ZWU.TO vs. CINF.TO

Last updated Jul 15, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and CINF.TO (CI Global Infrastructure Private Pool) are both Utilities Equities funds. Both are actively managed. Over the past 5 years, ZWU.TO returned 6.24%/yr vs 12.48%/yr for CINF.TO. At a 0.46 correlation, their price movements are largely independent.

Performance

ZWU.TO vs. CINF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Utilities ETF (ZWU.TO) and CI Global Infrastructure Private Pool (CINF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWU.TO achieves a 11.35% return, which is significantly lower than CINF.TO's 17.91% return.

ZWU.TO

• 1D: -0.08%
• 1M: -0.34%
• 6M: 12.06%
• YTD: 11.35%
• 1Y: 15.26%
• 3Y*: 11.63%
• 5Y*: 6.24%
• 10Y*: 5.84%

CINF.TO

• 1D: -0.03%
• 1M: 0.29%
• 6M: 16.22%
• YTD: 17.91%
• 1Y: 21.96%
• 3Y*: 16.72%
• 5Y*: 12.48%
• 10Y*: —

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

ZWU.TO vs. CINF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZWU.TO BMO Covered Call Utilities ETF	11.35%	13.18%	10.97%	-2.79%	-3.88%	15.80%	6.38%
CINF.TO CI Global Infrastructure Private Pool	17.91%	12.54%	16.53%	5.27%	5.03%	13.56%	7.55%

Correlation

The correlation between ZWU.TO and CINF.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 27, 2020	0.46

The correlation between ZWU.TO and CINF.TO has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

ZWU.TO vs. CINF.TO - Sectors Allocation Comparison

Sectors	ZWU.TO	CINF.TO
Utilities	51.0%	40.5%
Energy	23.8%	16.7%
Communication Services	19.7%	1.8%
Financial Services	5.3%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	31.2%
Real Estate	-	9.8%
Technology	-	-

Return for Risk

ZWU.TO vs. CINF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZWU.TO

ZWU.TO Risk / Return Rank: 72
ZWU.TO Sharpe Ratio Rank: 74
ZWU.TO Sortino Ratio Rank: 76
ZWU.TO Omega Ratio Rank: 71
ZWU.TO Calmar Ratio Rank: 77
ZWU.TO Martin Ratio Rank: 60

CINF.TO

CINF.TO Risk / Return Rank: 86
CINF.TO Sharpe Ratio Rank: 89
CINF.TO Sortino Ratio Rank: 87
CINF.TO Omega Ratio Rank: 87
CINF.TO Calmar Ratio Rank: 89
CINF.TO Martin Ratio Rank: 81

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.

ZWU.TO vs. CINF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and CI Global Infrastructure Private Pool (CINF.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.

	ZWU.TO	CINF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.31	-0.42
Sortino ratio: Return per unit of downside risk	2.71	3.16	-0.44
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	3.15	4.15	-1.00
Martin ratio: Return relative to average drawdown	8.43	12.29	-3.86

ZWU.TO vs. CINF.TO - Sharpe Ratio Comparison

The current ZWU.TO Sharpe Ratio is 1.89, which is comparable to the CINF.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ZWU.TO and CINF.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.

Drawdowns

ZWU.TO vs. CINF.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than CINF.TO's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and CINF.TO.

Drawdown Indicators

	ZWU.TO	CINF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-12.27%	-25.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-5.31%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-9.62%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	-12.27%	-11.09%
Max Drawdown (10Y) Largest decline over 10 years	-37.41%	—	—
Current Drawdown Current decline from peak	-1.57%	-0.35%	-1.22%
Average Drawdown Average peak-to-trough decline	-5.35%	-2.05%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.79%	+0.02%

Volatility

ZWU.TO vs. CINF.TO - Volatility Comparison

BMO Covered Call Utilities ETF (ZWU.TO) has a higher volatility of 3.37% compared to CI Global Infrastructure Private Pool (CINF.TO) at 1.98%. This indicates that ZWU.TO's price experiences larger fluctuations and is considered to be riskier than CINF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWU.TO	CINF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	1.98%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	6.76%	7.78%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	9.55%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.56%	11.96%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	12.08%	+2.12%

Dividends

ZWU.TO vs. CINF.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.06%, more than CINF.TO's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CINF.TO CI Global Infrastructure Private Pool	2.41%	2.80%	3.06%	3.45%	3.51%	3.56%	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.06%	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

Can I hold both ZWU.TO and CINF.TO in my portfolio?

ZWU.TO and CINF.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZWU.TO and CINF.TO?

They also come from different issuers: BMO and CI.