ZWA.TO vs. MSTE.TO
ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and MSTE.TO (Harvest MicroStrategy Enhanced High Income Shares ETF) are both Derivative Income funds. ZWA.TO is passively managed, while MSTE.TO is actively managed. Over the past year, ZWA.TO returned 16.51% vs -81.13% for MSTE.TO. At a 0.32 correlation, their price movements are largely independent. ZWA.TO charges 0.65%/yr vs 0.40%/yr for MSTE.TO.
Performance
ZWA.TO vs. MSTE.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 MSTE.TO's -30.87% 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%
MSTE.TO
- 1D
- -6.79%
- 1M
- -37.92%
- YTD
- -30.87%
- 6M
- -44.85%
- 1Y
- -81.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWA.TO vs. MSTE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZWA.TO BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF | 3.75% | 10.29% |
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF | -30.87% | -71.22% |
Correlation
The correlation between ZWA.TO and MSTE.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025 | 0.32 |
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. MSTE.TO — Risk / Return Rank
ZWA.TO
MSTE.TO
ZWA.TO vs. MSTE.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 MicroStrategy Enhanced High Income Shares ETF (MSTE.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 | MSTE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.49 | ||
| Sortino ratioReturn per unit of downside risk | +4.55 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.74 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.95 | +2.69 |
| Martin ratioReturn relative to average drawdown | 6.60 | -1.33 | +7.93 |
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 | MSTE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | -1.05 | +2.49 |
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 | -0.86 | +1.48 |
Drawdowns
ZWA.TO vs. MSTE.TO - Drawdown Comparison
The maximum ZWA.TO drawdown since its inception was -38.29%, smaller than the maximum MSTE.TO drawdown of -85.88%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and MSTE.TO.
Loading charts...
Drawdown Indicators
| ZWA.TO | MSTE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -85.88% | +47.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -85.83% | +76.34% |
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% | -84.40% | +83.65% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -45.64% | +42.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 61.01% | -58.50% |
Volatility
ZWA.TO vs. MSTE.TO - Volatility Comparison
The current volatility for BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) is 2.89%, while Harvest MicroStrategy Enhanced High Income Shares ETF (MSTE.TO) has a volatility of 23.84%. This indicates that ZWA.TO experiences smaller price fluctuations and is considered to be less risky than MSTE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZWA.TO | MSTE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.89% | 23.84% | -20.95% |
Volatility (6M)Calculated over the trailing 6-month period | 8.87% | 63.51% | -54.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 77.59% | -66.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.98% | 84.79% | -70.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.01% | 84.79% | -67.78% |
ZWA.TO vs. MSTE.TO - Expense Ratio Comparison
ZWA.TO has a 0.65% expense ratio, which is higher than MSTE.TO's 0.40% expense ratio.
Dividends
ZWA.TO vs. MSTE.TO - Dividend Comparison
ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than MSTE.TO's 17.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTE.TO Harvest MicroStrategy Enhanced High Income Shares ETF | 17.24% | 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
ZWA.TO and MSTE.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MSTE.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MSTE.TO is cheaper with a 0.40% 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 0.40% for MSTE.TO.
Find the right allocation for ZWA.TO and MSTE.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