ZWH.TO vs. SDAY.NEO
ZWH.TO (BMO US High Dividend Covered Call ETF) and SDAY.NEO (Hamilton Enhanced U.S. Equity DayMAX™ ETF) are both Derivative Income funds. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. ZWH.TO charges 0.65%/yr vs 0.85%/yr for SDAY.NEO.
Performance
ZWH.TO vs. SDAY.NEO - 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 SDAY.NEO's 9.14% 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%
SDAY.NEO
- 1D
- 0.77%
- 1M
- 3.97%
- YTD
- 9.14%
- 6M
- 6.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWH.TO vs. SDAY.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZWH.TO BMO US High Dividend Covered Call ETF | 13.86% | 6.56% |
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF | 9.14% | 4.48% |
Correlation
The correlation between ZWH.TO and SDAY.NEO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.79 |
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Return for Risk
ZWH.TO vs. SDAY.NEO — Risk / Return Rank
ZWH.TO
SDAY.NEO
ZWH.TO vs. SDAY.NEO - 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 U.S. Equity DayMAX™ ETF (SDAY.NEO). 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 | SDAY.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.51 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | — | — |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| ZWH.TO | SDAY.NEO | 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 | 1.39 | -0.59 |
Drawdowns
ZWH.TO vs. SDAY.NEO - Drawdown Comparison
The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than SDAY.NEO's maximum drawdown of -7.75%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and SDAY.NEO.
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Drawdown Indicators
| ZWH.TO | SDAY.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.01% | -7.75% | -26.26% |
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 DrawdownCurrent decline from peak | 0.00% | -1.27% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -1.86% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | — | — |
Volatility
ZWH.TO vs. SDAY.NEO - Volatility Comparison
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Volatility by Period
| ZWH.TO | SDAY.NEO | 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% | 11.55% | -1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.65% | 11.55% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 11.55% | +3.29% |
ZWH.TO vs. SDAY.NEO - Expense Ratio Comparison
ZWH.TO has a 0.65% expense ratio, which is lower than SDAY.NEO's 0.85% expense ratio.
Dividends
ZWH.TO vs. SDAY.NEO - Dividend Comparison
ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than SDAY.NEO's 16.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDAY.NEO Hamilton Enhanced U.S. Equity DayMAX™ ETF | 16.28% | 8.61% | 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
ZWH.TO and SDAY.NEO have a correlation of 0.79, 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 0.85% for SDAY.NEO.
They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.65% for ZWH.TO and 0.85% for SDAY.NEO.
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