ZWA.TO vs. HPYT.TO
ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and HPYT.TO (Harvest Premium Yield Treasury ETF A) are both Derivative Income funds. ZWA.TO is passively managed, while HPYT.TO is actively managed. Over the past year, ZWA.TO returned 16.51% vs 3.10% for HPYT.TO. At a 0.20 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 0.45%/yr for HPYT.TO.
Performance
ZWA.TO vs. HPYT.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly higher than HPYT.TO's -0.67% 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%
HPYT.TO
- 1D
- -0.63%
- 1M
- -1.00%
- YTD
- -0.67%
- 6M
- -1.26%
- 1Y
- 3.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWA.TO vs. HPYT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZWA.TO BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF | 3.75% | 10.55% | 12.02% | 9.02% |
HPYT.TO Harvest Premium Yield Treasury ETF A | -0.67% | 4.39% | -5.96% | 4.46% |
Correlation
The correlation between ZWA.TO and HPYT.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.20 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZWA.TO vs. HPYT.TO — Risk / Return Rank
ZWA.TO
HPYT.TO
ZWA.TO vs. HPYT.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 Premium Yield Treasury ETF A (HPYT.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 | HPYT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.07 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 0.47 | +1.28 |
| Martin ratioReturn relative to average drawdown | 6.60 | 1.27 | +5.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZWA.TO | HPYT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 0.39 | +1.06 |
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 | 0.06 | +0.56 |
Drawdowns
ZWA.TO vs. HPYT.TO - Drawdown Comparison
The maximum ZWA.TO drawdown since its inception was -38.29%, which is greater than HPYT.TO's maximum drawdown of -13.17%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and HPYT.TO.
Loading charts...
Drawdown Indicators
| ZWA.TO | HPYT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -13.17% | -25.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -6.61% | -2.88% |
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 DrawdownCurrent decline from peak | -0.75% | -7.68% | +6.93% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -5.86% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 2.46% | +0.05% |
Volatility
ZWA.TO vs. HPYT.TO - Volatility Comparison
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) and Harvest Premium Yield Treasury ETF A (HPYT.TO) have volatilities of 2.89% and 2.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZWA.TO | HPYT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.89% | 2.76% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 8.87% | 5.68% | +3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 8.02% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.98% | 10.87% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.01% | 10.87% | +6.14% |
ZWA.TO vs. HPYT.TO - Expense Ratio Comparison
ZWA.TO has a 0.65% expense ratio, which is higher than HPYT.TO's 0.45% expense ratio.
Dividends
ZWA.TO vs. HPYT.TO - Dividend Comparison
ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than HPYT.TO's 17.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HPYT.TO Harvest Premium Yield Treasury ETF A | 17.47% | 18.87% | 18.61% | 3.71% | 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
ZWA.TO and HPYT.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HPYT.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPYT.TO is cheaper with a 0.45% expense ratio, compared with 0.65% for ZWA.TO.
They also come from different issuers: BMO Asset Management and Harvest. Their fees differ too: 0.65% for ZWA.TO and 0.45% for HPYT.TO.
Find the right allocation for ZWA.TO and HPYT.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer