ZWP.TO vs. XIU.TO

Last updated Jul 18, 2026

ZWP.TO (BMO Covered Call Europe High Dividend ETF) and XIU.TO (iShares S&P/TSX 60 Index ETF) are both exchange-traded funds - ZWP.TO is a Europe Equities fund actively managed by BMO, while XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index. ZWP.TO is actively managed, while XIU.TO is passively managed. Over the past 5 years, ZWP.TO returned 10.71%/yr vs 14.97%/yr for XIU.TO. A 0.53 correlation means they provide meaningful diversification when combined. ZWP.TO charges 0.65%/yr vs 0.18%/yr for XIU.TO.

Performance

ZWP.TO vs. XIU.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 60 Index ETF (XIU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWP.TO achieves a 5.68% return, which is significantly lower than XIU.TO's 13.67% 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*: —

XIU.TO

• 1D: -0.28%
• 1M: 1.69%
• 6M: 9.82%
• YTD: 13.67%
• 1Y: 31.00%
• 3Y*: 22.96%
• 5Y*: 14.97%
• 10Y*: 12.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
XIU.TO iShares S&P/TSX 60 Index ETF	13.67%	28.89%	20.73%	11.85%	-6.35%	28.06%	5.27%	21.81%	-4.06%

Correlation

The correlation between ZWP.TO and XIU.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 7, 2018	0.53

The correlation between ZWP.TO and XIU.TO has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

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

Sectors	ZWP.TO	XIU.TO
Financial Services	25.0%	40.3%
Industrials	14.8%	7.8%
Healthcare	13.2%	-
Utilities	9.4%	2.6%
Energy	8.3%	17.7%
Consumer Defensive	8.1%	3.2%
Technology	6.8%	8.8%
Communication Services	5.6%	2.0%
Basic Materials	5.3%	13.6%
Consumer Cyclical	3.5%	3.9%
Real Estate	-	0.2%

Return for Risk

ZWP.TO vs. XIU.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: 41
ZWP.TO Sharpe Ratio Rank: 43
ZWP.TO Sortino Ratio Rank: 42
ZWP.TO Omega Ratio Rank: 42
ZWP.TO Calmar Ratio Rank: 37
ZWP.TO Martin Ratio Rank: 41

XIU.TO

XIU.TO Risk / Return Rank: 91
XIU.TO Sharpe Ratio Rank: 92
XIU.TO Sortino Ratio Rank: 91
XIU.TO Omega Ratio Rank: 91
XIU.TO Calmar Ratio Rank: 88
XIU.TO Martin Ratio Rank: 93

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. XIU.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 60 Index ETF (XIU.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.TO	XIU.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.59	-1.38
Sortino ratio: Return per unit of downside risk	1.74	3.46	-1.72
Omega ratio: Gain probability vs. loss probability	1.22	1.47	-0.24
Calmar ratio: Return relative to maximum drawdown	1.50	4.07	-2.57
Martin ratio: Return relative to average drawdown	5.07	18.62	-13.55

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

The current ZWP.TO Sharpe Ratio is 1.22, which is lower than the XIU.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of ZWP.TO and XIU.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.

Drawdowns

ZWP.TO vs. XIU.TO - Drawdown Comparison

The maximum ZWP.TO drawdown since its inception was -30.71%, smaller than the maximum XIU.TO drawdown of -46.98%. Use the drawdown chart below to compare losses from any high point for ZWP.TO and XIU.TO.

Drawdown Indicators

	ZWP.TO	XIU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.71%	-46.98%	+16.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-7.65%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-12.36%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-19.30%	-16.36%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.46%	—
Current Drawdown Current decline from peak	-2.63%	-0.28%	-2.35%
Average Drawdown Average peak-to-trough decline	-4.69%	-6.85%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	1.67%	+1.48%

Volatility

ZWP.TO vs. XIU.TO - Volatility Comparison

BMO Covered Call Europe High Dividend ETF (ZWP.TO) has a higher volatility of 2.85% compared to iShares S&P/TSX 60 Index ETF (XIU.TO) at 1.92%. This indicates that ZWP.TO's price experiences larger fluctuations and is considered to be riskier than XIU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWP.TO	XIU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	1.92%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	9.54%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	12.04%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.13%	12.82%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	14.98%	+0.70%

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

ZWP.TO has a 0.65% expense ratio, which is higher than XIU.TO's 0.18% expense ratio.

Dividends

ZWP.TO vs. XIU.TO - Dividend Comparison

ZWP.TO's dividend yield for the trailing twelve months is around 6.12%, more than XIU.TO's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XIU.TO iShares S&P/TSX 60 Index ETF	2.13%	2.39%	2.92%	3.16%	3.02%	2.43%	3.03%	2.87%	3.18%	2.58%	2.65%	3.19%
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

Can I hold both ZWP.TO and XIU.TO in my portfolio?

ZWP.TO and XIU.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWP.TO or XIU.TO?

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWP.TO or XIU.TO?

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.65% for ZWP.TO.

What is the main difference between ZWP.TO and XIU.TO?

ZWP.TO is categorized as Europe Equities, while XIU.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWP.TO and 0.18% for XIU.TO.