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ZWC.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWC.TO vs. HBIL-U.TO

Last updated Jul 17, 2026
Documentation

ZWC.TO (BMO CA High Dividend Covered Call ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both exchange-traded funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while HBIL-U.TO is a Government Bonds fund actively managed by Hamilton. Both are actively managed. Over the past year, ZWC.TO returned 30.45% vs 6.47% for HBIL-U.TO. At a 0.04 correlation, their price movements are largely independent.

Performance

ZWC.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZWC.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWC.TO achieves a 15.23% return, which is significantly higher than HBIL-U.TO's 3.86% 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*
—

HBIL-U.TO

1D
-0.10%
1M
0.03%
6M
2.17%
YTD
3.86%
1Y
6.47%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWC.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZWC.TO
BMO CA High Dividend Covered Call ETF		15.23%22.79%1.15%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZWC.TO and HBIL-U.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 (All Time)
Calculated using the full available price history since Sep 16, 2024

0.04

Compare stocks, funds, or ETFs

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BMO CA High Dividend Covered Call ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

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 HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. ZPL.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TO

Return for Risk

ZWC.TO vs. HBIL-U.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: 9696
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8686
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9191
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8787
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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
3.74
1.39

+2.36

Sortino ratioReturn per unit of downside risk
5.22
1.99

+3.23

Omega ratioGain probability vs. loss probability

1.69

1.25

+0.45

Calmar ratioReturn relative to maximum drawdown

5.11

1.62

+3.49

Martin ratioReturn relative to average drawdown

24.53

4.12

+20.41

ZWC.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.74, which is higher than the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ZWC.TO and HBIL-U.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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Drawdowns

ZWC.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and HBIL-U.TO.

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Drawdown Indicators

ZWC.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.57%

-6.68%

-33.89%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-4.01%

-1.98%

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

0.00%

-2.20%

+2.20%

Average Drawdown

Average peak-to-trough decline

-4.64%

-2.26%

-2.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.24%

1.57%

-0.33%

Volatility

ZWC.TO vs. HBIL-U.TO - Volatility Comparison

BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 1.94% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that ZWC.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.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.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.94%

1.82%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

6.99%

3.60%

+3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

8.17%

4.68%

+3.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.16%

5.85%

+4.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.86%

5.85%

+9.01%

Dividends

ZWC.TO vs. HBIL-U.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.56%, less than HBIL-U.TO's 6.75% yield.

PositionTTM202520242023202220212020201920182017
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.75%7.37%2.40%0.00%0.00%0.00%0.00%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

ZWC.TO and HBIL-U.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.

ZWC.TO is categorized as Derivative Income, while HBIL-U.TO is Government Bonds. They also come from different issuers: BMO and Hamilton.

Portfolio Optimizer

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