ZTIP.TO vs. ZWT.TO

Last updated Jun 4, 2026

ZTIP.TO (BMO Short-Term US TIPS Index ETF) and ZWT.TO (BMO Covered Call Technology ETF) are both exchange-traded funds - ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index, while ZWT.TO is a Technology Equities fund actively managed by BMO. ZTIP.TO is passively managed, while ZWT.TO is actively managed. Over the past 5 years, ZTIP.TO returned 6.29%/yr vs 23.64%/yr for ZWT.TO. At a correlation of -0.04, they often move in opposite directions. ZTIP.TO charges 0.17%/yr vs 0.71%/yr for ZWT.TO.

Performance

ZTIP.TO vs. ZWT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short-Term US TIPS Index ETF (ZTIP.TO) and BMO Covered Call Technology ETF (ZWT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTIP.TO achieves a 3.34% return, which is significantly lower than ZWT.TO's 20.37% return.

ZTIP.TO

• 1D: 0.39%
• 1M: 2.04%
• YTD: 3.34%
• 6M: 1.60%
• 1Y: 5.97%
• 3Y*: 6.13%
• 5Y*: 6.29%
• 10Y*: —

ZWT.TO

• 1D: -0.06%
• 1M: 12.28%
• YTD: 20.37%
• 6M: 17.59%
• 1Y: 47.17%
• 3Y*: 36.02%
• 5Y*: 23.64%
• 10Y*: —

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

ZTIP.TO vs. ZWT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.34%	1.12%	13.84%	1.93%	3.96%	4.47%
ZWT.TO BMO Covered Call Technology ETF	20.37%	18.15%	49.78%	65.75%	-31.60%	22.78%

Correlation

The correlation between ZTIP.TO and ZWT.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	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	-0.04

Return for Risk

ZTIP.TO vs. ZWT.TO — Risk / Return Rank

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

ZTIP.TO

ZTIP.TO Risk / Return Rank: 36
ZTIP.TO Sharpe Ratio Rank: 37
ZTIP.TO Sortino Ratio Rank: 36
ZTIP.TO Omega Ratio Rank: 47
ZTIP.TO Calmar Ratio Rank: 33
ZTIP.TO Martin Ratio Rank: 30

ZWT.TO

ZWT.TO Risk / Return Rank: 68
ZWT.TO Sharpe Ratio Rank: 81
ZWT.TO Sortino Ratio Rank: 73
ZWT.TO Omega Ratio Rank: 74
ZWT.TO Calmar Ratio Rank: 60
ZWT.TO Martin Ratio Rank: 55

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.

ZTIP.TO vs. ZWT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term US TIPS Index ETF (ZTIP.TO) and BMO Covered Call Technology ETF (ZWT.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.

	ZTIP.TO	ZWT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.66	-1.36
Sortino ratio: Return per unit of downside risk	1.84	3.34	-1.50
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.15
Calmar ratio: Return relative to maximum drawdown	1.59	2.98	-1.39
Martin ratio: Return relative to average drawdown	4.26	9.56	-5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZTIP.TO vs. ZWT.TO - Sharpe Ratio Comparison

The current ZTIP.TO Sharpe Ratio is 1.30, which is lower than the ZWT.TO Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of ZTIP.TO and ZWT.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

	ZTIP.TO	ZWT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.66	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	1.02	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.99	-0.14

Drawdowns

ZTIP.TO vs. ZWT.TO - Drawdown Comparison

The maximum ZTIP.TO drawdown since its inception was -5.60%, smaller than the maximum ZWT.TO drawdown of -35.84%. Use the drawdown chart below to compare losses from any high point for ZTIP.TO and ZWT.TO.

Drawdown Indicators

	ZTIP.TO	ZWT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.60%	-35.84%	+30.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.78%	-15.93%	+12.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.60%	-26.27%	+20.67%
Max Drawdown (5Y) Largest decline over 5 years	-5.60%	-35.84%	+30.24%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.53%	-8.84%	+7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	4.95%	-3.54%

Volatility

ZTIP.TO vs. ZWT.TO - Volatility Comparison

The current volatility for BMO Short-Term US TIPS Index ETF (ZTIP.TO) is 0.77%, while BMO Covered Call Technology ETF (ZWT.TO) has a volatility of 4.19%. This indicates that ZTIP.TO experiences smaller price fluctuations and is considered to be less risky than ZWT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTIP.TO	ZWT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	4.19%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	13.67%	-10.54%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	17.81%	-13.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.36%	23.23%	-16.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	22.98%	-16.70%

ZTIP.TO vs. ZWT.TO - Expense Ratio Comparison

ZTIP.TO has a 0.17% expense ratio, which is lower than ZWT.TO's 0.71% expense ratio.

Dividends

ZTIP.TO vs. ZWT.TO - Dividend Comparison

ZTIP.TO's dividend yield for the trailing twelve months is around 3.43%, less than ZWT.TO's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.43%	3.63%	3.63%	4.91%	4.93%	0.38%
ZWT.TO BMO Covered Call Technology ETF	4.22%	4.46%	3.34%	3.83%	6.54%	4.00%

Frequently Asked Questions

Can I hold both ZTIP.TO and ZWT.TO in my portfolio?

ZTIP.TO and ZWT.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.

Which ETF is better, ZTIP.TO or ZWT.TO?

On fees, ZTIP.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTIP.TO or ZWT.TO?

ZTIP.TO is cheaper with a 0.17% expense ratio, compared with 0.71% for ZWT.TO.

What is the main difference between ZTIP.TO and ZWT.TO?

ZTIP.TO is categorized as Inflation-Protected Bonds, while ZWT.TO is Technology Equities. Their fees differ too: 0.17% for ZTIP.TO and 0.71% for ZWT.TO.