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ZUE.TO vs. USCC-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUE.TO vs. USCC-U.TO

Last updated Jul 17, 2026
Documentation

ZUE.TO (BMO S&P 500 (CAD Hedged)) and USCC-U.TO (Global X S&P 500 Covered Call ETF) are both S&P 500 funds. ZUE.TO is passively managed, while USCC-U.TO is actively managed. Over the past 10 years, ZUE.TO returned 13.31%/yr vs 12.49%/yr for USCC-U.TO. At a 0.34 correlation, their price movements are largely independent.

Performance

ZUE.TO vs. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZUE.TO is traded in CAD, while USCC-U.TO is traded in USD. To make them comparable, the USCC-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZUE.TO achieves a 8.87% return, which is significantly lower than USCC-U.TO's 10.20% return. Over the past 10 years, ZUE.TO has outperformed USCC-U.TO with an annualized return of 13.31%, while USCC-U.TO has yielded a comparatively lower 12.49% annualized return.

ZUE.TO

1D
-0.74%
1M
-0.11%
6M
7.39%
YTD
8.87%
1Y
18.72%
3Y*
17.87%
5Y*
11.40%
10Y*
13.31%

USCC-U.TO

1D
-0.17%
1M
0.89%
6M
9.06%
YTD
10.20%
1Y
22.52%
3Y*
18.34%
5Y*
12.16%
10Y*
12.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUE.TO vs. USCC-U.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUE.TO
BMO S&P 500 (CAD Hedged)		8.87%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%
USCC-U.TO
Global X S&P 500 Covered Call ETF		10.20%9.23%32.70%17.66%-9.19%24.09%10.14%16.78%0.90%7.48%

Correlation

The correlation between ZUE.TO and USCC-U.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.46

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

0.37

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

0.25

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2011

0.34

The correlation between ZUE.TO and USCC-U.TO shifts across timeframes, from 0.25 (10 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

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BMO S&P 500 (CAD Hedged)

Global X S&P 500 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 USCC-U.TO:
USCC-U.TO vs. EQL.TOUSCC-U.TO vs. XSP.TOUSCC-U.TO vs. XUS-U.TOUSCC-U.TO vs. XUS.TOUSCC-U.TO vs. CASH.TOUSCC-U.TO vs. CBIL.TOUSCC-U.TO vs. CHPS.TO

Return for Risk

ZUE.TO vs. USCC-U.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: 5454
Overall Rank
ZUE.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 5252
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6262
Martin Ratio Rank
USCC-U.TO
USCC-U.TO Risk / Return Rank: 7474
Overall Rank
USCC-U.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
USCC-U.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
USCC-U.TO Omega Ratio Rank: 8282
Omega Ratio Rank
USCC-U.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
USCC-U.TO Martin Ratio Rank: 7777
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. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ZUE.TOUSCC-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.48
2.21

-0.73

Sortino ratioReturn per unit of downside risk
2.07
3.09

-1.02

Omega ratioGain probability vs. loss probability

1.27

1.41

-0.15

Calmar ratioReturn relative to maximum drawdown

1.99

3.33

-1.33

Martin ratioReturn relative to average drawdown

8.64

12.95

-4.31

ZUE.TO vs. USCC-U.TO - Sharpe Ratio Comparison

The current ZUE.TO Sharpe Ratio is 1.48, which is lower than the USCC-U.TO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ZUE.TO and USCC-U.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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Drawdowns

ZUE.TO vs. USCC-U.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, roughly equal to the maximum USCC-U.TO drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and USCC-U.TO.

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Drawdown Indicators

ZUE.TOUSCC-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-36.21%

+0.65%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-6.80%

-2.63%

Max Drawdown (3Y)

Largest decline over 3 years

-18.72%

-18.22%

-0.50%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-18.22%

-7.12%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-36.21%

+0.65%

Current Drawdown

Current decline from peak

-1.37%

-1.09%

-0.28%

Average Drawdown

Average peak-to-trough decline

-4.11%

-4.87%

+0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

1.74%

+0.43%

Volatility

ZUE.TO vs. USCC-U.TO - Volatility Comparison

BMO S&P 500 (CAD Hedged) (ZUE.TO) has a higher volatility of 3.47% compared to Global X S&P 500 Covered Call ETF (USCC-U.TO) at 2.59%. This indicates that ZUE.TO's price experiences larger fluctuations and is considered to be riskier than USCC-U.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.TOUSCC-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

2.59%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

10.28%

8.10%

+2.18%

Volatility (1Y)

Calculated over the trailing 1-year period

12.72%

10.27%

+2.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.96%

14.20%

+2.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

24.70%

-6.58%

Dividends

ZUE.TO vs. USCC-U.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.81%, less than USCC-U.TO's 9.66% yield.

PositionTTM20252024202320222021202020192018201720162015
USCC-U.TO
Global X S&P 500 Covered Call ETF		9.66%9.88%10.20%11.22%10.76%5.11%4.95%5.09%6.49%5.36%5.62%6.13%
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.81%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%

Frequently Asked Questions

ZUE.TO and USCC-U.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Global X.

Portfolio Optimizer

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