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

ZWH.TO vs. ZWU.TO

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZWH.TO returned 9.87%/yr vs 6.08%/yr for ZWU.TO. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZWH.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.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 ZWU.TO's 10.15% return. Over the past 10 years, ZWH.TO has outperformed ZWU.TO with an annualized return of 9.87%, while ZWU.TO has yielded a comparatively lower 6.08% 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%

ZWU.TO

1D
-0.50%
1M
-0.34%
YTD
10.15%
6M
9.37%
1Y
15.17%
3Y*
10.66%
5Y*
6.33%
10Y*
6.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. ZWU.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%
ZWU.TO
BMO Covered Call Utilities ETF		10.15%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%

Correlation

The correlation between ZWH.TO and ZWU.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.37

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

0.42

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

0.47

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

0.44

The correlation between ZWH.TO and ZWU.TO shifts across timeframes, from 0.26 (1 year) to 0.47 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
ZWH.TO
ZWU.TO

Technology

28.4%

-

Healthcare

12.6%

-

Financial Services

12.0%

-

Consumer Defensive

9.4%

-

Energy

9.0%
25.8%

Utilities

6.5%
52.7%

Communication Services

6.3%
21.5%

Consumer Cyclical

5.2%

-

Industrials

4.7%

-

Real Estate

4.2%

-

Basic Materials

1.7%

-

Technology

ZWH.TO
28.4%
ZWU.TO

-

Healthcare

ZWH.TO
12.6%
ZWU.TO

-

Financial Services

ZWH.TO
12.0%
ZWU.TO

-

Consumer Defensive

ZWH.TO
9.4%
ZWU.TO

-

Energy

ZWH.TO
9.0%
ZWU.TO
25.8%

Utilities

ZWH.TO
6.5%
ZWU.TO
52.7%

Communication Services

ZWH.TO
6.3%
ZWU.TO
21.5%

Consumer Cyclical

ZWH.TO
5.2%
ZWU.TO

-

Industrials

ZWH.TO
4.7%
ZWU.TO

-

Real Estate

ZWH.TO
4.2%
ZWU.TO

-

Basic Materials

ZWH.TO
1.7%
ZWU.TO

-

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BMO US High Dividend Covered Call ETF

BMO Covered Call Utilities ETF

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Often compared with ZWU.TO:
ZWU.TO vs. ZUT.TOZWU.TO vs. UMAX.TOZWU.TO vs. UTES.TOZWU.TO vs. ZWC.TOZWU.TO vs. HUTE.TOZWU.TO vs. PAYF.TOZWU.TO vs. SYLD.TO

Return for Risk

ZWH.TO vs. ZWU.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
ZWU.TO
ZWU.TO Risk / Return Rank: 5858
Overall Rank
ZWU.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 5151
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. ZWU.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 Covered Call Utilities ETF (ZWU.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.TOZWU.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
2.01

+0.76

Sortino ratioReturn per unit of downside risk
4.08
2.94

+1.13

Omega ratioGain probability vs. loss probability

1.51

1.36

+0.15

Calmar ratioReturn relative to maximum drawdown

4.81

3.13

+1.68

Martin ratioReturn relative to average drawdown

18.98

8.85

+10.13

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. ZWU.TO - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is higher than the ZWU.TO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of ZWH.TO and ZWU.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.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

2.01

+0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

0.61

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.43

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.42

+0.38

Drawdowns

ZWH.TO vs. ZWU.TO - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and ZWU.TO.

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Drawdown Indicators

ZWH.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-37.41%

+3.40%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-4.86%

-0.83%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-12.85%

-2.74%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-23.36%

+7.77%

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

-37.41%

+3.40%

Current Drawdown

Current decline from peak

0.00%

-2.31%

+2.31%

Average Drawdown

Average peak-to-trough decline

-3.11%

-5.38%

+2.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

1.73%

-0.29%

Volatility

ZWH.TO vs. ZWU.TO - Volatility Comparison

BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.81%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.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.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

2.81%

+0.65%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

6.30%

+1.36%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

7.59%

+2.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

10.47%

+1.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

14.18%

+0.66%

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

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

Dividends

ZWH.TO vs. ZWU.TO - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than ZWU.TO's 7.09% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWU.TO
BMO Covered Call Utilities ETF		7.09%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Frequently Asked Questions

ZWH.TO and ZWU.TO have a correlation of 0.26, 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 ZWU.TO have the same expense ratio: 0.65% per year.

ZWH.TO is categorized as Derivative Income, while ZWU.TO is Utilities Equities.

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