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

ZWH.TO vs. XDIV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO US High Dividend Covered Call ETF (ZWH.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO).

ZWH.TO and XDIV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWH.TO is an actively managed fund by BMO. It was launched on Feb 9, 2014. XDIV.TO is a passively managed fund by iShares that tracks the performance of the MSCI Canada High Dividend Yield 10% Security Capped Index. It was launched on Jun 12, 2017.

Performance

ZWH.TO vs. XDIV.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 iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZWH.TO
BMO US High Dividend Covered Call ETF		3.51%6.40%19.30%5.04%-0.57%24.20%0.19%17.18%0.10%2.22%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		8.31%24.92%19.56%11.71%0.29%32.25%-7.81%24.84%-10.04%8.48%

Returns By Period

In the year-to-date period, ZWH.TO achieves a 3.51% return, which is significantly lower than XDIV.TO's 8.31% return.

ZWH.TO

1D
1.66%
1M
-1.71%
YTD
3.51%
6M
4.63%
1Y
8.82%
3Y*
10.79%
5Y*
9.58%
10Y*
9.03%

XDIV.TO

1D
0.79%
1M
2.40%
YTD
8.31%
6M
13.89%
1Y
28.03%
3Y*
20.18%
5Y*
15.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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BMO US High Dividend Covered Call ETF

iShares Core MSCI Canadian Quality Dividend Index ETF

Often compared with ZWH.TO:
ZWH.TO vs. ZWC.TOZWH.TO vs. JEPIZWH.TO vs. XEI.TOZWH.TO vs. SCHDZWH.TO vs. PDF.TOZWH.TO vs. HMAX.TOZWH.TO vs. VFV.TO
Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO

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

ZWH.TO has a 0.65% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio.

ZWH.TO
BMO US High Dividend Covered Call ETF
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF

Return for Risk

ZWH.TO vs. XDIV.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: 3434
Overall Rank
ZWH.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
ZWH.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
ZWH.TO Omega Ratio Rank: 3535
Omega Ratio Rank
ZWH.TO Calmar Ratio Rank: 3535
Calmar Ratio Rank
ZWH.TO Martin Ratio Rank: 3232
Martin Ratio Rank
XDIV.TO
XDIV.TO Risk / Return Rank: 9595
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9797
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
XDIV.TO Martin Ratio Rank: 9595
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. XDIV.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 iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.TOXDIV.TODifference

Sharpe ratio

Return per unit of total volatility

0.62

2.82

-2.20

Sortino ratio

Return per unit of downside risk

0.91

3.37

-2.46

Omega ratio

Gain probability vs. loss probability

1.14

1.62

-0.48

Calmar ratio

Return relative to maximum drawdown

0.86

2.78

-1.92

Martin ratio

Return relative to average drawdown

2.72

14.46

-11.74

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. XDIV.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 0.62, which is lower than the XDIV.TO Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of ZWH.TO and XDIV.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZWH.TOXDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.62

2.82

-2.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

1.52

-0.69

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

0.74

0.00

Correlation

The correlation between ZWH.TO and XDIV.TO is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZWH.TO vs. XDIV.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 6.23%, more than XDIV.TO's 3.58% yield.

TTM20252024202320222021202020192018201720162015
ZWH.TO
BMO US High Dividend Covered Call ETF		6.23%6.22%4.87%5.71%6.03%5.64%6.59%5.97%5.66%5.46%5.57%5.31%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.58%3.81%4.29%4.20%3.95%3.58%4.58%4.02%4.85%1.82%0.00%0.00%

Drawdowns

ZWH.TO vs. XDIV.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, smaller than the maximum XDIV.TO drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and XDIV.TO.

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Drawdown Indicators

ZWH.TOXDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-41.30%

+7.29%

Max Drawdown (1Y)

Largest decline over 1 year

-11.79%

-10.53%

-1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-17.60%

+2.01%

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

—

—

Current Drawdown

Current decline from peak

-2.51%

0.00%

-2.51%

Average Drawdown

Average peak-to-trough decline

-3.14%

-4.32%

+1.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

2.02%

+1.93%

Volatility

ZWH.TO vs. XDIV.TO - Volatility Comparison

BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.75% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.71%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than XDIV.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.TOXDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

2.71%

+1.04%

Volatility (6M)

Calculated over the trailing 6-month period

7.44%

5.79%

+1.65%

Volatility (1Y)

Calculated over the trailing 1-year period

14.48%

10.03%

+4.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.59%

10.43%

+1.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.83%

16.10%

-1.27%