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

ZWH.TO vs. UMAX.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZWH.TO returned 27.24% vs 13.44% for UMAX.TO. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZWH.TO vs. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.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 higher than UMAX.TO's 8.78% 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%

UMAX.TO

1D
0.19%
1M
3.71%
YTD
8.78%
6M
8.52%
1Y
13.44%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%3.93%
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		8.78%9.95%5.97%0.81%

Correlation

The correlation between ZWH.TO and UMAX.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2023

0.47

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

Sectors
ZWH.TO
UMAX.TO

Technology

28.4%

-

Healthcare

12.6%

-

Financial Services

12.0%

-

Consumer Defensive

9.4%

-

Energy

9.0%
24.4%

Utilities

6.5%
30.6%

Communication Services

6.3%
21.4%

Consumer Cyclical

5.2%

-

Industrials

4.7%
23.6%

Real Estate

4.2%

-

Basic Materials

1.7%

-

Technology

ZWH.TO
28.4%
UMAX.TO

-

Healthcare

ZWH.TO
12.6%
UMAX.TO

-

Financial Services

ZWH.TO
12.0%
UMAX.TO

-

Consumer Defensive

ZWH.TO
9.4%
UMAX.TO

-

Energy

ZWH.TO
9.0%
UMAX.TO
24.4%

Utilities

ZWH.TO
6.5%
UMAX.TO
30.6%

Communication Services

ZWH.TO
6.3%
UMAX.TO
21.4%

Consumer Cyclical

ZWH.TO
5.2%
UMAX.TO

-

Industrials

ZWH.TO
4.7%
UMAX.TO
23.6%

Real Estate

ZWH.TO
4.2%
UMAX.TO

-

Basic Materials

ZWH.TO
1.7%
UMAX.TO

-

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 Utilities YIELD MAXIMIZER ETF

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Often compared with UMAX.TO:
UMAX.TO vs. HMAX.TOUMAX.TO vs. UTESUMAX.TO vs. AMAX.TOUMAX.TO vs. UTES.TOUMAX.TO vs. HCAL.TOUMAX.TO vs. ZWU.TOUMAX.TO vs. QMAX.TO

Return for Risk

ZWH.TO vs. UMAX.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
UMAX.TO
UMAX.TO Risk / Return Rank: 5858
Overall Rank
UMAX.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
UMAX.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
UMAX.TO Omega Ratio Rank: 6060
Omega Ratio Rank
UMAX.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
UMAX.TO Martin Ratio Rank: 5353
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. UMAX.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 Utilities YIELD MAXIMIZER ETF (UMAX.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.TOUMAX.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
2.03

+0.74

Sortino ratioReturn per unit of downside risk
4.08
3.16

+0.92

Omega ratioGain probability vs. loss probability

1.51

1.37

+0.13

Calmar ratioReturn relative to maximum drawdown

4.81

2.64

+2.17

Martin ratioReturn relative to average drawdown

18.98

9.13

+9.85

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. UMAX.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is higher than the UMAX.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ZWH.TO and UMAX.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.TOUMAX.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

2.03

+0.74

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

1.00

-0.20

Drawdowns

ZWH.TO vs. UMAX.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than UMAX.TO's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and UMAX.TO.

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Drawdown Indicators

ZWH.TOUMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-10.09%

-23.92%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-5.11%

-0.58%

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%

-0.47%

+0.47%

Average Drawdown

Average peak-to-trough decline

-3.11%

-2.06%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

1.50%

-0.06%

Volatility

ZWH.TO vs. UMAX.TO - Volatility Comparison

BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) at 1.93%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than UMAX.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.TOUMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

1.93%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

5.54%

+2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

6.65%

+3.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

8.68%

+2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

8.68%

+6.16%

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

Both ZWH.TO and UMAX.TO have an expense ratio of 0.65%.

Dividends

ZWH.TO vs. UMAX.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than UMAX.TO's 14.00% yield.

PositionTTM20252024202320222021202020192018201720162015
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF		14.00%14.86%14.81%6.96%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 UMAX.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZWH.TO and UMAX.TO have the same expense ratio: 0.65% per year.

They also come from different issuers: BMO and Hamilton Capital.

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