ZWC.TO vs. CMR.TO
ZWC.TO (BMO CA High Dividend Covered Call ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while CMR.TO is a Money Market fund actively managed by iShares. Both are actively managed. Over the past 5 years, ZWC.TO returned 11.75%/yr vs 3.02%/yr for CMR.TO. At a correlation of -0.01, they often move in opposite directions. ZWC.TO charges 0.91%/yr vs 0.13%/yr for CMR.TO.
Performance
ZWC.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWC.TO achieves a 13.92% return, which is significantly higher than CMR.TO's 1.23% return.
ZWC.TO
- 1D
- 0.40%
- 1M
- 1.12%
- 6M
- 12.33%
- YTD
- 13.92%
- 1Y
- 28.83%
- 3Y*
- 17.87%
- 5Y*
- 11.75%
- 10Y*
- —
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.15%
- YTD
- 1.23%
- 1Y
- 2.46%
- 3Y*
- 3.69%
- 5Y*
- 3.02%
- 10Y*
- 1.93%
ZWC.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWC.TO BMO CA High Dividend Covered Call ETF | 13.92% | 22.79% | 12.00% | 7.54% | -3.53% | 25.39% | -6.92% | 17.32% | -10.05% | 7.34% |
CMR.TO iShares Premium Money Market ETF | 1.23% | 2.78% | 4.70% | 4.70% | 1.72% | 0.01% | 0.47% | 1.63% | 1.29% | 0.58% |
Correlation
The correlation between ZWC.TO and CMR.TO is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017 | -0.01 |
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Return for Risk
ZWC.TO vs. CMR.TO — Risk / Return Rank
ZWC.TO
CMR.TO
ZWC.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO CA High Dividend Covered Call ETF (ZWC.TO) and iShares Premium Money Market ETF (CMR.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZWC.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.73 | ||
| Sortino ratioReturn per unit of downside risk | -33.55 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 13.16 | -11.50 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 123.47 | -118.63 |
| Martin ratioReturn relative to average drawdown | 23.22 | 564.92 | -541.71 |
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Drawdowns
ZWC.TO vs. CMR.TO - Drawdown Comparison
The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and CMR.TO.
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Drawdown Indicators
| ZWC.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.57% | -0.52% | -40.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -0.02% | -5.97% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -0.04% | -9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | -0.04% | -16.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.14% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -0.01% | -4.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 0.00% | +1.25% |
Volatility
ZWC.TO vs. CMR.TO - Volatility Comparison
BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 1.94% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that ZWC.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWC.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.94% | 0.05% | +1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 7.01% | 0.15% | +6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.17% | 0.20% | +7.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.15% | 0.27% | +9.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.87% | 0.27% | +14.60% |
ZWC.TO vs. CMR.TO - Expense Ratio Comparison
ZWC.TO has a 0.91% expense ratio, which is higher than CMR.TO's 0.13% expense ratio.
Dividends
ZWC.TO vs. CMR.TO - Dividend Comparison
ZWC.TO's dividend yield for the trailing twelve months is around 5.62%, more than CMR.TO's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.45% | 2.81% | 4.56% | 4.64% | 1.63% | 0.01% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 5.62% | 5.92% | 6.73% | 7.62% | 7.01% | 6.60% | 8.15% | 6.92% | 7.11% | 5.46% | 0.00% | 0.00% |
Frequently Asked Questions
ZWC.TO and CMR.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.13% expense ratio, compared with 0.91% for ZWC.TO.
ZWC.TO is categorized as Derivative Income, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.91% for ZWC.TO and 0.13% for CMR.TO.
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