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

ZWC.TO vs. ZPH.TO

Last updated Jul 14, 2026
Documentation

ZWC.TO (BMO CA High Dividend Covered Call ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds from BMO. Both are actively managed. Over the past 5 years, ZWC.TO returned 11.75%/yr vs 5.63%/yr for ZPH.TO. At a 0.42 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.65%/yr for ZPH.TO.

Performance

ZWC.TO vs. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.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 13.92% return, which is significantly higher than ZPH.TO's 1.91% return.

ZWC.TO

1D
0.40%
1M
1.12%
6M
12.33%
YTD
13.92%
1Y
28.83%
3Y*
17.87%
5Y*
11.75%
10Y*
—

ZPH.TO

1D
0.29%
1M
1.55%
6M
1.70%
YTD
1.91%
1Y
7.48%
3Y*
7.85%
5Y*
5.63%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZWC.TO
BMO CA High Dividend Covered Call ETF		13.92%22.79%12.00%7.54%-3.53%25.39%-6.92%17.32%-10.05%7.34%
ZPH.TO
BMO US Put Write Hedged to CAD ETF		1.91%9.47%4.21%22.61%-10.37%13.57%2.43%3.22%-6.77%3.85%

Correlation

The correlation between ZWC.TO and ZPH.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2017

0.42

The correlation between ZWC.TO and ZPH.TO shifts across timeframes, from 0.31 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

ZWC.TO vs. ZPH.TO - Sectors Allocation Comparison

Sectors
ZWC.TO
ZPH.TO

Financial Services

39.6%
17.2%

Energy

22.1%

-

Basic Materials

12.5%

-

Utilities

9.0%

-

Communication Services

6.7%
5.7%

Industrials

4.7%
6.8%

Consumer Cyclical

4.0%
2.7%

Consumer Defensive

1.4%
8.3%

Healthcare

-

17.1%

Real Estate

-

-

Technology

-

42.2%

Financial Services

ZWC.TO
39.6%
ZPH.TO
17.2%

Energy

ZWC.TO
22.1%
ZPH.TO

-

Basic Materials

ZWC.TO
12.5%
ZPH.TO

-

Utilities

ZWC.TO
9.0%
ZPH.TO

-

Communication Services

ZWC.TO
6.7%
ZPH.TO
5.7%

Industrials

ZWC.TO
4.7%
ZPH.TO
6.8%

Consumer Cyclical

ZWC.TO
4.0%
ZPH.TO
2.7%

Consumer Defensive

ZWC.TO
1.4%
ZPH.TO
8.3%

Healthcare

ZWC.TO

-

ZPH.TO
17.1%

Real Estate

ZWC.TO

-

ZPH.TO

-

Technology

ZWC.TO

-

ZPH.TO
42.2%

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

BMO US Put Write Hedged to CAD ETF

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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 ZPH.TO:
ZPH.TO vs. ZPW.TOZPH.TO vs. CRCY.TOZPH.TO vs. BANK.TOZPH.TO vs. ECHI.TOZPH.TO vs. QDAY.NEOZPH.TO vs. EMCL.NEOZPH.TO vs. UMAX.TO

Return for Risk

ZWC.TO vs. ZPH.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: 9595
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: 9292
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9595
Martin Ratio Rank
ZPH.TO
ZPH.TO Risk / Return Rank: 3838
Overall Rank
ZPH.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
ZPH.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
ZPH.TO Omega Ratio Rank: 4040
Omega Ratio Rank
ZPH.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZPH.TO Martin Ratio Rank: 3737
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. ZPH.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 BMO US Put Write Hedged to CAD ETF (ZPH.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.TOZPH.TODifference
Sharpe ratioReturn per unit of total volatility
3.55
1.15

+2.40

Sortino ratioReturn per unit of downside risk
4.96
1.69

+3.27

Omega ratioGain probability vs. loss probability

1.66

1.21

+0.44

Calmar ratioReturn relative to maximum drawdown

4.84

1.24

+3.60

Martin ratioReturn relative to average drawdown

23.22

4.67

+18.55

ZWC.TO vs. ZPH.TO - Sharpe Ratio Comparison

The current ZWC.TO Sharpe Ratio is 3.55, which is higher than the ZPH.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of ZWC.TO and ZPH.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. ZPH.TO - Drawdown Comparison

The maximum ZWC.TO drawdown since its inception was -40.57%, which is greater than ZPH.TO's maximum drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for ZWC.TO and ZPH.TO.

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Drawdown Indicators

ZWC.TOZPH.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.57%

-33.38%

-7.19%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-6.07%

+0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-9.09%

-11.83%

+2.74%

Max Drawdown (5Y)

Largest decline over 5 years

-16.43%

-18.38%

+1.95%

Current Drawdown

Current decline from peak

0.00%

-0.26%

+0.26%

Average Drawdown

Average peak-to-trough decline

-4.64%

-4.23%

-0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.25%

1.60%

-0.35%

Volatility

ZWC.TO vs. ZPH.TO - Volatility Comparison

The current volatility for BMO CA High Dividend Covered Call ETF (ZWC.TO) is 1.94%, while BMO US Put Write Hedged to CAD ETF (ZPH.TO) has a volatility of 2.53%. This indicates that ZWC.TO experiences smaller price fluctuations and is considered to be less risky than ZPH.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.TOZPH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.94%

2.53%

-0.59%

Volatility (6M)

Calculated over the trailing 6-month period

7.01%

5.62%

+1.39%

Volatility (1Y)

Calculated over the trailing 1-year period

8.17%

6.54%

+1.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.15%

11.18%

-1.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

12.60%

+2.27%

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

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

Dividends

ZWC.TO vs. ZPH.TO - Dividend Comparison

ZWC.TO's dividend yield for the trailing twelve months is around 5.62%, less than ZPH.TO's 10.40% yield.

PositionTTM202520242023202220212020201920182017
ZPH.TO
BMO US Put Write Hedged to CAD ETF		10.40%10.06%9.95%8.18%8.83%7.27%7.67%7.26%6.98%5.94%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.62%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%

Frequently Asked Questions

ZWC.TO and ZPH.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZPH.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZPH.TO is cheaper with a 0.65% expense ratio, compared with 0.91% for ZWC.TO.

Their fees differ too: 0.91% for ZWC.TO and 0.65% for ZPH.TO.

Portfolio Optimizer

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