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ZWQT.TO vs. HCON.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWQT.TO vs. HCON.TO

Last updated Jun 4, 2026

ZWQT.TO (BMO Global Enhanced Income Fund Series ETF) and HCON.TO (Global X Conservative Asset Allocation ETF) are both Global Allocation funds. Both are actively managed. Over the past year, ZWQT.TO returned 30.83% vs 13.34% for HCON.TO. At a 0.38 correlation, their price movements are largely independent. ZWQT.TO charges 0.87%/yr vs 0.22%/yr for HCON.TO.

Performance

ZWQT.TO vs. HCON.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) and Global X Conservative Asset Allocation ETF (HCON.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, ZWQT.TO achieves a 13.46% return, which is significantly higher than HCON.TO's 5.14% return.

ZWQT.TO

1D
-0.20%
1M
6.80%
YTD
13.46%
6M
14.11%
1Y
30.83%
3Y*
—
5Y*
—
10Y*
—

HCON.TO

1D
0.26%
1M
3.66%
YTD
5.14%
6M
4.96%
1Y
13.34%
3Y*
10.89%
5Y*
5.15%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWQT.TO vs. HCON.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZWQT.TO
BMO Global Enhanced Income Fund Series ETF		13.46%14.08%17.82%8.19%
HCON.TO
Global X Conservative Asset Allocation ETF		5.14%10.11%12.67%4.46%

Correlation

The correlation between ZWQT.TO and HCON.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2023

0.38

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Global Enhanced Income Fund Series ETF

Global X Conservative Asset Allocation ETF

Often compared with ZWQT.TO:
ZWQT.TO vs. BMAX.TOZWQT.TO vs. ZEQT.TOZWQT.TO vs. XTR.TOZWQT.TO vs. VRIF.TOZWQT.TO vs. ZBAL.TOZWQT.TO vs. ZLB.TOZWQT.TO vs. ZSP.TO
Often compared with HCON.TO:
HCON.TO vs. HBNK.TOHCON.TO vs. QQCC.TOHCON.TO vs. CBIL.TOHCON.TO vs. HXS.TOHCON.TO vs. FCGI.TOHCON.TO vs. HSAV.TOHCON.TO vs. TBAL.TO

Return for Risk

ZWQT.TO vs. HCON.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWQT.TO
ZWQT.TO Risk / Return Rank: 9292
Overall Rank
ZWQT.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ZWQT.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
ZWQT.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZWQT.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
ZWQT.TO Martin Ratio Rank: 9393
Martin Ratio Rank
HCON.TO
HCON.TO Risk / Return Rank: 6262
Overall Rank
HCON.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
HCON.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
HCON.TO Omega Ratio Rank: 6969
Omega Ratio Rank
HCON.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
HCON.TO Martin Ratio Rank: 6262
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.

ZWQT.TO vs. HCON.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) and Global X Conservative Asset Allocation ETF (HCON.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.

ZWQT.TOHCON.TODifference
Sharpe ratioReturn per unit of total volatility
3.30
2.00

+1.30

Sortino ratioReturn per unit of downside risk
4.66
2.87

+1.79

Omega ratioGain probability vs. loss probability

1.65

1.41

+0.24

Calmar ratioReturn relative to maximum drawdown

5.66

2.84

+2.82

Martin ratioReturn relative to average drawdown

23.85

10.89

+12.96

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

ZWQT.TO vs. HCON.TO - Sharpe Ratio Comparison

The current ZWQT.TO Sharpe Ratio is 3.30, which is higher than the HCON.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of ZWQT.TO and HCON.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

ZWQT.TOHCON.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.30

2.00

+1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.59

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.71

0.60

+1.11

Drawdowns

ZWQT.TO vs. HCON.TO - Drawdown Comparison

The maximum ZWQT.TO drawdown since its inception was -14.93%, smaller than the maximum HCON.TO drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for ZWQT.TO and HCON.TO.

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Drawdown Indicators

ZWQT.TOHCON.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.93%

-22.98%

+8.05%

Max Drawdown (1Y)

Largest decline over 1 year

-5.47%

-4.71%

-0.76%

Max Drawdown (3Y)

Largest decline over 3 years

—

-6.10%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-20.12%

—

Current Drawdown

Current decline from peak

-0.20%

0.00%

-0.20%

Average Drawdown

Average peak-to-trough decline

-1.47%

-4.32%

+2.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.30%

1.23%

+0.07%

Volatility

ZWQT.TO vs. HCON.TO - Volatility Comparison

BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) has a higher volatility of 3.22% compared to Global X Conservative Asset Allocation ETF (HCON.TO) at 2.04%. This indicates that ZWQT.TO's price experiences larger fluctuations and is considered to be riskier than HCON.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWQT.TOHCON.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.22%

2.04%

+1.18%

Volatility (6M)

Calculated over the trailing 6-month period

7.02%

5.36%

+1.66%

Volatility (1Y)

Calculated over the trailing 1-year period

9.40%

6.69%

+2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.92%

8.71%

+2.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.92%

11.62%

-0.70%

ZWQT.TO vs. HCON.TO - Expense Ratio Comparison

ZWQT.TO has a 0.87% expense ratio, which is higher than HCON.TO's 0.22% expense ratio.

Dividends

ZWQT.TO vs. HCON.TO - Dividend Comparison

ZWQT.TO's dividend yield for the trailing twelve months is around 4.99%, more than HCON.TO's 2.73% yield.

PositionTTM2025202420232022202120202019
HCON.TO
Global X Conservative Asset Allocation ETF		2.73%2.83%2.60%1.19%0.02%0.09%0.79%0.04%
ZWQT.TO
BMO Global Enhanced Income Fund Series ETF		4.99%5.54%5.96%3.30%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZWQT.TO and HCON.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HCON.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HCON.TO is cheaper with a 0.22% expense ratio, compared with 0.87% for ZWQT.TO.

They also come from different issuers: BMO and Global X. Their fees differ too: 0.87% for ZWQT.TO and 0.22% for HCON.TO.

Portfolio Optimizer

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