PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZWH.TO vs. ZQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWH.TO vs. ZQQ.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZWH.TO is actively managed, while ZQQ.TO is passively managed. Over the past 10 years, ZWH.TO returned 9.87%/yr vs 20.08%/yr for ZQQ.TO. At a 0.50 correlation, their price movements are largely independent. ZWH.TO charges 0.65%/yr vs 0.39%/yr for ZQQ.TO.

Performance

ZWH.TO vs. ZQQ.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 BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly lower than ZQQ.TO's 19.82% return. Over the past 10 years, ZWH.TO has underperformed ZQQ.TO with an annualized return of 9.87%, while ZQQ.TO has yielded a comparatively higher 20.08% 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%

ZQQ.TO

1D
-0.28%
1M
10.63%
YTD
19.82%
6M
18.08%
1Y
38.53%
3Y*
26.42%
5Y*
16.12%
10Y*
20.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. ZQQ.TO - 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%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		19.82%18.38%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%

Correlation

The correlation between ZWH.TO and ZQQ.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.43

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

0.42

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

0.52

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

0.50

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

0.50

The correlation between ZWH.TO and ZQQ.TO has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.

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

Sectors
ZWH.TO
ZQQ.TO

Technology

28.4%
54.1%

Healthcare

12.6%
4.2%

Financial Services

12.0%
0.2%

Consumer Defensive

9.4%
7.6%

Energy

9.0%
0.6%

Utilities

6.5%
1.4%

Communication Services

6.3%
15.5%

Consumer Cyclical

5.2%
12.2%

Industrials

4.7%
3.1%

Real Estate

4.2%
0.1%

Basic Materials

1.7%
1.2%

Technology

ZWH.TO
28.4%
ZQQ.TO
54.1%

Healthcare

ZWH.TO
12.6%
ZQQ.TO
4.2%

Financial Services

ZWH.TO
12.0%
ZQQ.TO
0.2%

Consumer Defensive

ZWH.TO
9.4%
ZQQ.TO
7.6%

Energy

ZWH.TO
9.0%
ZQQ.TO
0.6%

Utilities

ZWH.TO
6.5%
ZQQ.TO
1.4%

Communication Services

ZWH.TO
6.3%
ZQQ.TO
15.5%

Consumer Cyclical

ZWH.TO
5.2%
ZQQ.TO
12.2%

Industrials

ZWH.TO
4.7%
ZQQ.TO
3.1%

Real Estate

ZWH.TO
4.2%
ZQQ.TO
0.1%

Basic Materials

ZWH.TO
1.7%
ZQQ.TO
1.2%

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

BMO NASDAQ 100 Equity (CAD Hedged)

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 ZQQ.TO:
ZQQ.TO vs. ZNQ.TOZQQ.TO vs. XQQ.TOZQQ.TO vs. QQC.TOZQQ.TO vs. QQQZQQ.TO vs. VFV.TOZQQ.TO vs. TEC.TOZQQ.TO vs. ZSP.TO

Return for Risk

ZWH.TO vs. ZQQ.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
ZQQ.TO
ZQQ.TO Risk / Return Rank: 6767
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 6969
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 6161
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. ZQQ.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 BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.TOZQQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
2.46

+0.31

Sortino ratioReturn per unit of downside risk
4.08
3.25

+0.83

Omega ratioGain probability vs. loss probability

1.51

1.43

+0.08

Calmar ratioReturn relative to maximum drawdown

4.81

3.01

+1.80

Martin ratioReturn relative to average drawdown

18.98

11.25

+7.73

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. ZQQ.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is comparable to the ZQQ.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZWH.TO and ZQQ.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.

Loading charts...

Sharpe Ratios by Period

ZWH.TOZQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

2.46

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

0.72

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.90

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.91

-0.11

Drawdowns

ZWH.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and ZQQ.TO.

Loading charts...

Drawdown Indicators

ZWH.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-36.39%

+2.38%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-12.86%

+7.17%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-22.79%

+7.20%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-36.39%

+20.80%

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

-36.39%

+2.38%

Current Drawdown

Current decline from peak

0.00%

-0.28%

+0.28%

Average Drawdown

Average peak-to-trough decline

-3.11%

-5.37%

+2.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

3.43%

-1.99%

Volatility

ZWH.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO US High Dividend Covered Call ETF (ZWH.TO) is 3.46%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 4.54%. This indicates that ZWH.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZWH.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

4.54%

-1.08%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

12.02%

-4.36%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

15.73%

-5.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

22.57%

-10.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

22.41%

-7.57%

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

ZWH.TO has a 0.65% expense ratio, which is higher than ZQQ.TO's 0.39% expense ratio.

Dividends

ZWH.TO vs. ZQQ.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, more than ZQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.22%0.27%0.37%0.32%0.45%0.14%0.41%0.51%0.64%0.57%1.60%0.81%
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 ZQQ.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZWH.TO.

ZWH.TO is categorized as Derivative Income, while ZQQ.TO is Nasdaq-100. Their fees differ too: 0.65% for ZWH.TO and 0.39% for ZQQ.TO.

Portfolio Optimizer

Find the right allocation for ZWH.TO and ZQQ.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer