ZWC.TO vs. SDAY.NEO

Last updated Jun 4, 2026

ZWC.TO (BMO CA High Dividend Covered Call ETF) and SDAY.NEO (Hamilton Enhanced U.S. Equity DayMAX™ ETF) are both Derivative Income funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. ZWC.TO charges 0.91%/yr vs 0.85%/yr for SDAY.NEO.

Performance

ZWC.TO vs. SDAY.NEO - 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 Enhanced U.S. Equity DayMAX™ ETF (SDAY.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWC.TO achieves a 11.12% return, which is significantly higher than SDAY.NEO's 9.14% 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*: —

SDAY.NEO

• 1D: 0.77%
• 1M: 3.97%
• YTD: 9.14%
• 6M: 6.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWC.TO vs. SDAY.NEO - Yearly Performance Comparison

	2026 (YTD)	2025
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	12.79%
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF	9.14%	4.48%

Correlation

The correlation between ZWC.TO and SDAY.NEO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.54

Return for Risk

ZWC.TO vs. SDAY.NEO — 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: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.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. SDAY.NEO - 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 Enhanced U.S. Equity DayMAX™ ETF (SDAY.NEO). 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	SDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	3.61	—	—
Sortino ratio: Return per unit of downside risk	5.11	—	—
Omega ratio: Gain probability vs. loss probability	1.69	—	—
Calmar ratio: Return relative to maximum drawdown	4.71	—	—
Martin ratio: Return relative to average drawdown	23.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZWC.TO	SDAY.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	—	—
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	1.39	-0.83

Drawdowns

ZWC.TO vs. SDAY.NEO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than SDAY.NEO's maximum drawdown of -7.75%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and SDAY.NEO.

Drawdown Indicators

	ZWC.TO	SDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-40.57%	-7.75%	-32.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	—	—
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%	-1.27%	+0.30%
Average Drawdown Average peak-to-trough decline	-4.69%	-1.86%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	—	—

Volatility

Volatility by Period

	ZWC.TO	SDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	11.55%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	11.55%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	11.55%	+3.39%

ZWC.TO vs. SDAY.NEO - Expense Ratio Comparison

ZWC.TO has a 0.91% expense ratio, which is higher than SDAY.NEO's 0.85% expense ratio.

Dividends

ZWC.TO vs. SDAY.NEO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, less than SDAY.NEO's 16.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF	16.28%	8.61%	0.00%	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

Can I hold both ZWC.TO and SDAY.NEO in my portfolio?

ZWC.TO and SDAY.NEO have a correlation of 0.54, 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 SDAY.NEO?

On fees, SDAY.NEO is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWC.TO or SDAY.NEO?

SDAY.NEO is cheaper with a 0.85% expense ratio, compared with 0.91% for ZWC.TO.

What is the main difference between ZWC.TO and SDAY.NEO?

They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.91% for ZWC.TO and 0.85% for SDAY.NEO.