ZWC.TO vs. FCMI.TO

Last updated Jul 17, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and FCMI.TO (Fidelity Canadian Monthly High Income ETF) are both exchange-traded funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while FCMI.TO is a Canada Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, ZWC.TO returned 12.07%/yr vs 8.04%/yr for FCMI.TO. At a 0.19 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.50%/yr for FCMI.TO.

Performance

ZWC.TO vs. FCMI.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 Fidelity Canadian Monthly High Income ETF (FCMI.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 15.23% return, which is significantly higher than FCMI.TO's 9.25% return.

ZWC.TO

• 1D: 0.22%
• 1M: 1.64%
• 6M: 12.27%
• YTD: 15.23%
• 1Y: 30.45%
• 3Y*: 18.43%
• 5Y*: 12.07%
• 10Y*: —

FCMI.TO

• 1D: 0.00%
• 1M: -0.19%
• 6M: 7.41%
• YTD: 9.25%
• 1Y: 19.31%
• 3Y*: 13.93%
• 5Y*: 8.04%
• 10Y*: —

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

ZWC.TO vs. FCMI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZWC.TO BMO CA High Dividend Covered Call ETF	15.23%	22.79%	12.00%	7.54%	-3.53%	25.39%	-8.23%
FCMI.TO Fidelity Canadian Monthly High Income ETF	9.25%	15.02%	13.11%	5.49%	-5.32%	15.26%	-50.19%

Correlation

The correlation between ZWC.TO and FCMI.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.19

The correlation between ZWC.TO and FCMI.TO shifts across timeframes, from 0.19 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZWC.TO vs. FCMI.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: 96
ZWC.TO Sharpe Ratio Rank: 97
ZWC.TO Sortino Ratio Rank: 97
ZWC.TO Omega Ratio Rank: 96
ZWC.TO Calmar Ratio Rank: 93
ZWC.TO Martin Ratio Rank: 96

FCMI.TO

FCMI.TO Risk / Return Rank: 95
FCMI.TO Sharpe Ratio Rank: 95
FCMI.TO Sortino Ratio Rank: 96
FCMI.TO Omega Ratio Rank: 97
FCMI.TO Calmar Ratio Rank: 94
FCMI.TO Martin Ratio Rank: 94

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. FCMI.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 Fidelity Canadian Monthly High Income ETF (FCMI.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	FCMI.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.74	3.03	+0.71
Sortino ratio: Return per unit of downside risk	5.22	4.75	+0.46
Omega ratio: Gain probability vs. loss probability	1.69	1.80	-0.11
Calmar ratio: Return relative to maximum drawdown	5.11	5.36	-0.26
Martin ratio: Return relative to average drawdown	24.53	20.61	+3.92

ZWC.TO vs. FCMI.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.74, which is comparable to the FCMI.TO Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of ZWC.TO and FCMI.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.

Drawdowns

ZWC.TO vs. FCMI.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, smaller than the maximum FCMI.TO drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and FCMI.TO.

Drawdown Indicators

	ZWC.TO	FCMI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.57%	-63.80%	+23.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-3.62%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-6.63%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	-10.00%	-6.43%
Current Drawdown Current decline from peak	0.00%	-18.96%	+18.96%
Average Drawdown Average peak-to-trough decline	-4.64%	-41.60%	+36.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.94%	+0.30%

Volatility

ZWC.TO vs. FCMI.TO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 1.94%, while Fidelity Canadian Monthly High Income ETF (FCMI.TO) has a volatility of 2.10%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than FCMI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWC.TO	FCMI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	2.10%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	4.99%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	8.17%	6.39%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.16%	7.80%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	22.20%	-7.34%

ZWC.TO vs. FCMI.TO - Expense Ratio Comparison

ZWC.TO has a 0.91% expense ratio, which is higher than FCMI.TO's 0.50% expense ratio.

Dividends

ZWC.TO vs. FCMI.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.56%, more than FCMI.TO's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCMI.TO Fidelity Canadian Monthly High Income ETF	3.28%	3.38%	3.63%	4.09%	3.73%	2.76%	6.22%	0.00%	0.00%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.56%	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 FCMI.TO in my portfolio?

ZWC.TO and FCMI.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWC.TO or FCMI.TO?

On fees, FCMI.TO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWC.TO or FCMI.TO?

FCMI.TO is cheaper with a 0.50% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between ZWC.TO and FCMI.TO?

ZWC.TO is categorized as Derivative Income, while FCMI.TO is Canada Equities. They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.91% for ZWC.TO and 0.50% for FCMI.TO.