO

1D
-0.28%
1M
10.63%
YTD
19.82%
6M
18.08%
1Y
38.53%
3Y*
26.42%
5Y*
16.12%
10Y*
20.08%

ZWU.TO

1D
-0.50%
1M
-0.34%
YTD
10.15%
6M
9.37%
1Y
15.17%
3Y*
10.66%
5Y*
6.33%
10Y*
6.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZQQ.TO vs. ZWU.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		19.82%18.38%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%
ZWU.TO
BMO Covered Call Utilities ETF		10.15%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%

Correlation

The correlation between ZQQ.TO and ZWU.TO is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.17

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

0.01

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

0.18

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

0.26

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.32

The correlation between ZQQ.TO and ZWU.TO shifts across timeframes, from -0.17 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

ZQQ.TO vs. ZWU.TO - Sectors Allocation Comparison

Sectors
ZQQ.TO
ZWU.TO

Technology

54.1%

-

Communication Services

15.5%
21.5%

Consumer Cyclical

12.2%

-

Consumer Defensive

7.6%

-

Healthcare

4.2%

-

Industrials

3.1%

-

Utilities

1.4%
52.7%

Basic Materials

1.2%

-

Energy

0.6%
25.8%

Financial Services

0.2%

-

Real Estate

0.1%

-

Technology

ZQQ.TO
54.1%
ZWU.TO

-

Communication Services

ZQQ.TO
15.5%
ZWU.TO
21.5%

Consumer Cyclical

ZQQ.TO
12.2%
ZWU.TO

-

Consumer Defensive

ZQQ.TO
7.6%
ZWU.TO

-

Healthcare

ZQQ.TO
4.2%
ZWU.TO

-

Industrials

ZQQ.TO
3.1%
ZWU.TO

-

Utilities

ZQQ.TO
1.4%
ZWU.TO
52.7%

Basic Materials

ZQQ.TO
1.2%
ZWU.TO

-

Energy

ZQQ.TO
0.6%
ZWU.TO
25.8%

Financial Services

ZQQ.TO
0.2%
ZWU.TO

-

Real Estate

ZQQ.TO
0.1%
ZWU.TO

-

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BMO NASDAQ 100 Equity (CAD Hedged)

BMO Covered Call Utilities ETF

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Return for Risk

ZQQ.TO vs. ZWU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZQQ.TO
ZQQ.TO Risk / Return Rank: 6767
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 6969
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 6161
Martin Ratio Rank
ZWU.TO
ZWU.TO Risk / Return Rank: 5858
Overall Rank
ZWU.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 5151
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.

ZQQ.TO vs. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.

ZQQ.TOZWU.TODifference
Sharpe ratioReturn per unit of total volatility
2.46
2.01

+0.46

Sortino ratioReturn per unit of downside risk
3.25
2.94

+0.31

Omega ratioGain probability vs. loss probability

1.43

1.36

+0.07

Calmar ratioReturn relative to maximum drawdown

3.01

3.13

-0.12

Martin ratioReturn relative to average drawdown

11.25

8.85

+2.40

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZQQ.TO vs. ZWU.TO - Sharpe Ratio Comparison

The current ZQQ.TO Sharpe Ratio is 2.46, which is comparable to the ZWU.TO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of ZQQ.TO and ZWU.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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Sharpe Ratios by Period

ZQQ.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

2.01

+0.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.61

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.90

0.43

+0.47

Sharpe Ratio (All Time)

Calculated using the full available price history

0.91

0.42

+0.49

Drawdowns

ZQQ.TO vs. ZWU.TO - Drawdown Comparison

The maximum ZQQ.TO drawdown since its inception was -36.39%, roughly equal to the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZQQ.TO and ZWU.TO.

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Drawdown Indicators

ZQQ.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.39%

-37.41%

+1.02%

Max Drawdown (1Y)

Largest decline over 1 year

-12.86%

-4.86%

-8.00%

Max Drawdown (3Y)

Largest decline over 3 years

-22.79%

-12.85%

-9.94%

Max Drawdown (5Y)

Largest decline over 5 years

-36.39%

-23.36%

-13.03%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-37.41%

+1.02%

Current Drawdown

Current decline from peak

-0.28%

-2.31%

+2.03%

Average Drawdown

Average peak-to-trough decline

-5.37%

-5.38%

+0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

1.73%

+1.70%

Volatility

ZQQ.TO vs. ZWU.TO - Volatility Comparison

BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a higher volatility of 4.54% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.81%. This indicates that ZQQ.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZQQ.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

2.81%

+1.73%

Volatility (6M)

Calculated over the trailing 6-month period

12.02%

6.30%

+5.72%

Volatility (1Y)

Calculated over the trailing 1-year period

15.73%

7.59%

+8.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.57%

10.47%

+12.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

14.18%

+8.23%

ZQQ.TO vs. ZWU.TO - Expense Ratio Comparison

ZQQ.TO has a 0.39% expense ratio, which is lower than ZWU.TO's 0.65% expense ratio.

Dividends

ZQQ.TO vs. ZWU.TO - Dividend Comparison

ZQQ.TO's dividend yield for the trailing twelve months is around 0.22%, less than ZWU.TO's 7.09% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWU.TO
BMO Covered Call Utilities ETF		7.09%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

ZQQ.TO and ZWU.TO have a correlation of -0.17, 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 ZWU.TO.

ZQQ.TO is categorized as Nasdaq-100, while ZWU.TO is Utilities Equities. Their fees differ too: 0.39% for ZQQ.TO and 0.65% for ZWU.TO.

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