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ZWT.TO vs. FHQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWT.TO vs. FHQ.TO

Last updated Jul 16, 2026
Documentation

ZWT.TO (BMO Covered Call Technology ETF) and FHQ.TO (First Trust AlphaDEX U.S. Technology Sector Index ETF) are both Technology Equities funds. ZWT.TO is actively managed, while FHQ.TO is passively managed. Over the past 5 years, ZWT.TO returned 20.18%/yr vs 13.16%/yr for FHQ.TO. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

ZWT.TO vs. FHQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Technology ETF (ZWT.TO) and First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.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, ZWT.TO achieves a 16.20% return, which is significantly lower than FHQ.TO's 24.19% return.

ZWT.TO

1D
-0.80%
1M
-1.69%
6M
14.81%
YTD
16.20%
1Y
30.88%
3Y*
32.15%
5Y*
20.18%
10Y*
—

FHQ.TO

1D
0.39%
1M
-4.66%
6M
18.60%
YTD
24.19%
1Y
33.63%
3Y*
22.48%
5Y*
13.16%
10Y*
19.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWT.TO vs. FHQ.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ZWT.TO
BMO Covered Call Technology ETF		16.20%18.15%49.78%65.75%-31.60%23.39%
FHQ.TO
First Trust AlphaDEX U.S. Technology Sector Index ETF		24.19%8.42%25.83%36.49%-28.18%16.25%

Correlation

The correlation between ZWT.TO and FHQ.TO is 0.52, 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

0.52

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

0.64

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

0.58

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2021

0.57

The correlation between ZWT.TO and FHQ.TO shifts across timeframes, from 0.52 (1 year) to 0.64 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO Covered Call Technology ETF

First Trust AlphaDEX U.S. Technology Sector Index ETF

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Return for Risk

ZWT.TO vs. FHQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWT.TO
ZWT.TO Risk / Return Rank: 5050
Overall Rank
ZWT.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
ZWT.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZWT.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZWT.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZWT.TO Martin Ratio Rank: 4545
Martin Ratio Rank
FHQ.TO
FHQ.TO Risk / Return Rank: 5050
Overall Rank
FHQ.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FHQ.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
FHQ.TO Omega Ratio Rank: 4848
Omega Ratio Rank
FHQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
FHQ.TO Martin Ratio Rank: 4949
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.

ZWT.TO vs. FHQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Technology ETF (ZWT.TO) and First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.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.

ZWT.TOFHQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.53
1.37

+0.17

Sortino ratioReturn per unit of downside risk
2.03
1.92

+0.11

Omega ratioGain probability vs. loss probability

1.26

1.25

+0.01

Calmar ratioReturn relative to maximum drawdown

1.95

2.44

-0.49

Martin ratioReturn relative to average drawdown

6.04

6.72

-0.68

ZWT.TO vs. FHQ.TO - Sharpe Ratio Comparison

The current ZWT.TO Sharpe Ratio is 1.53, which is comparable to the FHQ.TO Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ZWT.TO and FHQ.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

ZWT.TO vs. FHQ.TO - Drawdown Comparison

The maximum ZWT.TO drawdown since its inception was -35.84%, which is greater than FHQ.TO's maximum drawdown of -32.05%. Use the drawdown chart below to compare losses from any high point for ZWT.TO and FHQ.TO.

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Drawdown Indicators

ZWT.TOFHQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.84%

-32.05%

-3.79%

Max Drawdown (1Y)

Largest decline over 1 year

-15.93%

-14.13%

-1.80%

Max Drawdown (3Y)

Largest decline over 3 years

-26.27%

-27.64%

+1.37%

Max Drawdown (5Y)

Largest decline over 5 years

-35.84%

-32.05%

-3.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.05%

—

Current Drawdown

Current decline from peak

-3.51%

-6.70%

+3.19%

Average Drawdown

Average peak-to-trough decline

-8.72%

-7.63%

-1.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.12%

5.11%

+0.01%

Volatility

ZWT.TO vs. FHQ.TO - Volatility Comparison

The current volatility for BMO Covered Call Technology ETF (ZWT.TO) is 7.69%, while First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.TO) has a volatility of 10.35%. This indicates that ZWT.TO experiences smaller price fluctuations and is considered to be less risky than FHQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWT.TOFHQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.69%

10.35%

-2.66%

Volatility (6M)

Calculated over the trailing 6-month period

16.48%

20.95%

-4.47%

Volatility (1Y)

Calculated over the trailing 1-year period

20.25%

25.24%

-4.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.64%

23.62%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.16%

23.37%

-0.21%

Dividends

ZWT.TO vs. FHQ.TO - Dividend Comparison

ZWT.TO's dividend yield for the trailing twelve months is around 4.59%, while FHQ.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FHQ.TO
First Trust AlphaDEX U.S. Technology Sector Index ETF		0.00%0.00%0.02%0.00%0.00%1.18%0.43%0.50%0.80%0.83%1.20%0.43%
ZWT.TO
BMO Covered Call Technology ETF		4.59%4.46%3.34%3.83%6.54%4.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZWT.TO and FHQ.TO have a correlation of 0.52, 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 First Trust.

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