ZWEN.TO vs. HCLN.TO

Last updated Aug 5, 2026

ZWEN.TO (BMO Covered Call Energy ETF) and HCLN.TO (Harvest Clean Energy ETF) are both exchange-traded funds - ZWEN.TO is a Energy Equities fund actively managed by BMO, while HCLN.TO is a Alternative Energy Equities fund actively managed by Harvest. Both are actively managed. Over the past 3 years, ZWEN.TO returned 17.63%/yr vs -2.17%/yr for HCLN.TO. Their 0.12 correlation means their historical movements had little consistent relationship. ZWEN.TO charges 0.88%/yr vs 0.40%/yr for HCLN.TO.

Performance

ZWEN.TO vs. HCLN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Energy ETF (ZWEN.TO) and Harvest Clean Energy ETF (HCLN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWEN.TO achieves a 33.70% return, which is significantly higher than HCLN.TO's 2.38% return.

ZWEN.TO

• 1D: -1.48%
• 1M: 8.31%
• 6M: 21.72%
• YTD: 33.70%
• 1Y: 41.72%
• 3Y*: 17.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.16%

HCLN.TO

• 1D: 4.67%
• 1M: -6.10%
• 6M: -7.12%
• YTD: 2.38%
• 1Y: 21.01%
• 3Y*: -2.17%
• 5Y*: -7.09%
• 10Y*: —
• ALL TIME*: -11.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HCLN.TO Harvest Clean Energy ETF	CA$29.00K	CA$56.43K	CA$108.74K
ZWEN.TO BMO Covered Call Energy ETF	CA$516.69K	CA$519.31K	CA$644.06K

ZWEN.TO vs. HCLN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZWEN.TO BMO Covered Call Energy ETF	33.70%	6.74%	10.43%	1.13%
HCLN.TO Harvest Clean Energy ETF	2.38%	29.60%	-20.55%	-25.06%

Correlation

The correlation between ZWEN.TO and HCLN.TO is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023	0.12

The correlation between ZWEN.TO and HCLN.TO shifts across timeframes, from -0.03 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

ZWEN.TO vs. HCLN.TO - Sectors Allocation Comparison

Sectors	ZWEN.TO	HCLN.TO
Energy	100.0%	-
Basic Materials	-	2.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	24.2%
Real Estate	-	-
Technology	-	26.4%
Utilities	-	46.7%

Return for Risk

ZWEN.TO vs. HCLN.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZWEN.TO

ZWEN.TO Risk / Return Rank: 87
ZWEN.TO Sharpe Ratio Rank: 91
ZWEN.TO Sortino Ratio Rank: 86
ZWEN.TO Omega Ratio Rank: 85
ZWEN.TO Calmar Ratio Rank: 92
ZWEN.TO Martin Ratio Rank: 83

HCLN.TO

HCLN.TO Risk / Return Rank: 27
HCLN.TO Sharpe Ratio Rank: 27
HCLN.TO Sortino Ratio Rank: 29
HCLN.TO Omega Ratio Rank: 27
HCLN.TO Calmar Ratio Rank: 23
HCLN.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZWEN.TO vs. HCLN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Energy ETF (ZWEN.TO) and Harvest Clean Energy ETF (HCLN.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.

	ZWEN.TO	HCLN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.73	+1.73
Sortino ratio: Return per unit of downside risk	3.14	1.19	+1.94
Omega ratio: Gain probability vs. loss probability	1.40	1.14	+0.26
Calmar ratio: Return relative to maximum drawdown	4.46	0.78	+3.68
Martin ratio: Return relative to average drawdown	12.50	2.54	+9.96

ZWEN.TO vs. HCLN.TO - Sharpe Ratio Comparison

The current ZWEN.TO Sharpe Ratio is 2.46, which is higher than the HCLN.TO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of ZWEN.TO and HCLN.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.

Drawdowns

ZWEN.TO vs. HCLN.TO - Drawdown Comparison

The maximum ZWEN.TO drawdown since its inception was -18.75%, smaller than the maximum HCLN.TO drawdown of -68.93%. Use the drawdown chart below to compare losses from any high point for ZWEN.TO and HCLN.TO.

Drawdown Indicators

	ZWEN.TO	HCLN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.75%	-68.93%	+50.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-27.05%	+17.55%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-41.73%	+22.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-62.16%	—
Current Drawdown Current decline from peak	-1.66%	-50.33%	+48.67%
Average Drawdown Average peak-to-trough decline	-4.44%	-45.60%	+41.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	8.28%	-4.90%

Volatility

ZWEN.TO vs. HCLN.TO - Volatility Comparison

The current volatility for BMO Covered Call Energy ETF (ZWEN.TO) is 5.16%, while Harvest Clean Energy ETF (HCLN.TO) has a volatility of 10.45%. This indicates that ZWEN.TO experiences smaller price fluctuations and is considered to be less risky than HCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWEN.TO	HCLN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	10.45%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	21.56%	-7.51%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	28.91%	-11.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	25.76%	-7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	26.52%	-8.24%

ZWEN.TO vs. HCLN.TO - Expense Ratio Comparison

ZWEN.TO has a 0.88% expense ratio, which is higher than HCLN.TO's 0.40% expense ratio.

Dividends

ZWEN.TO vs. HCLN.TO - Dividend Comparison

ZWEN.TO's dividend yield for the trailing twelve months is around 7.47%, while HCLN.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
HCLN.TO Harvest Clean Energy ETF	0.00%	0.00%	0.00%	0.00%	0.97%	0.60%
ZWEN.TO BMO Covered Call Energy ETF	7.47%	9.53%	9.09%	6.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZWEN.TO and HCLN.TO in my portfolio?

ZWEN.TO and HCLN.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWEN.TO or HCLN.TO?

On fees, HCLN.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWEN.TO or HCLN.TO?

HCLN.TO is cheaper with a 0.40% expense ratio, compared with 0.88% for ZWEN.TO.

What is the main difference between ZWEN.TO and HCLN.TO?

ZWEN.TO is categorized as Energy Equities, while HCLN.TO is Alternative Energy Equities. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.88% for ZWEN.TO and 0.40% for HCLN.TO.