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ZUE.TO vs. HDIV.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZUE.TO vs. HDIV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P 500 (CAD Hedged) (ZUE.TO) and Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO).

ZUE.TO and HDIV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUE.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on May 29, 2009. HDIV.TO is an actively managed fund by Hamilton Capital. It was launched on Jul 19, 2021.

Performance

ZUE.TO vs. HDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 (CAD Hedged) (ZUE.TO) and Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)20252024202320222021
ZUE.TO
BMO S&P 500 (CAD Hedged)		-4.96%15.57%23.40%24.35%-19.43%10.28%
HDIV.TO
Hamilton Enhanced Multi-Sector Covered Call ETF		3.20%33.87%23.15%13.91%-2.52%12.70%

Returns By Period

In the year-to-date period, ZUE.TO achieves a -4.96% return, which is significantly lower than HDIV.TO's 3.20% return.

ZUE.TO

1D
3.00%
1M
-5.24%
YTD
-4.96%
6M
-2.91%
1Y
15.40%
3Y*
16.29%
5Y*
10.14%
10Y*
12.34%

HDIV.TO

1D
1.91%
1M
-4.61%
YTD
3.20%
6M
9.39%
1Y
34.41%
3Y*
23.25%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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BMO S&P 500 (CAD Hedged)

Hamilton Enhanced Multi-Sector Covered Call ETF

Often compared with ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. VFV.TOZUE.TO vs. XEQT.TOZUE.TO vs. VCN.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TO
Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. VDY.TOHDIV.TO vs. ZWC.TO

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

ZUE.TO has a 0.09% 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%.

ZUE.TO
BMO S&P 500 (CAD Hedged)
HDIV.TO
Hamilton Enhanced Multi-Sector Covered Call ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUE.TO
ZUE.TO Risk / Return Rank: 5353
Overall Rank
ZUE.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 5454
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6363
Martin Ratio Rank
HDIV.TO
HDIV.TO Risk / Return Rank: 9292
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9393
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 (CAD Hedged) (ZUE.TO) and Hamilton Enhanced Multi-Sector 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.

ZUE.TOHDIV.TODifference

Sharpe ratio

Return per unit of total volatility

0.86

2.05

-1.20

Sortino ratio

Return per unit of downside risk

1.32

2.59

-1.27

Omega ratio

Gain probability vs. loss probability

1.20

1.45

-0.24

Calmar ratio

Return relative to maximum drawdown

1.34

2.61

-1.27

Martin ratio

Return relative to average drawdown

6.15

12.70

-6.56

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

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

The current ZUE.TO Sharpe Ratio is 0.86, which is lower than the HDIV.TO Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of ZUE.TO and HDIV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZUE.TOHDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.86

2.05

-1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

1.11

-0.35

Correlation

The correlation between ZUE.TO and HDIV.TO is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZUE.TO vs. HDIV.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.92%, less than HDIV.TO's 9.23% yield.

TTM20252024202320222021202020192018201720162015
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.92%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%
HDIV.TO
Hamilton Enhanced Multi-Sector Covered Call ETF		9.23%10.09%11.38%10.41%9.64%3.39%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZUE.TO vs. HDIV.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and HDIV.TO.

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Drawdown Indicators

ZUE.TOHDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-22.32%

-13.24%

Max Drawdown (1Y)

Largest decline over 1 year

-11.95%

-13.77%

+1.82%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

—

—

Current Drawdown

Current decline from peak

-6.72%

-5.09%

-1.63%

Average Drawdown

Average peak-to-trough decline

-4.12%

-4.35%

+0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.83%

-0.23%

Volatility

ZUE.TO vs. HDIV.TO - Volatility Comparison

The current volatility for BMO S&P 500 (CAD Hedged) (ZUE.TO) is 5.44%, while Hamilton Enhanced Multi-Sector Covered Call ETF (HDIV.TO) has a volatility of 6.01%. This indicates that ZUE.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.

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Volatility by Period

ZUE.TOHDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

6.01%

-0.57%

Volatility (6M)

Calculated over the trailing 6-month period

9.50%

10.54%

-1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

18.08%

16.89%

+1.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

15.73%

+1.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

15.73%

+2.39%