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

ZWC.TO vs. HBIL.TO

Last updated Jun 4, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both Derivative Income funds. Both are actively managed. Over the past year, ZWC.TO returned 28.05% vs 2.87% for HBIL.TO. At a 0.17 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.35%/yr for HBIL.TO.

Performance

ZWC.TO vs. HBIL.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 (CAD Hedged) (HBIL.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 HBIL.TO's 0.59% 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*
—

HBIL.TO

1D
0.00%
1M
0.23%
YTD
0.59%
6M
0.53%
1Y
2.87%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
ZWC.TO
BMO CA High Dividend Covered Call ETF		11.12%22.79%0.76%
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)		0.59%3.05%-1.40%

Correlation

The correlation between ZWC.TO and HBIL.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

Correlation (All Time)
Calculated using the full available price history since Sep 17, 2024

0.17

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO CA High Dividend Covered Call ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)

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.TO:
HBIL.TO vs. HBND.TOHBIL.TO vs. SGOVHBIL.TO vs. CBIL.TOHBIL.TO vs. TLTHBIL.TO vs. HYLD-U.TOHBIL.TO vs. ZWP.TOHBIL.TO vs. UMAX.TO

Return for Risk

ZWC.TO vs. HBIL.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
HBIL.TO
HBIL.TO Risk / Return Rank: 5656
Overall Rank
HBIL.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
HBIL.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
HBIL.TO Omega Ratio Rank: 5656
Omega Ratio Rank
HBIL.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
HBIL.TO Martin Ratio Rank: 5656
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.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 (CAD Hedged) (HBIL.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.TOHBIL.TODifference

Sharpe ratio

Return per unit of total volatility

3.61

1.74

+1.87

Sortino ratio

Return per unit of downside risk

5.11

2.71

+2.39

Omega ratio

Gain probability vs. loss probability

1.69

1.34

+0.35

Calmar ratio

Return relative to maximum drawdown

4.71

3.03

+1.68

Martin ratio

Return relative to average drawdown

23.23

9.74

+13.49

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. HBIL.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.61, which is higher than the HBIL.TO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ZWC.TO and HBIL.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.TOHBIL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.61

1.74

+1.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.64

-0.08

Drawdowns

ZWC.TO vs. HBIL.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than HBIL.TO's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and HBIL.TO.

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Drawdown Indicators

ZWC.TOHBIL.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.57%

-1.69%

-38.88%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-0.95%

-5.04%

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

-0.97%

-0.31%

-0.66%

Average Drawdown

Average peak-to-trough decline

-4.69%

-0.48%

-4.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

0.30%

+0.91%

Volatility

ZWC.TO vs. HBIL.TO - Volatility Comparison

BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 2.40% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.62%. This indicates that ZWC.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.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.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.40%

0.62%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

6.77%

1.24%

+5.53%

Volatility (1Y)

Calculated over the trailing 1-year period

7.80%

1.66%

+6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.13%

2.03%

+8.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.94%

2.03%

+12.91%

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

ZWC.TO has a 0.91% expense ratio, which is higher than HBIL.TO's 0.35% expense ratio.

Dividends

ZWC.TO vs. HBIL.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, less than HBIL.TO's 6.52% yield.

PositionTTM202520242023202220212020201920182017
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)		6.52%7.49%2.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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%

Frequently Asked Questions

ZWC.TO and HBIL.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HBIL.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HBIL.TO is cheaper with a 0.35% expense ratio, compared with 0.91% for ZWC.TO.

They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.91% for ZWC.TO and 0.35% for HBIL.TO.

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