ZWEN.TO vs. HPF.TO
ZWEN.TO (BMO Covered Call Energy ETF) and HPF.TO (Harvest Energy Leaders Income ETF Class A CAD Hedged) are both Energy Equities funds. Both are actively managed. Over the past 3 years, ZWEN.TO returned 18.97%/yr vs 14.64%/yr for HPF.TO. Their correlation of 0.84 suggests significant overlap in exposure.
Performance
ZWEN.TO vs. HPF.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZWEN.TO having a 31.07% return and HPF.TO slightly higher at 31.82%.
ZWEN.TO
- 1D
- 0.35%
- 1M
- 5.89%
- 6M
- 24.04%
- YTD
- 31.07%
- 1Y
- 38.09%
- 3Y*
- 18.97%
- 5Y*
- —
- 10Y*
- —
HPF.TO
- 1D
- 1.06%
- 1M
- 6.87%
- 6M
- 26.38%
- YTD
- 31.82%
- 1Y
- 41.27%
- 3Y*
- 14.64%
- 5Y*
- 17.23%
- 10Y*
- 5.28%
ZWEN.TO vs. HPF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZWEN.TO BMO Covered Call Energy ETF | 31.07% | 6.74% | 10.43% | 1.13% |
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged | 31.82% | 8.98% | -2.46% | 0.58% |
Correlation
The correlation between ZWEN.TO and HPF.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | 0.84 |
The correlation between ZWEN.TO and HPF.TO has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
ZWEN.TO vs. HPF.TO — Risk / Return Rank
ZWEN.TO
HPF.TO
ZWEN.TO vs. HPF.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 Energy Leaders Income ETF Class A CAD Hedged (HPF.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 | HPF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.07 | 3.45 | +0.62 |
| Martin ratioReturn relative to average drawdown | 11.24 | 10.17 | +1.07 |
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Drawdowns
ZWEN.TO vs. HPF.TO - Drawdown Comparison
The maximum ZWEN.TO drawdown since its inception was -18.75%, smaller than the maximum HPF.TO drawdown of -72.97%. Use the drawdown chart below to compare losses from any high point for ZWEN.TO and HPF.TO.
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Drawdown Indicators
| ZWEN.TO | HPF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -72.97% | +54.22% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -12.01% | +2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -22.85% | +4.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -69.11% | — |
Current DrawdownCurrent decline from peak | -1.55% | -3.42% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -26.26% | +21.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 4.07% | -0.65% |
Volatility
ZWEN.TO vs. HPF.TO - Volatility Comparison
The current volatility for BMO Covered Call Energy ETF (ZWEN.TO) is 4.99%, while Harvest Energy Leaders Income ETF Class A CAD Hedged (HPF.TO) has a volatility of 6.39%. This indicates that ZWEN.TO experiences smaller price fluctuations and is considered to be less risky than HPF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWEN.TO | HPF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 6.39% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.82% | 16.32% | -2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.16% | 19.73% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.31% | 23.63% | -5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 28.03% | -9.72% |
Dividends
ZWEN.TO vs. HPF.TO - Dividend Comparison
ZWEN.TO's dividend yield for the trailing twelve months is around 7.57%, less than HPF.TO's 7.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HPF.TO Harvest Energy Leaders Income ETF Class A CAD Hedged | 7.85% | 9.93% | 9.80% | 8.75% | 6.58% | 4.61% | 15.32% | 8.74% | 8.78% | 12.87% | 13.58% | 13.31% |
ZWEN.TO BMO Covered Call Energy ETF | 7.57% | 9.53% | 9.09% | 6.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZWEN.TO and HPF.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Harvest.
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