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

ZWP.TO vs. XEG.TO

Last updated Jun 4, 2026

ZWP.TO (BMO Covered Call Europe High Dividend ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - ZWP.TO is a Europe Equities fund actively managed by BMO, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. ZWP.TO is actively managed, while XEG.TO is passively managed. Over the past 5 years, ZWP.TO returned 10.85%/yr vs 29.48%/yr for XEG.TO. At a 0.21 correlation, their price movements are largely independent. ZWP.TO charges 0.65%/yr vs 0.61%/yr for XEG.TO.

Performance

ZWP.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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 4.01% return, which is significantly lower than XEG.TO's 44.34% return.

ZWP.TO

1D
-0.15%
1M
2.94%
YTD
4.01%
6M
5.17%
1Y
15.26%
3Y*
14.07%
5Y*
10.85%
10Y*
—

XEG.TO

1D
1.17%
1M
-0.04%
YTD
44.34%
6M
39.73%
1Y
70.40%
3Y*
28.08%
5Y*
29.48%
10Y*
11.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
ZWP.TO
BMO Covered Call Europe High Dividend ETF		4.01%22.37%8.60%16.33%-0.97%12.69%-3.55%13.15%-9.11%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-17.69%

Correlation

The correlation between ZWP.TO and XEG.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.11

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

0.06

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

0.11

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2018

0.21

The correlation between ZWP.TO and XEG.TO shifts across timeframes, from -0.11 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

ZWP.TO vs. XEG.TO - Sectors Allocation Comparison

Sectors
ZWP.TO
XEG.TO

Financial Services

24.1%

-

Industrials

13.4%

-

Healthcare

12.5%

-

Energy

10.0%
100.0%

Utilities

9.8%

-

Consumer Defensive

8.3%

-

Basic Materials

7.0%

-

Communication Services

6.4%

-

Technology

5.2%

-

Consumer Cyclical

3.3%

-

Real Estate

-

-

Financial Services

ZWP.TO
24.1%
XEG.TO

-

Industrials

ZWP.TO
13.4%
XEG.TO

-

Healthcare

ZWP.TO
12.5%
XEG.TO

-

Energy

ZWP.TO
10.0%
XEG.TO
100.0%

Utilities

ZWP.TO
9.8%
XEG.TO

-

Consumer Defensive

ZWP.TO
8.3%
XEG.TO

-

Basic Materials

ZWP.TO
7.0%
XEG.TO

-

Communication Services

ZWP.TO
6.4%
XEG.TO

-

Technology

ZWP.TO
5.2%
XEG.TO

-

Consumer Cyclical

ZWP.TO
3.3%
XEG.TO

-

Real Estate

ZWP.TO

-

XEG.TO

-

Compare stocks, funds, or ETFs

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BMO Covered Call Europe High Dividend ETF

iShares S&P/TSX Capped Energy Index ETF

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Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

ZWP.TO vs. XEG.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: 3232
Overall Rank
ZWP.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
ZWP.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
ZWP.TO Omega Ratio Rank: 3434
Omega Ratio Rank
ZWP.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
ZWP.TO Martin Ratio Rank: 3333
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.

ZWP.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
3.11

-1.89

Sortino ratioReturn per unit of downside risk
1.74
3.66

-1.92

Omega ratioGain probability vs. loss probability

1.23

1.49

-0.26

Calmar ratioReturn relative to maximum drawdown

1.43

6.36

-4.93

Martin ratioReturn relative to average drawdown

4.92

19.02

-14.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZWP.TO Sharpe Ratio is 1.22, which is lower than the XEG.TO Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of ZWP.TO and XEG.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

ZWP.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

3.11

-1.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

1.04

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.36

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.28

+0.18

Drawdowns

ZWP.TO vs. XEG.TO - Drawdown Comparison

The maximum ZWP.TO drawdown since its inception was -30.71%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for ZWP.TO and XEG.TO.

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Drawdown Indicators

ZWP.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.71%

-87.74%

+57.03%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-11.12%

+0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-14.04%

-25.67%

+11.63%

Max Drawdown (5Y)

Largest decline over 5 years

-19.30%

-28.42%

+9.12%

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.66%

—

Current Drawdown

Current decline from peak

-2.33%

-4.00%

+1.67%

Average Drawdown

Average peak-to-trough decline

-4.74%

-29.19%

+24.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

3.71%

-0.60%

Volatility

ZWP.TO vs. XEG.TO - Volatility Comparison

The current volatility for BMO Covered Call Europe High Dividend ETF (ZWP.TO) is 4.03%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.31%. This indicates that ZWP.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.03%

9.31%

-5.28%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

18.99%

-8.80%

Volatility (1Y)

Calculated over the trailing 1-year period

12.56%

22.76%

-10.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.02%

28.62%

-14.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.71%

33.41%

-17.70%

ZWP.TO vs. XEG.TO - Expense Ratio Comparison

ZWP.TO has a 0.65% expense ratio, which is higher than XEG.TO's 0.61% expense ratio.

Dividends

ZWP.TO vs. XEG.TO - Dividend Comparison

ZWP.TO's dividend yield for the trailing twelve months is around 6.16%, more than XEG.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.65%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
ZWP.TO
BMO Covered Call Europe High Dividend ETF		6.16%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 XEG.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEG.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for ZWP.TO.

ZWP.TO is categorized as Europe Equities, while XEG.TO is Energy Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWP.TO and 0.61% for XEG.TO.

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