ZWU.TO vs. DXQ.TO
ZWU.TO (BMO Covered Call Utilities ETF) and DXQ.TO (Dynamic Active Enhanced Yield Covered Options ETF) are both exchange-traded funds - ZWU.TO is a Utilities Equities fund actively managed by BMO, while DXQ.TO is a Derivative Income fund actively managed by Dynamic. Both are actively managed. Over the past 3 years, ZWU.TO returned 11.63%/yr vs 17.09%/yr for DXQ.TO. At a 0.04 correlation, their price movements are largely independent. ZWU.TO charges 0.65%/yr vs 0.72%/yr for DXQ.TO.
Performance
ZWU.TO vs. DXQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWU.TO achieves a 11.35% return, which is significantly higher than DXQ.TO's 8.79% 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%
DXQ.TO
- 1D
- 0.46%
- 1M
- 2.33%
- 6M
- 6.18%
- YTD
- 8.79%
- 1Y
- 16.96%
- 3Y*
- 17.09%
- 5Y*
- —
- 10Y*
- —
ZWU.TO vs. DXQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZWU.TO BMO Covered Call Utilities ETF | 11.35% | 13.18% | 10.97% | -2.79% | -6.11% |
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 8.79% | 12.99% | 21.07% | 20.08% | 3.57% |
Correlation
The correlation between ZWU.TO and DXQ.TO is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2022 | 0.04 |
The correlation between ZWU.TO and DXQ.TO shifts across timeframes, from -0.17 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZWU.TO vs. DXQ.TO — Risk / Return Rank
ZWU.TO
DXQ.TO
ZWU.TO vs. DXQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Dynamic Active Enhanced Yield Covered Options ETF (DXQ.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 | DXQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 3.33 | -0.18 |
| Martin ratioReturn relative to average drawdown | 8.43 | 9.17 | -0.74 |
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Drawdowns
ZWU.TO vs. DXQ.TO - Drawdown Comparison
The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than DXQ.TO's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and DXQ.TO.
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Drawdown Indicators
| ZWU.TO | DXQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.41% | -15.54% | -21.87% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -5.11% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -12.23% | -15.54% | +3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -23.36% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.41% | — | — |
Current DrawdownCurrent decline from peak | -1.57% | -0.57% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -1.25% | -4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.85% | -0.04% |
Volatility
ZWU.TO vs. DXQ.TO - Volatility Comparison
BMO Covered Call Utilities ETF (ZWU.TO) has a higher volatility of 3.37% compared to Dynamic Active Enhanced Yield Covered Options ETF (DXQ.TO) at 2.72%. This indicates that ZWU.TO's price experiences larger fluctuations and is considered to be riskier than DXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWU.TO | DXQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.37% | 2.72% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.76% | 7.58% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 9.28% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 10.87% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.20% | 10.87% | +3.33% |
ZWU.TO vs. DXQ.TO - Expense Ratio Comparison
ZWU.TO has a 0.65% expense ratio, which is lower than DXQ.TO's 0.72% expense ratio.
Dividends
ZWU.TO vs. DXQ.TO - Dividend Comparison
ZWU.TO's dividend yield for the trailing twelve months is around 7.06%, less than DXQ.TO's 7.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXQ.TO Dynamic Active Enhanced Yield Covered Options ETF | 7.79% | 7.45% | 5.74% | 6.54% | 1.83% | 0.00% | 0.00% | 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
ZWU.TO and DXQ.TO have a correlation of -0.17, 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 0.72% for DXQ.TO.
ZWU.TO is categorized as Utilities Equities, while DXQ.TO is Derivative Income. They also come from different issuers: BMO and Dynamic. Their fees differ too: 0.65% for ZWU.TO and 0.72% for DXQ.TO.
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