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ZUT.TO vs. ZWU.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZUT.TO vs. ZWU.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Equal Weight Utilities Index ETF (ZUT.TO) and BMO Covered Call Utilities ETF (ZWU.TO).

ZUT.TO and ZWU.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Utilities Index. It was launched on Jan 19, 2010. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011.

Performance

ZUT.TO vs. ZWU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Utilities Index ETF (ZUT.TO) and BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

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ZUT.TO vs. ZWU.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUT.TO
BMO Equal Weight Utilities Index ETF		15.64%15.25%14.13%-5.37%-8.69%5.45%28.15%35.59%-8.02%8.46%
ZWU.TO
BMO Covered Call Utilities ETF		11.68%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%

Returns By Period

In the year-to-date period, ZUT.TO achieves a 15.64% return, which is significantly higher than ZWU.TO's 11.68% return. Over the past 10 years, ZUT.TO has outperformed ZWU.TO with an annualized return of 10.41%, while ZWU.TO has yielded a comparatively lower 6.50% annualized return.

ZUT.TO

1D
0.73%
1M
3.27%
YTD
15.64%
6M
14.44%
1Y
28.59%
3Y*
11.46%
5Y*
6.39%
10Y*
10.41%

ZWU.TO

1D
0.04%
1M
0.62%
YTD
11.68%
6M
9.62%
1Y
17.09%
3Y*
10.60%
5Y*
7.16%
10Y*
6.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Equal Weight Utilities Index ETF

BMO Covered Call Utilities ETF

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Often compared with ZWU.TO:
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ZUT.TO vs. ZWU.TO - Expense Ratio Comparison

ZUT.TO has a 0.61% expense ratio, which is lower than ZWU.TO's 0.65% expense ratio.

ZWU.TO
BMO Covered Call Utilities ETF
ZUT.TO
BMO Equal Weight Utilities Index ETF

Return for Risk

ZUT.TO vs. ZWU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUT.TO
ZUT.TO Risk / Return Rank: 9292
Overall Rank
ZUT.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZUT.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
ZUT.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZUT.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZUT.TO Martin Ratio Rank: 7979
Martin Ratio Rank
ZWU.TO
ZWU.TO Risk / Return Rank: 8888
Overall Rank
ZWU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 8787
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.

ZUT.TO vs. ZWU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Utilities Index ETF (ZUT.TO) and BMO Covered Call Utilities ETF (ZWU.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.

ZUT.TOZWU.TODifference

Sharpe ratio

Return per unit of total volatility

2.43

1.89

+0.54

Sortino ratio

Return per unit of downside risk

3.13

2.43

+0.70

Omega ratio

Gain probability vs. loss probability

1.49

1.37

+0.12

Calmar ratio

Return relative to maximum drawdown

3.23

2.66

+0.57

Martin ratio

Return relative to average drawdown

8.12

9.91

-1.79

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

ZUT.TO vs. ZWU.TO - Sharpe Ratio Comparison

The current ZUT.TO Sharpe Ratio is 2.43, which is comparable to the ZWU.TO Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ZUT.TO and ZWU.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

ZUT.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

1.89

+0.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.46

0.70

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.46

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.43

+0.14

Correlation

The correlation between ZUT.TO and ZWU.TO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZUT.TO vs. ZWU.TO - Dividend Comparison

ZUT.TO's dividend yield for the trailing twelve months is around 2.92%, less than ZWU.TO's 6.92% yield.

TTM20252024202320222021202020192018201720162015
ZUT.TO
BMO Equal Weight Utilities Index ETF		2.92%3.44%3.98%4.35%3.95%3.25%3.31%4.00%4.59%3.71%3.98%4.63%
ZWU.TO
BMO Covered Call Utilities ETF		6.92%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Drawdowns

ZUT.TO vs. ZWU.TO - Drawdown Comparison

The maximum ZUT.TO drawdown since its inception was -37.08%, roughly equal to the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and ZWU.TO.

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Drawdown Indicators

ZUT.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.08%

-37.41%

+0.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.96%

-6.71%

-2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-32.42%

-23.36%

-9.06%

Max Drawdown (10Y)

Largest decline over 10 years

-37.08%

-37.41%

+0.33%

Current Drawdown

Current decline from peak

0.00%

-0.37%

+0.37%

Average Drawdown

Average peak-to-trough decline

-6.37%

-5.42%

-0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

1.80%

+1.76%

Volatility

ZUT.TO vs. ZWU.TO - Volatility Comparison

BMO Equal Weight Utilities Index ETF (ZUT.TO) has a higher volatility of 4.76% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.41%. This indicates that ZUT.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUT.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.76%

2.41%

+2.35%

Volatility (6M)

Calculated over the trailing 6-month period

8.47%

5.28%

+3.19%

Volatility (1Y)

Calculated over the trailing 1-year period

11.83%

9.12%

+2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.91%

10.34%

+3.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

14.15%

+2.33%