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ZWC.TO vs. ENB-PP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWC.TO vs. ENB-PP.TO

Last updated Jun 4, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) is Derivative Income fund actively managed by BMO, while ENB-PP.TO (Enbridge Inc.) is a stock. Over the past 5 years, ZWC.TO returned 11.09%/yr vs 11.57%/yr for ENB-PP.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

ZWC.TO vs. ENB-PP.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 Enbridge Inc. (ENB-PP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZWC.TO achieves a 11.12% return, which is significantly higher than ENB-PP.TO's 10.18% 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*
—

ENB-PP.TO

1D
-0.50%
1M
2.03%
YTD
10.18%
6M
11.51%
1Y
25.54%
3Y*
23.24%
5Y*
11.57%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWC.TO vs. ENB-PP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ENB-PP.TO
Enbridge Inc.		10.18%19.26%30.47%14.74%-16.47%46.72%-3.99%6.63%-15.91%10.21%

Correlation

The correlation between ZWC.TO and ENB-PP.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.20

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

0.26

Correlation (All Time)
Calculated using the full available price history since Feb 13, 2017

0.29

The correlation between ZWC.TO and ENB-PP.TO shifts across timeframes, from 0.15 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

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BMO CA High Dividend Covered Call ETF

Enbridge Inc.

Often compared with ZWC.TO:
ZWC.TO vs. ZWB.TOZWC.TO vs. VDY.TOZWC.TO vs. HDIV.TOZWC.TO vs. XEI.TOZWC.TO vs. ZDV.TOZWC.TO vs. ZWH.TOZWC.TO vs. HMAX.TO
Often compared with ENB-PP.TO:
ENB-PP.TO vs. ENB-PD.TOENB-PP.TO vs. T.TOENB-PP.TO vs. BNS.TOENB-PP.TO vs. ENBENB-PP.TO vs. XEI.TOENB-PP.TO vs. ZWB.TOENB-PP.TO vs. XIU.TO

Return for Risk

ZWC.TO vs. ENB-PP.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: 9292
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9494
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
ENB-PP.TO
ENB-PP.TO Risk / Return Rank: 9696
Overall Rank
ENB-PP.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ENB-PP.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ENB-PP.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ENB-PP.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
ENB-PP.TO Martin Ratio Rank: 9797
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.

ZWC.TO vs. ENB-PP.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 Enbridge Inc. (ENB-PP.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.TOENB-PP.TODifference

Sharpe ratio

Return per unit of total volatility

3.61

3.57

+0.04

Sortino ratio

Return per unit of downside risk

5.11

5.50

-0.40

Omega ratio

Gain probability vs. loss probability

1.69

1.74

-0.05

Calmar ratio

Return relative to maximum drawdown

4.71

6.04

-1.34

Martin ratio

Return relative to average drawdown

23.23

26.54

-3.31

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. ENB-PP.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.61, which is comparable to the ENB-PP.TO Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of ZWC.TO and ENB-PP.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.

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Sharpe Ratios by Period

ZWC.TOENB-PP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.61

3.57

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

0.92

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.67

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.35

+0.21

Drawdowns

ZWC.TO vs. ENB-PP.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, smaller than the maximum ENB-PP.TO drawdown of -50.40%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and ENB-PP.TO.

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Drawdown Indicators

ZWC.TOENB-PP.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.57%

-50.40%

+9.83%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-4.25%

-1.74%

Max Drawdown (3Y)

Largest decline over 3 years

-9.09%

-10.83%

+1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-16.43%

-24.75%

+8.32%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.40%

—

Current Drawdown

Current decline from peak

-0.97%

-0.99%

+0.02%

Average Drawdown

Average peak-to-trough decline

-4.69%

-10.97%

+6.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

0.96%

+0.25%

Volatility

ZWC.TO vs. ENB-PP.TO - Volatility Comparison

BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 2.40% compared to Enbridge Inc. (ENB-PP.TO) at 1.77%. This indicates that ZWC.TO's price experiences larger fluctuations and is considered to be riskier than ENB-PP.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.TOENB-PP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.40%

1.77%

+0.63%

Volatility (6M)

Calculated over the trailing 6-month period

6.77%

4.57%

+2.20%

Volatility (1Y)

Calculated over the trailing 1-year period

7.80%

7.20%

+0.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.13%

12.68%

-2.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.94%

17.34%

-2.40%

Dividends

ZWC.TO vs. ENB-PP.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, less than ENB-PP.TO's 6.13% yield.

PositionTTM20252024202320222021202020192018201720162015
ENB-PP.TO
Enbridge Inc.		6.13%6.55%6.81%6.54%7.02%5.52%7.62%6.60%6.15%4.92%5.59%5.93%
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

ZWC.TO and ENB-PP.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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