ZWP.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZWP.TO (BMO Covered Call Europe High Dividend ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZWP.TO is a Europe Equities fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZWP.TO returned 10.85%/yr vs 13.72%/yr for ZDV.TO. At a 0.50 correlation, their price movements are largely independent. ZWP.TO charges 0.65%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZWP.TO vs. ZDV.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 BMO Canadian Dividend ETF (ZDV.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 4.01% return, which is significantly lower than ZDV.TO's 18.56% 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*: —

ZDV.TO

• 1D: -0.22%
• 1M: 4.61%
• YTD: 18.56%
• 6M: 13.14%
• 1Y: 31.08%
• 3Y*: 20.39%
• 5Y*: 13.72%
• 10Y*: 10.97%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
ZDV.TO BMO Canadian Dividend ETF	18.56%	20.17%	16.52%	7.83%	-1.93%	28.40%	-3.84%	22.34%	-4.03%

Correlation

The correlation between ZWP.TO and ZDV.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 8, 2018	0.50

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

Sectors	ZWP.TO	ZDV.TO
Financial Services	24.1%	35.2%
Industrials	13.4%	2.7%
Healthcare	12.5%	0.9%
Energy	10.0%	27.2%
Utilities	9.8%	10.1%
Consumer Defensive	8.3%	2.2%
Basic Materials	7.0%	10.6%
Communication Services	6.4%	5.7%
Technology	5.2%	-
Consumer Cyclical	3.3%	1.4%
Real Estate	-	4.1%

Return for Risk

ZWP.TO vs. ZDV.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: 32
ZWP.TO Sharpe Ratio Rank: 34
ZWP.TO Sortino Ratio Rank: 32
ZWP.TO Omega Ratio Rank: 34
ZWP.TO Calmar Ratio Rank: 30
ZWP.TO Martin Ratio Rank: 33

ZDV.TO

ZDV.TO Risk / Return Rank: 85
ZDV.TO Sharpe Ratio Rank: 87
ZDV.TO Sortino Ratio Rank: 74
ZDV.TO Omega Ratio Rank: 93
ZDV.TO Calmar Ratio Rank: 85
ZDV.TO Martin Ratio Rank: 85

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. ZDV.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 BMO Canadian Dividend ETF (ZDV.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.TO	ZDV.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.95	-1.73
Sortino ratio: Return per unit of downside risk	1.74	3.40	-1.66
Omega ratio: Gain probability vs. loss probability	1.23	1.66	-0.43
Calmar ratio: Return relative to maximum drawdown	1.43	4.69	-3.26
Martin ratio: Return relative to average drawdown	4.92	18.24	-13.33
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. ZDV.TO - Sharpe Ratio Comparison

The current ZWP.TO Sharpe Ratio is 1.22, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZWP.TO and ZDV.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.

Sharpe Ratios by Period

	ZWP.TO	ZDV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.95	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.26	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.68	-0.22

Drawdowns

ZWP.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZWP.TO drawdown since its inception was -30.71%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZWP.TO and ZDV.TO.

Drawdown Indicators

	ZWP.TO	ZDV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.71%	-43.21%	+12.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-6.65%	-4.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-9.04%	-5.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.30%	-16.72%	-2.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.21%	—
Current Drawdown Current decline from peak	-2.33%	-0.22%	-2.11%
Average Drawdown Average peak-to-trough decline	-4.74%	-5.12%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	1.71%	+1.40%

Volatility

ZWP.TO vs. ZDV.TO - Volatility Comparison

BMO Covered Call Europe High Dividend ETF (ZWP.TO) has a higher volatility of 4.03% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZWP.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWP.TO	ZDV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	2.49%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	9.69%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	10.57%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	10.94%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	15.11%	+0.60%

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

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

Dividends

ZWP.TO vs. ZDV.TO - Dividend Comparison

ZWP.TO's dividend yield for the trailing twelve months is around 6.16%, more than ZDV.TO's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZDV.TO BMO Canadian Dividend ETF	2.68%	3.07%	3.57%	4.10%	4.10%	3.63%	4.48%	4.11%	5.06%	3.96%	3.84%	4.63%
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

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

ZWP.TO and ZDV.TO have a correlation of 0.41, 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 ZDV.TO?

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

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

ZDV.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for ZWP.TO.

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

ZWP.TO is categorized as Europe Equities, while ZDV.TO is Canada Equities. Their fees differ too: 0.65% for ZWP.TO and 0.39% for ZDV.TO.