ZWA.TO vs. HBIL.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds. ZWA.TO is passively managed, while HBIL.TO is actively managed. Over the past year, ZWA.TO returned 16.51% vs 2.48% for HBIL.TO. At a 0.16 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 0.35%/yr for HBIL.TO.

Performance

ZWA.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly higher than HBIL.TO's 0.52% 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%

HBIL.TO

• 1D: -0.14%
• 1M: -0.11%
• YTD: 0.52%
• 6M: 0.52%
• 1Y: 2.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
ZWA.TO BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF	3.75%	10.55%	2.41%
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	0.52%	3.04%	-1.40%

Correlation

The correlation between ZWA.TO and HBIL.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.16

Return for Risk

ZWA.TO vs. HBIL.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

HBIL.TO

HBIL.TO Risk / Return Rank: 53
HBIL.TO Sharpe Ratio Rank: 48
HBIL.TO Sortino Ratio Rank: 53
HBIL.TO Omega Ratio Rank: 52
HBIL.TO Calmar Ratio Rank: 58
HBIL.TO Martin Ratio Rank: 53

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. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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	HBIL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.51	-0.07
Sortino ratio: Return per unit of downside risk	2.15	2.32	-0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.75	2.62	-0.87
Martin ratio: Return relative to average drawdown	6.60	8.40	-1.80
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. HBIL.TO - Sharpe Ratio Comparison

The current ZWA.TO Sharpe Ratio is 1.44, which is comparable to the HBIL.TO Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of ZWA.TO and HBIL.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.

Sharpe Ratios by Period

	ZWA.TO	HBIL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.51	-0.07
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	0.61	+0.01

Drawdowns

ZWA.TO vs. HBIL.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and HBIL.TO.

Drawdown Indicators

	ZWA.TO	HBIL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	-1.66%	-36.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-0.95%	-8.54%
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%	-0.38%	-0.37%
Average Drawdown Average peak-to-trough decline	-3.56%	-0.48%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	0.30%	+2.21%

Volatility

ZWA.TO vs. HBIL.TO - Volatility Comparison

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) has a higher volatility of 2.89% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.59%. This indicates that ZWA.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWA.TO	HBIL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	0.59%	+2.30%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	1.26%	+7.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	1.65%	+9.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.98%	2.03%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	2.03%	+14.98%

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

ZWA.TO has a 0.65% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.

Dividends

ZWA.TO vs. HBIL.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than HBIL.TO's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	6.52%	7.48%	2.58%	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

Can I hold both ZWA.TO and HBIL.TO in my portfolio?

ZWA.TO and HBIL.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for ZWA.TO.

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

They also come from different issuers: BMO Asset Management and Hamilton Capital. Their fees differ too: 0.65% for ZWA.TO and 0.35% for HBIL.TO.