ZWH.TO vs. CMR.TO
ZWH.TO (BMO US High Dividend Covered Call ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while CMR.TO is a Money Market fund actively managed by iShares. Both are actively managed. Over the past 10 years, ZWH.TO returned 9.87%/yr vs 1.89%/yr for CMR.TO. At a correlation of -0.00, they often move in opposite directions. ZWH.TO charges 0.65%/yr vs 0.14%/yr for CMR.TO.
Performance
ZWH.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly higher than CMR.TO's 0.97% return. Over the past 10 years, ZWH.TO has outperformed CMR.TO with an annualized return of 9.87%, while CMR.TO has yielded a comparatively lower 1.89% 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%
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
ZWH.TO vs. CMR.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% |
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between ZWH.TO and CMR.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014 | -0.00 |
The correlation between ZWH.TO and CMR.TO shifts across timeframes, from -0.00 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZWH.TO vs. CMR.TO — Risk / Return Rank
ZWH.TO
CMR.TO
ZWH.TO vs. CMR.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 iShares Premium Money Market ETF (CMR.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 | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.84 | ||
| Sortino ratioReturn per unit of downside risk | -17.05 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 9.57 | -8.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 25.44 | -20.63 |
| Martin ratioReturn relative to average drawdown | 18.98 | 187.33 | -168.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWH.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 10.61 | -7.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 10.67 | -9.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 7.02 | -6.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 3.84 | -3.04 |
Drawdowns
ZWH.TO vs. CMR.TO - Drawdown Comparison
The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and CMR.TO.
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Drawdown Indicators
| ZWH.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.01% | -0.52% | -33.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -0.09% | -5.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -0.09% | -15.50% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | -0.09% | -15.50% |
Max Drawdown (10Y)Largest decline over 10 years | -34.01% | -0.14% | -33.87% |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -0.01% | -3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 0.01% | +1.43% |
Volatility
ZWH.TO vs. CMR.TO - Volatility Comparison
BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWH.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 0.05% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.66% | 0.18% | +7.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.91% | 0.22% | +9.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.65% | 0.28% | +11.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 0.27% | +14.57% |
ZWH.TO vs. CMR.TO - Expense Ratio Comparison
ZWH.TO has a 0.65% expense ratio, which is higher than CMR.TO's 0.14% expense ratio.
Dividends
ZWH.TO vs. CMR.TO - Dividend Comparison
ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, more than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
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
ZWH.TO and CMR.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.65% for ZWH.TO.
ZWH.TO is categorized as Derivative Income, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWH.TO and 0.14% for CMR.TO.
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