ZWH.TO vs. CRCY.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and CRCY.TO (Harvest Circle Enhanced High Income Shares ETF Class A Units) are both Derivative Income funds. Both are actively managed. At a 0.21 correlation, their price movements are largely independent.

Performance

ZWH.TO vs. CRCY.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 Harvest Circle Enhanced High Income Shares ETF Class A Units (CRCY.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 CRCY.TO's 3.77% 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%

CRCY.TO

• 1D: -11.55%
• 1M: -21.98%
• YTD: 3.77%
• 6M: -5.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWH.TO vs. CRCY.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ZWH.TO BMO US High Dividend Covered Call ETF	13.86%	0.47%
CRCY.TO Harvest Circle Enhanced High Income Shares ETF Class A Units	3.77%	-45.43%

Correlation

The correlation between ZWH.TO and CRCY.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.21

Return for Risk

ZWH.TO vs. CRCY.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

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. CRCY.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 Harvest Circle Enhanced High Income Shares ETF Class A Units (CRCY.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	CRCY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.77	—	—
Sortino ratio: Return per unit of downside risk	4.08	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	4.81	—	—
Martin ratio: Return relative to average drawdown	18.98	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZWH.TO	CRCY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	-0.52	+1.32

Drawdowns

ZWH.TO vs. CRCY.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, smaller than the maximum CRCY.TO drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and CRCY.TO.

Drawdown Indicators

	ZWH.TO	CRCY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.01%	-73.84%	+39.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	—	—
Current Drawdown Current decline from peak	0.00%	-53.07%	+53.07%
Average Drawdown Average peak-to-trough decline	-3.11%	-45.97%	+42.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	—	—

Volatility

Volatility by Period

	ZWH.TO	CRCY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	110.39%	-100.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	110.39%	-98.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	110.39%	-95.55%

Dividends

ZWH.TO vs. CRCY.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than CRCY.TO's 44.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRCY.TO Harvest Circle Enhanced High Income Shares ETF Class A Units	44.81%	17.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 CRCY.TO in my portfolio?

ZWH.TO and CRCY.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZWH.TO and CRCY.TO?

They also come from different issuers: BMO and Harvest.