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

ZWA.TO vs. ENCC.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and ENCC.TO (Global X Canadian Oil and Gas Equity Covered Call ETF) are both Derivative Income funds. ZWA.TO is passively managed, while ENCC.TO is actively managed. Over the past 10 years, ZWA.TO returned 9.72%/yr vs 7.97%/yr for ENCC.TO. At a 0.37 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 0.76%/yr for ENCC.TO.

Performance

ZWA.TO vs. ENCC.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 Canadian Oil and Gas Equity Covered Call ETF (ENCC.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 ENCC.TO's 27.42% return. Over the past 10 years, ZWA.TO has outperformed ENCC.TO with an annualized return of 9.72%, while ENCC.TO has yielded a comparatively lower 7.97% 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%

ENCC.TO

1D
-1.99%
1M
3.45%
YTD
27.42%
6M
24.16%
1Y
40.90%
3Y*
22.19%
5Y*
25.00%
10Y*
7.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWA.TO vs. ENCC.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%
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ETF		27.42%13.13%17.39%5.72%41.32%80.54%-27.98%6.56%-30.99%-18.47%

Correlation

The correlation between ZWA.TO and ENCC.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.12

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

0.16

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

0.31

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

0.35

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.37

The correlation between ZWA.TO and ENCC.TO shifts across timeframes, from -0.12 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZWA.TO
ENCC.TO

Financial Services

27.0%

-

Industrials

17.8%

-

Technology

17.6%

-

Healthcare

13.0%

-

Consumer Cyclical

11.8%

-

Consumer Defensive

4.4%

-

Basic Materials

4.2%

-

Energy

2.3%
100.0%

Communication Services

1.9%

-

Real Estate

-

-

Utilities

-

-

Financial Services

ZWA.TO
27.0%
ENCC.TO

-

Industrials

ZWA.TO
17.8%
ENCC.TO

-

Technology

ZWA.TO
17.6%
ENCC.TO

-

Healthcare

ZWA.TO
13.0%
ENCC.TO

-

Consumer Cyclical

ZWA.TO
11.8%
ENCC.TO

-

Consumer Defensive

ZWA.TO
4.4%
ENCC.TO

-

Basic Materials

ZWA.TO
4.2%
ENCC.TO

-

Energy

ZWA.TO
2.3%
ENCC.TO
100.0%

Communication Services

ZWA.TO
1.9%
ENCC.TO

-

Real Estate

ZWA.TO

-

ENCC.TO

-

Utilities

ZWA.TO

-

ENCC.TO

-

Compare stocks, funds, or ETFs

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BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

Global X Canadian Oil and Gas Equity 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 ENCC.TO:
ENCC.TO vs. ENCL.TOENCC.TO vs. EMAX.TOENCC.TO vs. ZEOENCC.TO vs. HMAX.TOENCC.TO vs. XEQT.TOENCC.TO vs. XDIV.TOENCC.TO vs. ENS.TO

Return for Risk

ZWA.TO vs. ENCC.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
ENCC.TO
ENCC.TO Risk / Return Rank: 8888
Overall Rank
ENCC.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
ENCC.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
ENCC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
ENCC.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
ENCC.TO Martin Ratio Rank: 8686
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. ENCC.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 Canadian Oil and Gas Equity Covered Call ETF (ENCC.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.TOENCC.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.90

-1.46

Sortino ratioReturn per unit of downside risk
2.15
3.70

-1.56

Omega ratioGain probability vs. loss probability

1.26

1.51

-0.26

Calmar ratioReturn relative to maximum drawdown

1.75

4.85

-3.10

Martin ratioReturn relative to average drawdown

6.60

17.18

-10.59

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. ENCC.TO - Sharpe Ratio Comparison

The current ZWA.TO Sharpe Ratio is 1.44, which is lower than the ENCC.TO Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of ZWA.TO and ENCC.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.TOENCC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.90

-1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

1.09

-0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.28

+0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

-0.07

+0.69

Drawdowns

ZWA.TO vs. ENCC.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, smaller than the maximum ENCC.TO drawdown of -93.29%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and ENCC.TO.

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Drawdown Indicators

ZWA.TOENCC.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-93.29%

+55.00%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-8.48%

-1.01%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

-16.67%

-1.10%

Max Drawdown (5Y)

Largest decline over 5 years

-19.68%

-25.58%

+5.90%

Max Drawdown (10Y)

Largest decline over 10 years

-38.29%

-82.15%

+43.86%

Current Drawdown

Current decline from peak

-0.75%

-26.65%

+25.90%

Average Drawdown

Average peak-to-trough decline

-3.56%

-56.09%

+52.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

2.39%

+0.12%

Volatility

ZWA.TO vs. ENCC.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 Canadian Oil and Gas Equity Covered Call ETF (ENCC.TO) has a volatility of 5.50%. This indicates that ZWA.TO experiences smaller price fluctuations and is considered to be less risky than ENCC.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.TOENCC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

5.50%

-2.61%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

12.46%

-3.59%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

14.17%

-2.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

23.08%

-9.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

29.06%

-12.05%

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

ZWA.TO has a 0.65% expense ratio, which is lower than ENCC.TO's 0.76% expense ratio.

Dividends

ZWA.TO vs. ENCC.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than ENCC.TO's 11.23% yield.

PositionTTM20252024202320222021202020192018201720162015
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ETF		11.23%13.62%14.58%14.87%12.55%4.23%5.10%6.11%8.37%6.93%4.34%3.03%
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 ENCC.TO have a correlation of -0.12, 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 0.76% for ENCC.TO.

They also come from different issuers: BMO Asset Management and Global X. Their fees differ too: 0.65% for ZWA.TO and 0.76% for ENCC.TO.

Portfolio Optimizer

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