ZWC.TO vs. EIT-UN.TO

Last updated Jun 4, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and EIT-UN.TO (Canoe EIT Income Fund) are both funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while EIT-UN.TO is a Diversified Portfolio fund actively managed by Canoe. Both are actively managed. Over the past 5 years, ZWC.TO returned 11.09%/yr vs 131.16%/yr for EIT-UN.TO. A 0.54 correlation means they provide meaningful diversification when combined. ZWC.TO charges 0.91%/yr vs 1.10%/yr for EIT-UN.TO.

Performance

ZWC.TO vs. EIT-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO CA High Dividend Covered Call ETF (ZWC.TO) and Canoe EIT Income Fund (EIT-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWC.TO achieves a 11.12% return, which is significantly lower than EIT-UN.TO's 27.79% return.

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

EIT-UN.TO

• 1D: 23.25%
• 1M: 24.15%
• YTD: 27.79%
• 6M: 33.97%
• 1Y: 25.62%
• 3Y*: 22.10%
• 5Y*: 131.16%
• 10Y*: 118.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWC.TO vs. EIT-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	12.00%	7.54%	-3.54%	25.39%	-6.92%	17.32%	-10.05%	7.34%
EIT-UN.TO Canoe EIT Income Fund	27.79%	3.45%	28.25%	5.94%	10.49%	4,164.28%	1,973.94%	12.45%	-3.08%	9.11%

Correlation

The correlation between ZWC.TO and EIT-UN.TO is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 13, 2017	0.54

Over the past year, the correlation between ZWC.TO and EIT-UN.TO has dropped to 0.02 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

ZWC.TO vs. EIT-UN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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.

ZWC.TO vs. EIT-UN.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 Canoe EIT Income Fund (EIT-UN.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.

	ZWC.TO	EIT-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.61	1.00	+2.61
Sortino ratio: Return per unit of downside risk	5.11	2.53	+2.57
Omega ratio: Gain probability vs. loss probability	1.69	3.53	-1.84
Calmar ratio: Return relative to maximum drawdown	4.71	—	—
Martin ratio: Return relative to average drawdown	23.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWC.TO vs. EIT-UN.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.61, which is higher than the EIT-UN.TO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of ZWC.TO and EIT-UN.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.

Sharpe Ratios by Period

	ZWC.TO	EIT-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	1.00	+2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	0.11	+0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.00	+0.56

Drawdowns

ZWC.TO vs. EIT-UN.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, smaller than the maximum EIT-UN.TO drawdown of -56.65%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and EIT-UN.TO.

Drawdown Indicators

	ZWC.TO	EIT-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.57%	-56.65%	+16.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	0.00%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-10.73%	+1.64%
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	-15.57%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.36%	—
Current Drawdown Current decline from peak	-0.97%	0.00%	-0.97%
Average Drawdown Average peak-to-trough decline	-4.69%	-3.87%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	6.16%	-4.95%

Volatility

ZWC.TO vs. EIT-UN.TO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 2.40%, while Canoe EIT Income Fund (EIT-UN.TO) has a volatility of 20.88%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than EIT-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWC.TO	EIT-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	20.88%	-18.48%
Volatility (6M) Calculated over the trailing 6-month period	6.77%	21.29%	-14.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	25.85%	-18.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	1,193.88%	-1,183.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	1,020.22%	-1,005.28%

ZWC.TO vs. EIT-UN.TO - Expense Ratio Comparison

ZWC.TO has a 0.91% expense ratio, which is lower than EIT-UN.TO's 1.10% expense ratio.

Dividends

ZWC.TO vs. EIT-UN.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, less than EIT-UN.TO's 10.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIT-UN.TO Canoe EIT Income Fund	10.19%	12.56%	7.90%	9.29%	8.97%	104.98%	108.64%	11.53%	11.62%	11.01%	10.06%	10.71%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	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

Can I hold both ZWC.TO and EIT-UN.TO in my portfolio?

ZWC.TO and EIT-UN.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.