ZWC.TO vs. SYLD.TO
ZWC.TO (BMO CA High Dividend Covered Call ETF) and SYLD.TO (Purpose Strategic Yield Fund) are both exchange-traded funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while SYLD.TO is a fund fund. Over the past 5 years, ZWC.TO returned 11.55%/yr vs 4.94%/yr for SYLD.TO. At a 0.15 correlation, their price movements are largely independent.
Performance
ZWC.TO vs. SYLD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWC.TO achieves a 12.66% return, which is significantly higher than SYLD.TO's 3.29% return.
ZWC.TO
- 1D
- 0.27%
- 1M
- 0.85%
- YTD
- 12.66%
- 6M
- 12.85%
- 1Y
- 29.49%
- 3Y*
- 18.72%
- 5Y*
- 11.55%
- 10Y*
- —
SYLD.TO
- 1D
- -0.05%
- 1M
- 0.59%
- YTD
- 3.29%
- 6M
- 3.07%
- 1Y
- 11.15%
- 3Y*
- 10.74%
- 5Y*
- 4.94%
- 10Y*
- —
ZWC.TO vs. SYLD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZWC.TO BMO CA High Dividend Covered Call ETF | 12.66% | 22.79% | 12.00% | 7.54% | -3.53% | 25.39% | -6.92% | 17.32% | -3.19% |
SYLD.TO Purpose Strategic Yield Fund | 3.29% | 10.15% | 13.23% | 6.84% | -8.64% | 12.53% | 10.72% | 8.65% | -3.02% |
Correlation
The correlation between ZWC.TO and SYLD.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.15 |
The correlation between ZWC.TO and SYLD.TO shifts across timeframes, from 0.15 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZWC.TO vs. SYLD.TO — Risk / Return Rank
ZWC.TO
SYLD.TO
ZWC.TO vs. SYLD.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 Purpose Strategic Yield Fund (SYLD.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 | SYLD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.66 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.95 | 8.08 | -3.13 |
| Martin ratioReturn relative to average drawdown | 24.12 | 31.70 | -7.58 |
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Drawdowns
ZWC.TO vs. SYLD.TO - Drawdown Comparison
The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than SYLD.TO's maximum drawdown of -32.17%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and SYLD.TO.
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Drawdown Indicators
| ZWC.TO | SYLD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.57% | -32.17% | -8.40% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -1.39% | -4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -3.40% | -5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | -9.48% | -6.95% |
Current DrawdownCurrent decline from peak | -0.62% | -0.30% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -2.59% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.35% | +0.88% |
Volatility
ZWC.TO vs. SYLD.TO - Volatility Comparison
BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 2.58% compared to Purpose Strategic Yield Fund (SYLD.TO) at 0.50%. This indicates that ZWC.TO's price experiences larger fluctuations and is considered to be riskier than SYLD.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.TO | SYLD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.58% | 0.50% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 1.99% | +5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 3.57% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.15% | 4.51% | +5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 10.11% | +4.80% |
Dividends
ZWC.TO vs. SYLD.TO - Dividend Comparison
ZWC.TO's dividend yield for the trailing twelve months is around 5.56%, less than SYLD.TO's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SYLD.TO Purpose Strategic Yield Fund | 5.80% | 5.85% | 6.07% | 6.45% | 6.46% | 5.56% | 5.91% | 6.13% | 4.70% | 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 SYLD.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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