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

ZWH.TO vs. VOO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while VOO is a S&P 500 fund tracking the S&P 500 Index. ZWH.TO is actively managed, while VOO is passively managed. Over the past 10 years, ZWH.TO returned 9.87%/yr vs 16.44%/yr for VOO. A 0.76 correlation means they provide meaningful diversification when combined. ZWH.TO charges 0.65%/yr vs 0.03%/yr for VOO.

Performance

ZWH.TO vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZWH.TO is traded in CAD, while VOO is traded in USD. To make them comparable, the VOO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly higher than VOO's 12.66% return. Over the past 10 years, ZWH.TO has underperformed VOO with an annualized return of 9.87%, while VOO has yielded a comparatively higher 16.44% annualized 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%

VOO

1D
0.00%
1M
7.45%
YTD
12.66%
6M
10.84%
1Y
30.08%
3Y*
23.99%
5Y*
17.22%
10Y*
16.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%5.04%-0.57%24.20%0.19%17.18%0.10%5.95%
VOO
Vanguard S&P 500 ETF		12.32%12.42%35.71%23.54%-12.34%27.63%16.32%24.91%3.60%14.02%

Correlation

The correlation between ZWH.TO and VOO is 0.60, 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

0.60

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

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.76

The correlation between ZWH.TO and VOO shifts across timeframes, from 0.60 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

ZWH.TO vs. VOO - Sectors Allocation Comparison

Sectors
ZWH.TO
VOO

Technology

28.4%
35.7%

Healthcare

12.6%
8.5%

Financial Services

12.0%
11.6%

Consumer Defensive

9.4%
4.9%

Energy

9.0%
3.5%

Utilities

6.5%
2.4%

Communication Services

6.3%
11.3%

Consumer Cyclical

5.2%
10.2%

Industrials

4.7%
8.3%

Real Estate

4.2%
1.9%

Basic Materials

1.7%
1.8%

Technology

ZWH.TO
28.4%
VOO
35.7%

Healthcare

ZWH.TO
12.6%
VOO
8.5%

Financial Services

ZWH.TO
12.0%
VOO
11.6%

Consumer Defensive

ZWH.TO
9.4%
VOO
4.9%

Energy

ZWH.TO
9.0%
VOO
3.5%

Utilities

ZWH.TO
6.5%
VOO
2.4%

Communication Services

ZWH.TO
6.3%
VOO
11.3%

Consumer Cyclical

ZWH.TO
5.2%
VOO
10.2%

Industrials

ZWH.TO
4.7%
VOO
8.3%

Real Estate

ZWH.TO
4.2%
VOO
1.9%

Basic Materials

ZWH.TO
1.7%
VOO
1.8%

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

Vanguard S&P 500 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 VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

ZWH.TO vs. VOO — 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
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7070
Sortino Ratio Rank
VOO Omega Ratio Rank: 7070
Omega Ratio Rank
VOO Calmar Ratio Rank: 6262
Calmar Ratio Rank
VOO Martin Ratio Rank: 7575
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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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.TOVOODifference
Sharpe ratioReturn per unit of total volatility
2.77
2.60

+0.17

Sortino ratioReturn per unit of downside risk
4.08
3.49

+0.59

Omega ratioGain probability vs. loss probability

1.51

1.50

+0.01

Calmar ratioReturn relative to maximum drawdown

4.81

3.51

+1.30

Martin ratioReturn relative to average drawdown

18.98

13.34

+5.63

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. VOO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is comparable to the VOO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of ZWH.TO and VOO, 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.TOVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

2.60

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

1.16

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

1.01

-0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

1.15

-0.36

Drawdowns

ZWH.TO vs. VOO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than VOO's maximum drawdown of -27.65%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and VOO.

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Drawdown Indicators

ZWH.TOVOODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-27.65%

-6.36%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-8.62%

+2.93%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-18.93%

+3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-22.08%

+6.49%

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

-27.65%

-6.36%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.11%

-3.24%

+0.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

2.26%

-0.82%

Volatility

ZWH.TO vs. VOO - Volatility Comparison

BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to Vanguard S&P 500 ETF (VOO) at 2.60%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWH.TOVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

2.60%

+0.86%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

8.79%

-1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

11.64%

-1.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

14.91%

-3.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

16.28%

-1.44%

ZWH.TO vs. VOO - Expense Ratio Comparison

ZWH.TO has a 0.65% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

ZWH.TO vs. VOO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, more than VOO's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
VOO
Vanguard S&P 500 ETF		1.03%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%
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 VOO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VOO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VOO is cheaper with a 0.03% expense ratio, compared with 0.65% for ZWH.TO.

ZWH.TO is categorized as Derivative Income, while VOO is S&P 500. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.65% for ZWH.TO and 0.03% for VOO.

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