PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZWA.TO vs. ZWU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWA.TO vs. ZWU.TO

Last updated Jun 6, 2026

ZWA.TO (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZWA.TO is a Derivative Income fund tracking the Dow Jones Industrial Average, while ZWU.TO is a Utilities Equities fund actively managed by BMO. ZWA.TO is passively managed, while ZWU.TO is actively managed. Over the past 10 years, ZWA.TO returned 9.72%/yr vs 6.03%/yr for ZWU.TO. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZWA.TO vs. ZWU.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 BMO Covered Call Utilities ETF (ZWU.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZWA.TO achieves a 3.75% return, which is significantly lower than ZWU.TO's 10.71% return. Over the past 10 years, ZWA.TO has outperformed ZWU.TO with an annualized return of 9.72%, while ZWU.TO has yielded a comparatively lower 6.03% 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%

ZWU.TO

1D
0.25%
1M
0.67%
YTD
10.71%
6M
10.71%
1Y
16.70%
3Y*
10.98%
5Y*
6.44%
10Y*
6.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWA.TO vs. ZWU.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%
ZWU.TO
BMO Covered Call Utilities ETF		10.71%13.18%10.97%-2.79%-3.88%15.80%-7.09%23.48%-5.73%5.63%

Correlation

The correlation between ZWA.TO and ZWU.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.06

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

0.27

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

0.39

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

0.43

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

0.46

Over the past year, the correlation between ZWA.TO and ZWU.TO has dropped to 0.06 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

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

Sectors
ZWA.TO
ZWU.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%
25.8%

Communication Services

1.9%
21.5%

Real Estate

-

-

Utilities

-

52.7%

Financial Services

ZWA.TO
27.0%
ZWU.TO

-

Industrials

ZWA.TO
17.8%
ZWU.TO

-

Technology

ZWA.TO
17.6%
ZWU.TO

-

Healthcare

ZWA.TO
13.0%
ZWU.TO

-

Consumer Cyclical

ZWA.TO
11.8%
ZWU.TO

-

Consumer Defensive

ZWA.TO
4.4%
ZWU.TO

-

Basic Materials

ZWA.TO
4.2%
ZWU.TO

-

Energy

ZWA.TO
2.3%
ZWU.TO
25.8%

Communication Services

ZWA.TO
1.9%
ZWU.TO
21.5%

Real Estate

ZWA.TO

-

ZWU.TO

-

Utilities

ZWA.TO

-

ZWU.TO
52.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

BMO Covered Call Utilities 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 ZWU.TO:
ZWU.TO vs. ZUT.TOZWU.TO vs. UMAX.TOZWU.TO vs. UTES.TOZWU.TO vs. ZWC.TOZWU.TO vs. HUTE.TOZWU.TO vs. PAYF.TOZWU.TO vs. SYLD.TO

Return for Risk

ZWA.TO vs. ZWU.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
ZWU.TO
ZWU.TO Risk / Return Rank: 7272
Overall Rank
ZWU.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 7272
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 5959
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. ZWU.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 BMO Covered Call Utilities ETF (ZWU.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.TOZWU.TODifference
Sharpe ratioReturn per unit of total volatility
1.44
2.22

-0.78

Sortino ratioReturn per unit of downside risk
2.15
3.25

-1.10

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

1.75

3.45

-1.70

Martin ratioReturn relative to average drawdown

6.60

9.69

-3.10

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. ZWU.TO - Sharpe Ratio Comparison

The current ZWA.TO Sharpe Ratio is 1.44, which is lower than the ZWU.TO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZWA.TO and ZWU.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.

Loading charts...

Sharpe Ratios by Period

ZWA.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.22

-0.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.62

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.43

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

0.42

+0.20

Drawdowns

ZWA.TO vs. ZWU.TO - Drawdown Comparison

The maximum ZWA.TO drawdown since its inception was -38.29%, roughly equal to the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZWA.TO and ZWU.TO.

Loading charts...

Drawdown Indicators

ZWA.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-37.41%

-0.88%

Max Drawdown (1Y)

Largest decline over 1 year

-9.49%

-4.86%

-4.63%

Max Drawdown (3Y)

Largest decline over 3 years

-17.77%

-12.85%

-4.92%

Max Drawdown (5Y)

Largest decline over 5 years

-19.68%

-23.36%

+3.68%

Max Drawdown (10Y)

Largest decline over 10 years

-38.29%

-37.41%

-0.88%

Current Drawdown

Current decline from peak

-0.75%

-1.81%

+1.06%

Average Drawdown

Average peak-to-trough decline

-3.56%

-5.38%

+1.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

1.73%

+0.78%

Volatility

ZWA.TO vs. ZWU.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 BMO Covered Call Utilities ETF (ZWU.TO) at 2.68%. This indicates that ZWA.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZWA.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

2.68%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

6.24%

+2.63%

Volatility (1Y)

Calculated over the trailing 1-year period

11.48%

7.56%

+3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

10.46%

+3.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

14.17%

+2.84%

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

Both ZWA.TO and ZWU.TO have an expense ratio of 0.65%.

Dividends

ZWA.TO vs. ZWU.TO - Dividend Comparison

ZWA.TO's dividend yield for the trailing twelve months is around 5.65%, less than ZWU.TO's 7.06% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWU.TO
BMO Covered Call Utilities ETF		7.06%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Frequently Asked Questions

ZWA.TO and ZWU.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZWA.TO and ZWU.TO have the same expense ratio: 0.65% per year.

ZWA.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities. They also come from different issuers: BMO Asset Management and BMO.

Portfolio Optimizer

Find the right allocation for ZWA.TO and ZWU.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