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ZWA.TO vs. BKCC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWA.TO vs. BKCC.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and BKCC.TO (Global X Equal Weight Canadian Bank Covered Call ETF) are both Derivative Income funds. ZWA.TO is passively managed, while BKCC.TO is actively managed. Over the past 10 years, ZWA.TO returned 9.72%/yr vs 0.09%/yr for BKCC.TO. At a 0.42 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 0.84%/yr for BKCC.TO.

Performance

ZWA.TO vs. BKCC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) and Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly lower than BKCC.TO's 15.43% return. Over the past 10 years, ZWA.TO has outperformed BKCC.TO with an annualized return of 9.72%, while BKCC.TO has yielded a comparatively lower 0.09% annualized return.

ZWA.TO

1D
-0.75%
1M
1.89%
YTD
3.75%
6M
4.08%
1Y
16.51%
3Y*
12.19%
5Y*
6.91%
10Y*
9.72%

BKCC.TO

1D
0.11%
1M
2.97%
YTD
15.43%
6M
17.41%
1Y
43.20%
3Y*
22.56%
5Y*
-4.90%
10Y*
0.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWA.TO vs. BKCC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		3.75%10.55%12.02%12.15%-7.74%19.91%5.33%21.16%-6.90%22.20%
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call ETF		15.43%28.05%17.14%5.41%-58.55%24.57%-5.90%16.56%-17.08%7.78%

Correlation

The correlation between ZWA.TO and BKCC.TO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.62

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

0.57

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

0.52

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

0.44

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2012

0.42

Over the past year, ZWA.TO and BKCC.TO have become more correlated (0.62) than their long-term average of 0.42, meaning their price movements have been converging.

ZWA.TO vs. BKCC.TO - Sectors Allocation Comparison

Sectors
ZWA.TO
BKCC.TO

Financial Services

27.0%
100.0%

Industrials

17.8%

-

Technology

17.6%

-

Healthcare

13.0%

-

Consumer Cyclical

11.8%

-

Consumer Defensive

4.4%

-

Basic Materials

4.2%

-

Energy

2.3%

-

Communication Services

1.9%

-

Real Estate

-

-

Utilities

-

-

Financial Services

ZWA.TO
27.0%
BKCC.TO
100.0%

Industrials

ZWA.TO
17.8%
BKCC.TO

-

Technology

ZWA.TO
17.6%
BKCC.TO

-

Healthcare

ZWA.TO
13.0%
BKCC.TO

-

Consumer Cyclical

ZWA.TO
11.8%
BKCC.TO

-

Consumer Defensive

ZWA.TO
4.4%
BKCC.TO

-

Basic Materials

ZWA.TO
4.2%
BKCC.TO

-

Energy

ZWA.TO
2.3%
BKCC.TO

-

Communication Services

ZWA.TO
1.9%
BKCC.TO

-

Real Estate

ZWA.TO

-

BKCC.TO

-

Utilities

ZWA.TO

-

BKCC.TO

-

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BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

Global X Equal Weight Canadian Bank Covered Call ETF

Often compared with ZWA.TO:
ZWA.TO vs. ENCL.TOZWA.TO vs. BKCL.TOZWA.TO vs. BANK.TOZWA.TO vs. EMAX.TOZWA.TO vs. CRCY.TOZWA.TO vs. CBNK.TOZWA.TO vs. ZWC.TO
Often compared with BKCC.TO:
BKCC.TO vs. HDIV.TOBKCC.TO vs. HMAX.TOBKCC.TO vs. VDY.TOBKCC.TO vs. BK.TOBKCC.TO vs. ENCC.TOBKCC.TO vs. BANK.TOBKCC.TO vs. XDV.TO

Return for Risk

ZWA.TO vs. BKCC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWA.TO
ZWA.TO Risk / Return Rank: 4444
Overall Rank
ZWA.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ZWA.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZWA.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZWA.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZWA.TO Martin Ratio Rank: 4444
Martin Ratio Rank
BKCC.TO
BKCC.TO Risk / Return Rank: 9696
Overall Rank
BKCC.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
BKCC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
BKCC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
BKCC.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
BKCC.TO Martin Ratio Rank: 9595
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.

ZWA.TO vs. BKCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) and Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.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.

ZWA.TOBKCC.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
4.19

-2.75

Sortino ratioReturn per unit of downside risk
2.15
6.01

-3.87

Omega ratioGain probability vs. loss probability

1.26

1.82

-0.57

Calmar ratioReturn relative to maximum drawdown

1.75

5.95

-4.20

Martin ratioReturn relative to average drawdown

6.60

27.62

-21.03

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

ZWA.TO vs. BKCC.TO - Sharpe Ratio Comparison

The current ZWA.TO Sharpe Ratio is 1.44, which is lower than the BKCC.TO Sharpe Ratio of 4.19. The chart below compares the historical Sharpe Ratios of ZWA.TO and BKCC.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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Sharpe Ratios by Period

ZWA.TOBKCC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

4.19

-2.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

-0.03

+0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.00

+0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

0.05

+0.57

Drawdowns

ZWA.TO vs. BKCC.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, smaller than the maximum BKCC.TO drawdown of -79.15%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and BKCC.TO.

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Drawdown Indicators

ZWA.TOBKCC.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-79.15%

+40.86%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-7.30%

-2.19%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

-13.16%

-4.61%

Max Drawdown (5Y)

Largest decline over 5 years

-19.68%

-79.15%

+59.47%

Max Drawdown (10Y)

Largest decline over 10 years

-38.29%

-79.15%

+40.86%

Current Drawdown

Current decline from peak

-0.75%

-27.93%

+27.18%

Average Drawdown

Average peak-to-trough decline

-3.56%

-18.18%

+14.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

1.57%

+0.94%

Volatility

ZWA.TO vs. BKCC.TO - Volatility Comparison

The current volatility for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) is 2.89%, while Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.TO) has a volatility of 3.30%. This indicates that ZWA.TO experiences smaller price fluctuations and is considered to be less risky than BKCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWA.TOBKCC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

3.30%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

9.18%

-0.31%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

10.35%

+1.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

168.03%

-154.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

124.20%

-107.19%

ZWA.TO vs. BKCC.TO - Expense Ratio Comparison

ZWA.TO has a 0.65% expense ratio, which is lower than BKCC.TO's 0.84% expense ratio.

Dividends

ZWA.TO vs. BKCC.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than BKCC.TO's 9.43% yield.

PositionTTM20252024202320222021202020192018201720162015
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call ETF		9.43%10.43%12.30%10.93%8.24%2.76%2.96%2.72%3.13%2.89%2.89%3.68%
ZWA.TO
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF		5.65%5.65%5.89%6.21%6.02%4.36%5.04%4.46%4.74%4.15%4.83%4.85%

Frequently Asked Questions

ZWA.TO and BKCC.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZWA.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZWA.TO is cheaper with a 0.65% expense ratio, compared with 0.84% for BKCC.TO.

They also come from different issuers: BMO Asset Management and Global X. Their fees differ too: 0.65% for ZWA.TO and 0.84% for BKCC.TO.

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