ZSP.TO vs. HYLD.TO

Last updated Jun 4, 2026

ZSP.TO (BMO S&P 500 Index ETF) and HYLD.TO (Hamilton Enhanced U.S. Covered Call ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while HYLD.TO is a Derivative Income fund actively managed by Hamilton Capital. ZSP.TO is passively managed, while HYLD.TO is actively managed. Over the past 3 years, ZSP.TO returned 23.44%/yr vs 23.83%/yr for HYLD.TO. Their correlation of 0.82 suggests significant overlap in exposure. ZSP.TO charges 0.09%/yr vs 2.37%/yr for HYLD.TO.

Performance

ZSP.TO vs. HYLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 Index ETF (ZSP.TO) and Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSP.TO achieves a 12.15% return, which is significantly lower than HYLD.TO's 15.73% return.

ZSP.TO

• 1D: -0.29%
• 1M: 7.18%
• YTD: 12.15%
• 6M: 10.04%
• 1Y: 28.96%
• 3Y*: 23.44%
• 5Y*: 16.74%
• 10Y*: 15.98%

HYLD.TO

• 1D: 0.09%
• 1M: 9.70%
• YTD: 15.73%
• 6M: 15.82%
• 1Y: 39.70%
• 3Y*: 23.83%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. HYLD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZSP.TO BMO S&P 500 Index ETF	12.15%	12.02%	35.07%	23.30%	-8.48%
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	15.73%	22.14%	25.39%	19.01%	-18.85%

Correlation

The correlation between ZSP.TO and HYLD.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.82

The correlation between ZSP.TO and HYLD.TO has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

ZSP.TO vs. HYLD.TO - Sectors Allocation Comparison

Sectors	ZSP.TO	HYLD.TO
Technology	35.5%	33.9%
Financial Services	12.1%	12.4%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.3%	8.1%
Healthcare	8.7%	9.8%
Industrials	8.4%	5.0%
Consumer Defensive	4.8%	3.4%
Energy	3.3%	4.9%
Utilities	2.3%	2.4%
Real Estate	2.0%	3.8%
Basic Materials	1.8%	5.0%

Return for Risk

ZSP.TO vs. HYLD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSP.TO

ZSP.TO Risk / Return Rank: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

HYLD.TO

HYLD.TO Risk / Return Rank: 75
HYLD.TO Sharpe Ratio Rank: 78
HYLD.TO Sortino Ratio Rank: 77
HYLD.TO Omega Ratio Rank: 77
HYLD.TO Calmar Ratio Rank: 66
HYLD.TO Martin Ratio Rank: 75

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.

ZSP.TO vs. HYLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and Hamilton Enhanced U.S. Covered Call ETF (HYLD.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.

	ZSP.TO	HYLD.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.61	-0.08
Sortino ratio: Return per unit of downside risk	3.45	3.52	-0.07
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	3.38	3.31	+0.07
Martin ratio: Return relative to average drawdown	12.70	14.63	-1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSP.TO vs. HYLD.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.53, which is comparable to the HYLD.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of ZSP.TO and HYLD.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.

Sharpe Ratios by Period

	ZSP.TO	HYLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.61	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.69	+0.46

Drawdowns

ZSP.TO vs. HYLD.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum HYLD.TO drawdown of -31.38%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and HYLD.TO.

Drawdown Indicators

	ZSP.TO	HYLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-31.38%	+4.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-12.04%	+3.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-21.83%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	—	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-3.34%	-8.91%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.72%	-0.43%

Volatility

ZSP.TO vs. HYLD.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.14%, while Hamilton Enhanced U.S. Covered Call ETF (HYLD.TO) has a volatility of 4.58%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than HYLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	HYLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	4.58%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	12.17%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	15.31%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	19.22%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	19.22%	-2.86%

ZSP.TO vs. HYLD.TO - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than HYLD.TO's 2.37% expense ratio.

Dividends

ZSP.TO vs. HYLD.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, less than HYLD.TO's 11.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLD.TO Hamilton Enhanced U.S. Covered Call ETF	11.23%	11.98%	12.13%	12.11%	13.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZSP.TO BMO S&P 500 Index ETF	0.75%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Frequently Asked Questions

Can I hold both ZSP.TO and HYLD.TO in my portfolio?

ZSP.TO and HYLD.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZSP.TO or HYLD.TO?

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.

Which ETF is cheaper, ZSP.TO or HYLD.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 2.37% for HYLD.TO.

What is the main difference between ZSP.TO and HYLD.TO?

ZSP.TO is categorized as S&P 500, while HYLD.TO is Derivative Income. They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.09% for ZSP.TO and 2.37% for HYLD.TO.