ZWT.TO vs. ZTIP.TO
ZWT.TO (BMO Covered Call Technology ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - ZWT.TO is a Technology Equities fund actively managed by BMO, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. ZWT.TO is actively managed, while ZTIP.TO is passively managed. Over the past 5 years, ZWT.TO returned 21.09%/yr vs 6.25%/yr for ZTIP.TO. At a correlation of -0.03, they often move in opposite directions. ZWT.TO charges 0.71%/yr vs 0.17%/yr for ZTIP.TO.
Performance
ZWT.TO vs. ZTIP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWT.TO achieves a 15.09% return, which is significantly higher than ZTIP.TO's 5.16% return.
ZWT.TO
- 1D
- 0.42%
- 1M
- -0.75%
- YTD
- 15.09%
- 6M
- 14.42%
- 1Y
- 33.76%
- 3Y*
- 34.49%
- 5Y*
- 21.09%
- 10Y*
- —
ZTIP.TO
- 1D
- -0.06%
- 1M
- 2.65%
- YTD
- 5.16%
- 6M
- 5.48%
- 1Y
- 7.33%
- 3Y*
- 7.73%
- 5Y*
- 6.25%
- 10Y*
- —
ZWT.TO vs. ZTIP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZWT.TO BMO Covered Call Technology ETF | 15.09% | 18.15% | 49.78% | 65.75% | -31.60% | 23.39% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 5.16% | 1.12% | 13.84% | 1.93% | 3.96% | 4.47% |
Correlation
The correlation between ZWT.TO and ZTIP.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021 | -0.03 |
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Return for Risk
ZWT.TO vs. ZTIP.TO — Risk / Return Rank
ZWT.TO
ZTIP.TO
ZWT.TO vs. ZTIP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Technology ETF (ZWT.TO) and BMO Short-Term US TIPS Index ETF (ZTIP.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.TO | ZTIP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 1.96 | +0.17 |
| Martin ratioReturn relative to average drawdown | 6.68 | 5.25 | +1.43 |
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Drawdowns
ZWT.TO vs. ZTIP.TO - Drawdown Comparison
The maximum ZWT.TO drawdown since its inception was -35.84%, which is greater than ZTIP.TO's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for ZWT.TO and ZTIP.TO.
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Drawdown Indicators
| ZWT.TO | ZTIP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.84% | -5.60% | -30.24% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -3.78% | -12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -26.27% | -5.60% | -20.67% |
Max Drawdown (5Y)Largest decline over 5 years | -35.84% | -5.60% | -30.24% |
Current DrawdownCurrent decline from peak | -4.44% | -0.06% | -4.38% |
Average DrawdownAverage peak-to-trough decline | -8.77% | -1.52% | -7.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 1.40% | +3.67% |
Volatility
ZWT.TO vs. ZTIP.TO - Volatility Comparison
BMO Covered Call Technology ETF (ZWT.TO) has a higher volatility of 9.00% compared to BMO Short-Term US TIPS Index ETF (ZTIP.TO) at 1.04%. This indicates that ZWT.TO's price experiences larger fluctuations and is considered to be riskier than ZTIP.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.TO | ZTIP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.00% | 1.04% | +7.96% |
Volatility (6M)Calculated over the trailing 6-month period | 15.59% | 3.05% | +12.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.51% | 4.58% | +14.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 6.34% | +17.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.13% | 6.26% | +16.87% |
ZWT.TO vs. ZTIP.TO - Expense Ratio Comparison
ZWT.TO has a 0.71% expense ratio, which is higher than ZTIP.TO's 0.17% expense ratio.
Dividends
ZWT.TO vs. ZTIP.TO - Dividend Comparison
ZWT.TO's dividend yield for the trailing twelve months is around 4.42%, more than ZTIP.TO's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.37% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% |
ZWT.TO BMO Covered Call Technology ETF | 4.42% | 4.46% | 3.34% | 3.83% | 6.54% | 4.00% |
Frequently Asked Questions
ZWT.TO and ZTIP.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZTIP.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZTIP.TO is cheaper with a 0.17% expense ratio, compared with 0.71% for ZWT.TO.
ZWT.TO is categorized as Technology Equities, while ZTIP.TO is Inflation-Protected Bonds. Their fees differ too: 0.71% for ZWT.TO and 0.17% for ZTIP.TO.
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