ZWH.TO vs. APR-UN.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) is Derivative Income fund actively managed by BMO, while APR-UN.TO (Automotive Properties Real Estate Investment Trust) is a stock. Over the past 10 years, ZWH.TO returned 9.87%/yr vs 9.12%/yr for APR-UN.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

ZWH.TO vs. APR-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US High Dividend Covered Call ETF (ZWH.TO) and Automotive Properties Real Estate Investment Trust (APR-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly higher than APR-UN.TO's 12.38% return. Over the past 10 years, ZWH.TO has outperformed APR-UN.TO with an annualized return of 9.87%, while APR-UN.TO has yielded a comparatively lower 9.12% annualized return.

ZWH.TO

• 1D: 0.66%
• 1M: 7.97%
• YTD: 13.86%
• 6M: 11.86%
• 1Y: 27.24%
• 3Y*: 14.93%
• 5Y*: 11.42%
• 10Y*: 9.87%

APR-UN.TO

• 1D: -0.66%
• 1M: 4.84%
• YTD: 12.38%
• 6M: 13.70%
• 1Y: 16.95%
• 3Y*: 7.79%
• 5Y*: 5.55%
• 10Y*: 9.12%

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

ZWH.TO vs. APR-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZWH.TO BMO US High Dividend Covered Call ETF	13.86%	6.40%	19.30%	5.04%	-0.57%	24.20%	0.19%	17.18%	0.10%	5.95%
APR-UN.TO Automotive Properties Real Estate Investment Trust	12.38%	8.92%	5.09%	-10.65%	-7.82%	48.94%	-4.25%	45.84%	-11.07%	9.90%

Correlation

The correlation between ZWH.TO and APR-UN.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 23, 2015	0.23

Return for Risk

ZWH.TO vs. APR-UN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZWH.TO

ZWH.TO Risk / Return Rank: 85
ZWH.TO Sharpe Ratio Rank: 84
ZWH.TO Sortino Ratio Rank: 88
ZWH.TO Omega Ratio Rank: 83
ZWH.TO Calmar Ratio Rank: 86
ZWH.TO Martin Ratio Rank: 87

APR-UN.TO

APR-UN.TO Risk / Return Rank: 75
APR-UN.TO Sharpe Ratio Rank: 78
APR-UN.TO Sortino Ratio Rank: 73
APR-UN.TO Omega Ratio Rank: 74
APR-UN.TO Calmar Ratio Rank: 75
APR-UN.TO Martin Ratio Rank: 76

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.

ZWH.TO vs. APR-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US High Dividend Covered Call ETF (ZWH.TO) and Automotive Properties Real Estate Investment Trust (APR-UN.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.

	ZWH.TO	APR-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.30	+1.47
Sortino ratio: Return per unit of downside risk	4.08	1.88	+2.20
Omega ratio: Gain probability vs. loss probability	1.51	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	4.81	2.09	+2.72
Martin ratio: Return relative to average drawdown	18.98	4.95	+14.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWH.TO vs. APR-UN.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is higher than the APR-UN.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of ZWH.TO and APR-UN.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.

Sharpe Ratios by Period

	ZWH.TO	APR-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.30	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.29	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.39	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.37	+0.43

Drawdowns

ZWH.TO vs. APR-UN.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, smaller than the maximum APR-UN.TO drawdown of -57.76%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and APR-UN.TO.

Drawdown Indicators

	ZWH.TO	APR-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.01%	-57.76%	+23.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-8.15%	+2.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-26.43%	+10.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	-26.55%	+10.96%
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	-57.76%	+23.75%
Current Drawdown Current decline from peak	0.00%	-2.36%	+2.36%
Average Drawdown Average peak-to-trough decline	-3.11%	-8.96%	+5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	3.43%	-1.99%

Volatility

ZWH.TO vs. APR-UN.TO - Volatility Comparison

The current volatility for BMO US High Dividend Covered Call ETF (ZWH.TO) is 3.46%, while Automotive Properties Real Estate Investment Trust (APR-UN.TO) has a volatility of 5.11%. This indicates that ZWH.TO experiences smaller price fluctuations and is considered to be less risky than APR-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWH.TO	APR-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	5.11%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	8.67%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	13.11%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	19.47%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	23.81%	-8.97%

Dividends

ZWH.TO vs. APR-UN.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than APR-UN.TO's 6.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APR-UN.TO Automotive Properties Real Estate Investment Trust	6.86%	7.39%	8.36%	7.46%	6.20%	5.38%	7.51%	6.62%	8.96%	7.37%	6.90%	1.62%
ZWH.TO BMO US High Dividend Covered Call ETF	5.76%	6.22%	4.87%	5.71%	6.03%	5.64%	6.59%	5.97%	5.66%	5.46%	5.57%	5.31%

Frequently Asked Questions

Can I hold both ZWH.TO and APR-UN.TO in my portfolio?

ZWH.TO and APR-UN.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.