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ZWP.TO vs. RPD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWP.TO vs. RPD.TO

Last updated Jul 18, 2026
Documentation

ZWP.TO (BMO Covered Call Europe High Dividend ETF) and RPD.TO (RBC Quant European Dividend Leaders ETF) are both Europe Equities funds. Both are actively managed. Over the past 5 years, ZWP.TO returned 10.71%/yr vs 14.80%/yr for RPD.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

ZWP.TO vs. RPD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Europe High Dividend ETF (ZWP.TO) and RBC Quant European Dividend Leaders ETF (RPD.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, ZWP.TO achieves a 5.68% return, which is significantly lower than RPD.TO's 15.72% return.

ZWP.TO

1D
-0.72%
1M
-0.67%
6M
2.79%
YTD
5.68%
1Y
15.91%
3Y*
13.58%
5Y*
10.71%
10Y*
—

RPD.TO

1D
-0.67%
1M
-1.11%
6M
10.40%
YTD
15.72%
1Y
32.57%
3Y*
23.91%
5Y*
14.80%
10Y*
10.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWP.TO vs. RPD.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZWP.TO
BMO Covered Call Europe High Dividend ETF		5.68%22.37%8.60%16.33%-0.97%12.69%-3.55%13.15%-8.57%
RPD.TO
RBC Quant European Dividend Leaders ETF		15.72%39.81%9.01%20.93%-10.71%17.45%-1.87%10.32%-12.74%

Correlation

The correlation between ZWP.TO and RPD.TO is 0.70, 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

0.70

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

0.42

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

0.35

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2018

0.39

Over the past year, ZWP.TO and RPD.TO have become more correlated (0.70) than their long-term average of 0.39, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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BMO Covered Call Europe High Dividend ETF

RBC Quant European Dividend Leaders ETF

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ZWP.TO vs. VIDY.TOZWP.TO vs. ZDI.TOZWP.TO vs. HBIL.TOZWP.TO vs. VDY.TOZWP.TO vs. HUTE.TOZWP.TO vs. ZWU.TOZWP.TO vs. ZEQ.TO
Often compared with RPD.TO:
RPD.TO vs. RPDH.TORPD.TO vs. RBO.TORPD.TO vs. RID.TORPD.TO vs. RLB.TORPD.TO vs. RQO.TORPD.TO vs. RQP.TORPD.TO vs. RIDH.TO

Return for Risk

ZWP.TO vs. RPD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWP.TO
ZWP.TO Risk / Return Rank: 4141
Overall Rank
ZWP.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZWP.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
ZWP.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZWP.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
ZWP.TO Martin Ratio Rank: 4141
Martin Ratio Rank
RPD.TO
RPD.TO Risk / Return Rank: 8888
Overall Rank
RPD.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
RPD.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
RPD.TO Omega Ratio Rank: 8989
Omega Ratio Rank
RPD.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
RPD.TO Martin Ratio Rank: 8686
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.

ZWP.TO vs. RPD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Europe High Dividend ETF (ZWP.TO) and RBC Quant European Dividend Leaders ETF (RPD.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ZWP.TORPD.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
2.34

-1.13

Sortino ratioReturn per unit of downside risk
1.74
3.34

-1.60

Omega ratioGain probability vs. loss probability

1.22

1.43

-0.21

Calmar ratioReturn relative to maximum drawdown

1.50

3.45

-1.96

Martin ratioReturn relative to average drawdown

5.07

13.15

-8.08

ZWP.TO vs. RPD.TO - Sharpe Ratio Comparison

The current ZWP.TO Sharpe Ratio is 1.22, which is lower than the RPD.TO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of ZWP.TO and RPD.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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Drawdowns

ZWP.TO vs. RPD.TO - Drawdown Comparison

The maximum ZWP.TO drawdown since its inception was -30.71%, smaller than the maximum RPD.TO drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for ZWP.TO and RPD.TO.

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Drawdown Indicators

ZWP.TORPD.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.71%

-34.70%

+3.99%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-9.48%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.04%

-13.77%

-0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-19.30%

-26.48%

+7.18%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.70%

—

Current Drawdown

Current decline from peak

-2.63%

-2.91%

+0.28%

Average Drawdown

Average peak-to-trough decline

-4.69%

-6.09%

+1.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

2.48%

+0.67%

Volatility

ZWP.TO vs. RPD.TO - Volatility Comparison

The current volatility for BMO Covered Call Europe High Dividend ETF (ZWP.TO) is 2.85%, while RBC Quant European Dividend Leaders ETF (RPD.TO) has a volatility of 3.23%. This indicates that ZWP.TO experiences smaller price fluctuations and is considered to be less risky than RPD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWP.TORPD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.85%

3.23%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

10.92%

11.79%

-0.87%

Volatility (1Y)

Calculated over the trailing 1-year period

13.13%

14.00%

-0.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.13%

14.77%

-0.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.68%

15.54%

+0.14%

Dividends

ZWP.TO vs. RPD.TO - Dividend Comparison

ZWP.TO's dividend yield for the trailing twelve months is around 6.12%, more than RPD.TO's 2.86% yield.

PositionTTM20252024202320222021202020192018201720162015
RPD.TO
RBC Quant European Dividend Leaders ETF		2.86%2.97%3.46%3.47%3.63%2.37%3.14%5.53%5.54%3.01%3.63%3.10%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		6.12%6.22%7.13%7.23%7.04%6.45%7.28%6.92%6.45%0.00%0.00%0.00%

Frequently Asked Questions

ZWP.TO and RPD.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and RBC.

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