ZWT.TO vs. ZWU.TO
ZWT.TO (BMO Covered Call Technology ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZWT.TO is a Technology Equities fund actively managed by BMO, while ZWU.TO is a Utilities Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZWT.TO returned 23.64%/yr vs 6.39%/yr for ZWU.TO. At a 0.04 correlation, their price movements are largely independent. ZWT.TO charges 0.71%/yr vs 0.65%/yr for ZWU.TO.
Performance
ZWT.TO vs. ZWU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWT.TO achieves a 20.37% return, which is significantly higher than ZWU.TO's 10.43% return.
ZWT.TO
- 1D
- -0.06%
- 1M
- 12.28%
- YTD
- 20.37%
- 6M
- 17.59%
- 1Y
- 47.17%
- 3Y*
- 36.02%
- 5Y*
- 23.64%
- 10Y*
- —
ZWU.TO
- 1D
- 0.25%
- 1M
- -0.43%
- YTD
- 10.43%
- 6M
- 9.84%
- 1Y
- 16.30%
- 3Y*
- 10.85%
- 5Y*
- 6.39%
- 10Y*
- 6.05%
ZWT.TO vs. ZWU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZWT.TO BMO Covered Call Technology ETF | 20.37% | 18.15% | 49.78% | 65.75% | -31.60% | 22.78% |
ZWU.TO BMO Covered Call Utilities ETF | 10.43% | 13.18% | 10.97% | -2.79% | -3.89% | 11.53% |
Correlation
The correlation between ZWT.TO and ZWU.TO is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.04 |
The correlation between ZWT.TO and ZWU.TO shifts across timeframes, from -0.28 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZWT.TO vs. ZWU.TO — Risk / Return Rank
ZWT.TO
ZWU.TO
ZWT.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.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.
| ZWT.TO | ZWU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.39 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 3.37 | -0.39 |
| Martin ratioReturn relative to average drawdown | 9.56 | 9.48 | +0.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWT.TO | ZWU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.66 | 2.17 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 0.61 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.42 | +0.57 |
Drawdowns
ZWT.TO vs. ZWU.TO - Drawdown Comparison
The maximum ZWT.TO drawdown since its inception was -35.84%, roughly equal to the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZWT.TO and ZWU.TO.
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Drawdown Indicators
| ZWT.TO | ZWU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.84% | -37.41% | +1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -4.86% | -11.07% |
Max Drawdown (3Y)Largest decline over 3 years | -26.27% | -12.85% | -13.42% |
Max Drawdown (5Y)Largest decline over 5 years | -35.84% | -23.36% | -12.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.41% | — |
Current DrawdownCurrent decline from peak | -0.06% | -2.06% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -8.84% | -5.38% | -3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.95% | 1.72% | +3.23% |
Volatility
ZWT.TO vs. ZWU.TO - Volatility Comparison
BMO Covered Call Technology ETF (ZWT.TO) has a higher volatility of 4.19% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.80%. This indicates that ZWT.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.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 | ZWU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 2.80% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 6.26% | +7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.81% | 7.59% | +10.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 10.47% | +12.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 14.18% | +8.80% |
ZWT.TO vs. ZWU.TO - Expense Ratio Comparison
ZWT.TO has a 0.71% expense ratio, which is higher than ZWU.TO's 0.65% expense ratio.
Dividends
ZWT.TO vs. ZWU.TO - Dividend Comparison
ZWT.TO's dividend yield for the trailing twelve months is around 4.22%, less than ZWU.TO's 7.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZWT.TO BMO Covered Call Technology ETF | 4.22% | 4.46% | 3.34% | 3.83% | 6.54% | 4.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZWU.TO BMO Covered Call Utilities ETF | 7.08% | 7.59% | 7.96% | 8.54% | 8.35% | 7.43% | 7.94% | 6.29% | 6.84% | 6.46% | 6.77% | 7.57% |
Frequently Asked Questions
ZWT.TO and ZWU.TO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWU.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWU.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for ZWT.TO.
ZWT.TO is categorized as Technology Equities, while ZWU.TO is Utilities Equities. Their fees differ too: 0.71% for ZWT.TO and 0.65% for ZWU.TO.
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