ZST.TO vs. HDIV.TO

Last updated Jun 9, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while HDIV.TO is a Derivative Income fund actively managed by Hamilton ETFs. Both are actively managed. Over the past 3 years, ZST.TO returned 3.86%/yr vs 27.24%/yr for HDIV.TO. At a 0.10 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.00%/yr for HDIV.TO.

Performance

ZST.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Ultra Short-Term Bond ETF (ZST.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly lower than HDIV.TO's 15.21% return.

ZST.TO

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.08%
• 6M: 0.29%
• 1Y: 1.70%
• 3Y*: 3.86%
• 5Y*: 2.98%
• 10Y*: 2.37%

HDIV.TO

• 1D: 0.66%
• 1M: 1.98%
• YTD: 15.21%
• 6M: 16.84%
• 1Y: 44.73%
• 3Y*: 27.24%
• 5Y*: —
• 10Y*: —

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

ZST.TO vs. HDIV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZST.TO BMO Ultra Short-Term Bond ETF	1.08%	2.06%	5.21%	5.38%	1.22%	0.04%
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	15.21%	33.87%	23.15%	13.91%	-2.53%	9.27%

Correlation

The correlation between ZST.TO and HDIV.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 22, 2021	0.10

Return for Risk

ZST.TO vs. HDIV.TO — Risk / Return Rank

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

ZST.TO

ZST.TO Risk / Return Rank: 51
ZST.TO Sharpe Ratio Rank: 50
ZST.TO Sortino Ratio Rank: 35
ZST.TO Omega Ratio Rank: 97
ZST.TO Calmar Ratio Rank: 38
ZST.TO Martin Ratio Rank: 33

HDIV.TO

HDIV.TO Risk / Return Rank: 94
HDIV.TO Sharpe Ratio Rank: 95
HDIV.TO Sortino Ratio Rank: 94
HDIV.TO Omega Ratio Rank: 95
HDIV.TO Calmar Ratio Rank: 90
HDIV.TO Martin Ratio Rank: 94

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.

ZST.TO vs. HDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Ultra Short-Term Bond ETF (ZST.TO) and Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.

	ZST.TO	HDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.58	3.54	-1.96
Sortino ratio: Return per unit of downside risk	1.66	4.47	-2.82
Omega ratio: Gain probability vs. loss probability	1.84	1.65	+0.18
Calmar ratio: Return relative to maximum drawdown	1.70	5.15	-3.45
Martin ratio: Return relative to average drawdown	4.56	24.85	-20.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZST.TO vs. HDIV.TO - Sharpe Ratio Comparison

The current ZST.TO Sharpe Ratio is 1.58, which is lower than the HDIV.TO Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of ZST.TO and HDIV.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

	ZST.TO	HDIV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	3.54	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	4.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	3.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	1.20	+0.23

Drawdowns

ZST.TO vs. HDIV.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum HDIV.TO drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ZST.TO and HDIV.TO.

Drawdown Indicators

	ZST.TO	HDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-3.60%	-22.32%	+18.72%
Max Drawdown (1Y) Largest decline over 1 year	-1.01%	-8.73%	+7.72%
Max Drawdown (3Y) Largest decline over 3 years	-1.01%	-14.58%	+13.57%
Max Drawdown (5Y) Largest decline over 5 years	-1.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-1.06%	—	—
Current Drawdown Current decline from peak	-0.02%	-1.71%	+1.69%
Average Drawdown Average peak-to-trough decline	-0.58%	-4.22%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	1.81%	-1.44%

Volatility

ZST.TO vs. HDIV.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 4.37%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZST.TO	HDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	4.37%	-4.29%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	10.60%	-9.55%
Volatility (1Y) Calculated over the trailing 1-year period	1.08%	12.73%	-11.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.72%	15.65%	-14.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.71%	15.65%	-14.94%

ZST.TO vs. HDIV.TO - Expense Ratio Comparison

ZST.TO has a 0.17% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZST.TO vs. HDIV.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.56%, less than HDIV.TO's 9.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDIV.TO Hamilton Enhanced Canadian Covered Call ETF	9.42%	10.09%	11.38%	10.41%	9.64%	3.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZST.TO BMO Ultra Short-Term Bond ETF	2.56%	2.85%	4.70%	4.84%	2.78%	2.31%	2.68%	2.84%	3.47%	4.09%	3.96%	3.94%

Frequently Asked Questions

Can I hold both ZST.TO and HDIV.TO in my portfolio?

ZST.TO and HDIV.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZST.TO or HDIV.TO?

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZST.TO or HDIV.TO?

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.17% for ZST.TO.

What is the main difference between ZST.TO and HDIV.TO?

ZST.TO is categorized as Canadian Government Bonds, while HDIV.TO is Derivative Income. They also come from different issuers: BMO and Hamilton ETFs. Their fees differ too: 0.17% for ZST.TO and 0.00% for HDIV.TO.