ZWC.TO vs. EMCL.NEO

Last updated Jun 25, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and EMCL.NEO (Global X Enhanced MSCI Emerging Markets Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZWC.TO returned 28.30% vs 47.60% for EMCL.NEO. At a 0.31 correlation, their price movements are largely independent.

Performance

ZWC.TO vs. EMCL.NEO - 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 Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWC.TO achieves a 11.81% return, which is significantly lower than EMCL.NEO's 26.93% 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*: —

EMCL.NEO

• 1D: 0.27%
• 1M: 3.04%
• YTD: 26.93%
• 6M: 28.29%
• 1Y: 47.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWC.TO vs. EMCL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZWC.TO BMO CA High Dividend Covered Call ETF	11.81%	22.79%	7.03%
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	26.93%	20.46%	3.66%

Correlation

The correlation between ZWC.TO and EMCL.NEO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 29, 2024	0.31

ZWC.TO vs. EMCL.NEO - Sectors Allocation Comparison

Sectors	ZWC.TO	EMCL.NEO
Financial Services	39.1%	19.8%
Energy	23.4%	4.2%
Basic Materials	12.1%	7.0%
Utilities	8.9%	2.1%
Communication Services	6.4%	6.5%
Industrials	4.7%	7.8%
Consumer Cyclical	3.9%	6.3%
Consumer Defensive	1.4%	2.8%
Healthcare	-	2.2%
Real Estate	-	1.1%
Technology	-	40.3%

Return for Risk

ZWC.TO vs. EMCL.NEO — 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: 94
ZWC.TO Sharpe Ratio Rank: 95
ZWC.TO Sortino Ratio Rank: 96
ZWC.TO Omega Ratio Rank: 95
ZWC.TO Calmar Ratio Rank: 89
ZWC.TO Martin Ratio Rank: 94

EMCL.NEO

EMCL.NEO Risk / Return Rank: 78
EMCL.NEO Sharpe Ratio Rank: 78
EMCL.NEO Sortino Ratio Rank: 67
EMCL.NEO Omega Ratio Rank: 84
EMCL.NEO Calmar Ratio Rank: 81
EMCL.NEO Martin Ratio Rank: 79

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. EMCL.NEO - 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 Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO). 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	EMCL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	3.50	2.18	+1.31
Sortino ratio: Return per unit of downside risk	4.88	2.68	+2.21
Omega ratio: Gain probability vs. loss probability	1.65	1.45	+0.20
Calmar ratio: Return relative to maximum drawdown	4.75	3.74	+1.01
Martin ratio: Return relative to average drawdown	23.11	13.41	+9.70

ZWC.TO vs. EMCL.NEO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.50, which is higher than the EMCL.NEO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of ZWC.TO and EMCL.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZWC.TO vs. EMCL.NEO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than EMCL.NEO's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and EMCL.NEO.

Drawdown Indicators

	ZWC.TO	EMCL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-40.57%	-19.73%	-20.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-13.12%	+7.13%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	—	—
Current Drawdown Current decline from peak	-1.37%	-4.65%	+3.28%
Average Drawdown Average peak-to-trough decline	-4.66%	-2.57%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	3.61%	-2.38%

Volatility

ZWC.TO vs. EMCL.NEO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 2.65%, while Global X Enhanced MSCI Emerging Markets Covered Call ETF (EMCL.NEO) has a volatility of 12.60%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than EMCL.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWC.TO	EMCL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	12.60%	-9.95%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	20.76%	-13.72%
Volatility (1Y) Calculated over the trailing 1-year period	8.13%	22.56%	-14.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.16%	23.02%	-12.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	23.02%	-8.12%

Dividends

ZWC.TO vs. EMCL.NEO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.61%, less than EMCL.NEO's 10.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCL.NEO Global X Enhanced MSCI Emerging Markets Covered Call ETF	10.20%	9.86%	3.10%	0.00%	0.00%	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

Can I hold both ZWC.TO and EMCL.NEO in my portfolio?

ZWC.TO and EMCL.NEO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZWC.TO and EMCL.NEO?

They also come from different issuers: BMO and Global X.