ZWA.TO vs. GOGY.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and GOGY.TO (Harvest Alphabet Enhanced High Income Shares ETF Class A Units) are both Derivative Income funds. ZWA.TO is passively managed, while GOGY.TO is actively managed. ZWA.TO charges 0.65%/yr vs 0.40%/yr for GOGY.TO.

Performance

ZWA.TO vs. GOGY.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 Harvest Alphabet Enhanced High Income Shares ETF Class A Units (GOGY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

GOGY.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

ZWA.TO vs. GOGY.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: 44
ZWA.TO Sharpe Ratio Rank: 46
ZWA.TO Sortino Ratio Rank: 48
ZWA.TO Omega Ratio Rank: 44
ZWA.TO Calmar Ratio Rank: 39
ZWA.TO Martin Ratio Rank: 44

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. GOGY.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 Harvest Alphabet Enhanced High Income Shares ETF Class A Units (GOGY.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.TO	GOGY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.44	—	—
Sortino ratio: Return per unit of downside risk	2.15	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.75	—	—
Martin ratio: Return relative to average drawdown	6.60	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZWA.TO	GOGY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	—	—

Drawdowns

Drawdown Indicators

	ZWA.TO	GOGY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	—	—
Current Drawdown Current decline from peak	-0.75%	—	—
Average Drawdown Average peak-to-trough decline	-3.56%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	—	—

Volatility

Volatility by Period

	ZWA.TO	GOGY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	—	—

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

ZWA.TO has a 0.65% expense ratio, which is higher than GOGY.TO's 0.40% expense ratio.

Dividends

ZWA.TO vs. GOGY.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, while GOGY.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOGY.TO Harvest Alphabet Enhanced High Income Shares ETF Class A Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Which ETF is better, ZWA.TO or GOGY.TO?

On fees, GOGY.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWA.TO or GOGY.TO?

GOGY.TO is cheaper with a 0.40% expense ratio, compared with 0.65% for ZWA.TO.

What is the main difference between ZWA.TO and GOGY.TO?

They also come from different issuers: BMO Asset Management and Harvest. Their fees differ too: 0.65% for ZWA.TO and 0.40% for GOGY.TO.