ZWH.TO vs. HLIF.TO
ZWH.TO (BMO US High Dividend Covered Call ETF) and HLIF.TO (Harvest Canadian Equity Income Leaders ETF Class A) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZWH.TO returned 14.93%/yr vs 19.93%/yr for HLIF.TO. At a 0.47 correlation, their price movements are largely independent. ZWH.TO charges 0.65%/yr vs 0.79%/yr for HLIF.TO.
Performance
ZWH.TO vs. HLIF.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 lower than HLIF.TO's 15.41% 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%
HLIF.TO
- 1D
- -0.32%
- 1M
- 3.60%
- YTD
- 15.41%
- 6M
- 16.85%
- 1Y
- 36.13%
- 3Y*
- 19.93%
- 5Y*
- —
- 10Y*
- —
ZWH.TO vs. HLIF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZWH.TO BMO US High Dividend Covered Call ETF | 13.86% | 6.40% | 19.30% | 5.04% | 11.70% |
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 15.41% | 25.43% | 17.21% | 6.13% | -2.86% |
Correlation
The correlation between ZWH.TO and HLIF.TO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2022 | 0.47 |
The correlation between ZWH.TO and HLIF.TO has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.
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Return for Risk
ZWH.TO vs. HLIF.TO — Risk / Return Rank
ZWH.TO
HLIF.TO
ZWH.TO vs. HLIF.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 Canadian Equity Income Leaders ETF Class A (HLIF.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 | HLIF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 2.10 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 11.74 | -6.93 |
| Martin ratioReturn relative to average drawdown | 18.98 | 60.41 | -41.43 |
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 | HLIF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 5.30 | -2.53 |
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 | 1.45 | -0.65 |
Drawdowns
ZWH.TO vs. HLIF.TO - Drawdown Comparison
The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than HLIF.TO's maximum drawdown of -11.12%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and HLIF.TO.
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Drawdown Indicators
| ZWH.TO | HLIF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.01% | -11.12% | -22.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -3.09% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -9.96% | -5.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.01% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.32% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -2.02% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 0.60% | +0.84% |
Volatility
ZWH.TO vs. HLIF.TO - Volatility Comparison
BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to Harvest Canadian Equity Income Leaders ETF Class A (HLIF.TO) at 2.17%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than HLIF.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 | HLIF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 2.17% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 7.66% | 5.77% | +1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.91% | 6.85% | +3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.65% | 10.47% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 10.47% | +4.37% |
ZWH.TO vs. HLIF.TO - Expense Ratio Comparison
ZWH.TO has a 0.65% expense ratio, which is lower than HLIF.TO's 0.79% expense ratio.
Dividends
ZWH.TO vs. HLIF.TO - Dividend Comparison
ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than HLIF.TO's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLIF.TO Harvest Canadian Equity Income Leaders ETF Class A | 6.07% | 6.26% | 7.33% | 7.96% | 3.91% | 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
ZWH.TO and HLIF.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWH.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWH.TO is cheaper with a 0.65% expense ratio, compared with 0.79% for HLIF.TO.
They also come from different issuers: BMO and Harvest. Their fees differ too: 0.65% for ZWH.TO and 0.79% for HLIF.TO.
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