ZUE.TO vs. USCL.TO
Compare and contrast key facts about BMO S&P 500 (CAD Hedged) (ZUE.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO).
ZUE.TO and USCL.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. USCL.TO is an actively managed fund by Global X. It was launched on Jul 5, 2023.
Performance
ZUE.TO vs. USCL.TO - Performance Comparison
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ZUE.TO vs. USCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUE.TO BMO S&P 500 (CAD Hedged) | -4.96% | 15.57% | 23.40% | 8.02% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | -5.43% | 10.03% | 38.54% | 4.33% |
Returns By Period
In the year-to-date period, ZUE.TO achieves a -4.96% return, which is significantly higher than USCL.TO's -5.43% 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%
USCL.TO
- 1D
- 0.00%
- 1M
- -6.20%
- YTD
- -5.43%
- 6M
- -3.57%
- 1Y
- 8.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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ZUE.TO vs. USCL.TO - Expense Ratio Comparison
ZUE.TO has a 0.09% expense ratio, which is higher than USCL.TO's 0.04% 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%.
Return for Risk
ZUE.TO vs. USCL.TO — Risk / Return Rank
ZUE.TO
USCL.TO
ZUE.TO vs. USCL.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 Enhanced S&P 500 Covered Call ETF (USCL.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.TO | USCL.TO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.45 | +0.41 |
Sortino ratioReturn per unit of downside risk | 1.32 | 0.76 | +0.57 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.12 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.34 | 0.67 | +0.67 |
Martin ratioReturn relative to average drawdown | 6.15 | 2.74 | +3.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZUE.TO | USCL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.45 | +0.41 |
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 | 1.04 | -0.27 |
Correlation
The correlation between ZUE.TO and USCL.TO is 0.78, 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. USCL.TO - Dividend Comparison
ZUE.TO's dividend yield for the trailing twelve months is around 0.92%, less than USCL.TO's 13.76% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USCL.TO Global X Enhanced S&P 500 Covered Call ETF | 13.76% | 12.94% | 11.57% | 7.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ZUE.TO vs. USCL.TO - Drawdown Comparison
The maximum ZUE.TO drawdown since its inception was -35.56%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and USCL.TO.
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Drawdown Indicators
| ZUE.TO | USCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.56% | -21.85% | -13.71% |
Max Drawdown (1Y)Largest decline over 1 year | -11.95% | -14.94% | +2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | — | — |
Current DrawdownCurrent decline from peak | -6.72% | -8.56% | +1.84% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -2.66% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 3.63% | -1.03% |
Volatility
ZUE.TO vs. USCL.TO - Volatility Comparison
BMO S&P 500 (CAD Hedged) (ZUE.TO) has a higher volatility of 5.44% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 5.13%. This indicates that ZUE.TO's price experiences larger fluctuations and is considered to be riskier than USCL.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.TO | USCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.44% | 5.13% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.50% | 9.48% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.08% | 20.04% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 15.62% | +1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 15.62% | +2.50% |