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ZWH.TO vs. HDIV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWH.TO vs. HDIV.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and HDIV.TO (Hamilton Enhanced Canadian Covered Call ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZWH.TO returned 14.93%/yr vs 27.58%/yr for HDIV.TO. A 0.58 correlation means they provide meaningful diversification when combined. ZWH.TO charges 0.65%/yr vs 0.00%/yr for HDIV.TO.

Performance

ZWH.TO vs. HDIV.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 Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly lower than HDIV.TO's 16.21% 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%

HDIV.TO

1D
-0.26%
1M
6.14%
YTD
16.21%
6M
17.63%
1Y
45.50%
3Y*
27.58%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%5.04%-0.57%9.07%
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		16.21%33.87%23.15%13.91%-2.52%12.70%

Correlation

The correlation between ZWH.TO and HDIV.TO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2021

0.58

The correlation between ZWH.TO and HDIV.TO has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

ZWH.TO vs. HDIV.TO - Sectors Allocation Comparison

Sectors
ZWH.TO
HDIV.TO

Technology

28.4%
9.5%

Healthcare

12.6%
0.2%

Financial Services

12.0%
39.8%

Consumer Defensive

9.4%
0.3%

Energy

9.0%
18.4%

Utilities

6.5%
4.7%

Communication Services

6.3%
6.3%

Consumer Cyclical

5.2%
2.5%

Industrials

4.7%
3.0%

Real Estate

4.2%
2.1%

Basic Materials

1.7%
13.4%

Technology

ZWH.TO
28.4%
HDIV.TO
9.5%

Healthcare

ZWH.TO
12.6%
HDIV.TO
0.2%

Financial Services

ZWH.TO
12.0%
HDIV.TO
39.8%

Consumer Defensive

ZWH.TO
9.4%
HDIV.TO
0.3%

Energy

ZWH.TO
9.0%
HDIV.TO
18.4%

Utilities

ZWH.TO
6.5%
HDIV.TO
4.7%

Communication Services

ZWH.TO
6.3%
HDIV.TO
6.3%

Consumer Cyclical

ZWH.TO
5.2%
HDIV.TO
2.5%

Industrials

ZWH.TO
4.7%
HDIV.TO
3.0%

Real Estate

ZWH.TO
4.2%
HDIV.TO
2.1%

Basic Materials

ZWH.TO
1.7%
HDIV.TO
13.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO US High Dividend Covered Call ETF

Hamilton Enhanced Canadian Covered Call ETF

Often compared with ZWH.TO:
ZWH.TO vs. ZWC.TOZWH.TO vs. JEPIZWH.TO vs. XEI.TOZWH.TO vs. XDIV.TOZWH.TO vs. HMAX.TOZWH.TO vs. SCHDZWH.TO vs. PDF.TO
Often compared with HDIV.TO:
HDIV.TO vs. HYLD.TOHDIV.TO vs. HMAX.TOHDIV.TO vs. HDIF.TOHDIV.TO vs. XDIV.TOHDIV.TO vs. HHIS.TOHDIV.TO vs. VDY.TOHDIV.TO vs. ZWC.TO

Return for Risk

ZWH.TO vs. HDIV.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: 8585
Overall Rank
ZWH.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZWH.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZWH.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZWH.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZWH.TO Martin Ratio Rank: 8787
Martin Ratio Rank
HDIV.TO
HDIV.TO Risk / Return Rank: 9292
Overall Rank
HDIV.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
HDIV.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDIV.TO Omega Ratio Rank: 9494
Omega Ratio Rank
HDIV.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HDIV.TO Martin Ratio Rank: 9393
Martin Ratio Rank
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. HDIV.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 Hamilton Enhanced Canadian Covered Call ETF (HDIV.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.TOHDIV.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
3.67

-0.90

Sortino ratioReturn per unit of downside risk
4.08
4.70

-0.63

Omega ratioGain probability vs. loss probability

1.51

1.68

-0.17

Calmar ratioReturn relative to maximum drawdown

4.81

5.24

-0.43

Martin ratioReturn relative to average drawdown

18.98

25.39

-6.41

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. HDIV.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is comparable to the HDIV.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of ZWH.TO and HDIV.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.

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Sharpe Ratios by Period

ZWH.TOHDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

3.67

-0.90

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

1.26

-0.46

Drawdowns

ZWH.TO vs. HDIV.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than HDIV.TO's maximum drawdown of -22.32%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and HDIV.TO.

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Drawdown Indicators

ZWH.TOHDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-22.32%

-11.69%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-8.73%

+3.04%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-14.58%

-1.01%

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%

-0.63%

+0.63%

Average Drawdown

Average peak-to-trough decline

-3.11%

-4.22%

+1.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

1.80%

-0.36%

Volatility

ZWH.TO vs. HDIV.TO - Volatility Comparison

The current volatility for BMO US High Dividend Covered Call ETF (ZWH.TO) is 3.46%, while Hamilton Enhanced Canadian Covered Call ETF (HDIV.TO) has a volatility of 3.80%. This indicates that ZWH.TO experiences smaller price fluctuations and is considered to be less risky than HDIV.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.TOHDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

3.80%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

10.29%

-2.63%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

12.47%

-2.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

15.63%

-3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

15.63%

-0.79%

ZWH.TO vs. HDIV.TO - Expense Ratio Comparison

ZWH.TO has a 0.65% expense ratio, which is higher than HDIV.TO's 0.00% expense ratio.

Dividends

ZWH.TO vs. HDIV.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than HDIV.TO's 9.33% yield.

PositionTTM20252024202320222021202020192018201720162015
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETF		9.33%10.09%11.38%10.41%9.64%3.39%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

ZWH.TO and HDIV.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HDIV.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HDIV.TO is cheaper with a 0.00% expense ratio, compared with 0.65% for ZWH.TO.

They also come from different issuers: BMO and Hamilton ETFs. Their fees differ too: 0.65% for ZWH.TO and 0.00% for HDIV.TO.

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