ZWC.TO vs. HMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO CA High Dividend Covered Call ETF (ZWC.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO).

ZWC.TO and HMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWC.TO is an actively managed fund by BMO. It was launched on Feb 3, 2017. HMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jan 20, 2023.

Performance

ZWC.TO vs. HMAX.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 Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
ZWC.TO BMO CA High Dividend Covered Call ETF	6.38%	22.79%	12.00%	1.33%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	-3.41%	27.20%	20.65%	0.77%

Returns By Period

In the year-to-date period, ZWC.TO achieves a 6.38% return, which is significantly higher than HMAX.TO's -3.41% return.

ZWC.TO

• 1D: 1.51%
• 1M: -1.96%
• YTD: 6.38%
• 6M: 12.84%
• 1Y: 27.26%
• 3Y*: 15.07%
• 5Y*: 11.59%
• 10Y*: —

HMAX.TO

• 1D: 0.00%
• 1M: -4.99%
• YTD: -3.41%
• 6M: 5.24%
• 1Y: 25.73%
• 3Y*: 16.11%
• 5Y*: —
• 10Y*: —

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

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

ZWC.TO has a 0.91% expense ratio, which is higher than HMAX.TO's 0.65% expense ratio.

ZWC.TO

BMO CA High Dividend Covered Call ETF

HMAX.TO

Hamilton Canadian Financials YIELD MAXIMIZER ETF

Return for Risk

ZWC.TO vs. HMAX.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: 97
ZWC.TO Calmar Ratio Rank: 92
ZWC.TO Martin Ratio Rank: 96

HMAX.TO

HMAX.TO Risk / Return Rank: 93
HMAX.TO Sharpe Ratio Rank: 93
HMAX.TO Sortino Ratio Rank: 93
HMAX.TO Omega Ratio Rank: 94
HMAX.TO Calmar Ratio Rank: 91
HMAX.TO Martin Ratio Rank: 92

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. HMAX.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 Canadian Financials YIELD MAXIMIZER ETF (HMAX.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.TO	HMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	2.70	2.10	+0.60
Sortino ratio Return per unit of downside risk	3.45	2.76	+0.68
Omega ratio Gain probability vs. loss probability	1.58	1.43	+0.15
Calmar ratio Return relative to maximum drawdown	3.15	2.97	+0.19
Martin ratio Return relative to average drawdown	16.47	12.60	+3.87
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. HMAX.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 2.70, which is comparable to the HMAX.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of ZWC.TO and HMAX.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZWC.TO	HMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.10	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.19	-0.66

Correlation

The correlation between ZWC.TO and HMAX.TO is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZWC.TO vs. HMAX.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.72%, less than HMAX.TO's 12.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZWC.TO BMO CA High Dividend Covered Call ETF	5.72%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%
HMAX.TO Hamilton Canadian Financials YIELD MAXIMIZER ETF	12.91%	12.29%	14.08%	15.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ZWC.TO vs. HMAX.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and HMAX.TO.

Drawdown Indicators

	ZWC.TO	HMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-40.57%	-15.34%	-25.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-9.02%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	—	—
Current Drawdown Current decline from peak	-2.63%	-6.53%	+3.90%
Average Drawdown Average peak-to-trough decline	-4.76%	-3.07%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.13%	-0.42%

Volatility

ZWC.TO vs. HMAX.TO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 3.93%, while Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) has a volatility of 4.69%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than HMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWC.TO	HMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.69%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	6.60%	7.76%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	12.33%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.09%	11.37%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	11.37%	+3.67%