ZWC.TO vs. DXQ.TO
ZWC.TO (BMO CA High Dividend Covered Call ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZWC.TO returned 18.42%/yr vs 17.51%/yr for DXQ.TO. At a 0.34 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.72%/yr for DXQ.TO.
Performance
ZWC.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWC.TO achieves a 11.81% return, which is significantly higher than DXQ.TO's 7.63% return.
ZWC.TO
- 1D
- -0.75%
- 1M
- -0.35%
- YTD
- 11.81%
- 6M
- 11.95%
- 1Y
- 28.30%
- 3Y*
- 18.42%
- 5Y*
- 11.34%
- 10Y*
- —
DXQ.TO
- 1D
- -0.25%
- 1M
- 0.61%
- YTD
- 7.63%
- 6M
- 7.76%
- 1Y
- 17.05%
- 3Y*
- 17.51%
- 5Y*
- —
- 10Y*
- —
ZWC.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZWC.TO BMO CA High Dividend Covered Call ETF | 11.81% | 22.79% | 12.00% | 7.54% | -1.86% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.63% | 12.99% | 21.07% | 20.08% | 3.57% |
Correlation
The correlation between ZWC.TO and DXQ.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 (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2022 | 0.34 |
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Return for Risk
ZWC.TO vs. DXQ.TO — Risk / Return Rank
ZWC.TO
DXQ.TO
ZWC.TO vs. DXQ.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 Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.35 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.75 | 3.35 | +1.40 |
| Martin ratioReturn relative to average drawdown | 23.11 | 9.30 | +13.81 |
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Drawdowns
ZWC.TO vs. DXQ.TO - Drawdown Comparison
The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and DXQ.TO.
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Drawdown Indicators
| ZWC.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.57% | -15.54% | -25.03% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -5.11% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -15.54% | +6.45% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | — | — |
Current DrawdownCurrent decline from peak | -1.37% | -1.63% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -1.26% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.84% | -0.61% |
Volatility
ZWC.TO vs. DXQ.TO - Volatility Comparison
The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 2.65%, while Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) has a volatility of 3.10%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 3.10% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 7.56% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.13% | 9.36% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.16% | 10.93% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.90% | 10.93% | +3.97% |
ZWC.TO vs. DXQ.TO - Expense Ratio Comparison
ZWC.TO has a 0.91% expense ratio, which is higher than DXQ.TO's 0.72% expense ratio.
Dividends
ZWC.TO vs. DXQ.TO - Dividend Comparison
ZWC.TO's dividend yield for the trailing twelve months is around 5.61%, less than DXQ.TO's 7.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.71% | 7.45% | 5.74% | 6.54% | 1.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 5.61% | 5.92% | 6.73% | 7.62% | 7.01% | 6.60% | 8.15% | 6.92% | 7.11% | 5.46% |
Frequently Asked Questions
ZWC.TO and DXQ.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, DXQ.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXQ.TO is cheaper with a 0.72% expense ratio, compared with 0.91% for ZWC.TO.
They also come from different issuers: BMO and Dynamic. Their fees differ too: 0.91% for ZWC.TO and 0.72% for DXQ.TO.
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