ZWU.TO vs. IDVO

Last updated Jul 21, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and IDVO (Amplify CWP International Enhanced Dividend Income ETF) are both exchange-traded funds - ZWU.TO is a Utilities Equities fund actively managed by BMO, while IDVO is a Derivative Income fund actively managed by Amplify. Both are actively managed. Over the past 3 years, ZWU.TO returned 11.18%/yr vs 23.45%/yr for IDVO. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

ZWU.TO vs. IDVO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Utilities ETF (ZWU.TO) and Amplify CWP International Enhanced Dividend Income ETF (IDVO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZWU.TO is traded in CAD, while IDVO is traded in USD. To make them comparable, the IDVO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWU.TO achieves a 11.54% return, which is significantly lower than IDVO's 14.87% return.

ZWU.TO

• 1D: -0.25%
• 1M: 0.33%
• 6M: 10.74%
• YTD: 11.54%
• 1Y: 15.14%
• 3Y*: 11.18%
• 5Y*: 6.29%
• 10Y*: 5.74%
• ALL TIME*: 5.49%

IDVO

• 1D: -0.51%
• 1M: -1.56%
• 6M: 5.00%
• YTD: 14.87%
• 1Y: 32.85%
• 3Y*: 23.45%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.40%

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

ZWU.TO vs. IDVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZWU.TO BMO Covered Call Utilities ETF	11.54%	13.18%	10.97%	-2.79%	-6.41%
IDVO Amplify CWP International Enhanced Dividend Income ETF	14.87%	30.23%	19.49%	14.73%	9.84%

Correlation

The correlation between ZWU.TO and IDVO 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	0.20
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.27

Over the past year, the correlation between ZWU.TO and IDVO has dropped to 0.01 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

ZWU.TO vs. IDVO - Sectors Allocation Comparison

Sectors	ZWU.TO	IDVO
Utilities	50.6%	3.1%
Energy	24.1%	12.7%
Communication Services	19.3%	10.7%
Financial Services	5.2%	22.3%
Basic Materials	-	13.2%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	9.5%
Healthcare	-	7.5%
Industrials	-	6.9%
Real Estate	-	-
Technology	-	11.9%

Return for Risk

ZWU.TO vs. IDVO — 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: 75
ZWU.TO Sharpe Ratio Rank: 78
ZWU.TO Sortino Ratio Rank: 79
ZWU.TO Omega Ratio Rank: 75
ZWU.TO Calmar Ratio Rank: 80
ZWU.TO Martin Ratio Rank: 64

IDVO

IDVO Risk / Return Rank: 76
IDVO Sharpe Ratio Rank: 78
IDVO Sortino Ratio Rank: 74
IDVO Omega Ratio Rank: 76
IDVO Calmar Ratio Rank: 77
IDVO Martin Ratio Rank: 78

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. IDVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Amplify CWP International Enhanced Dividend Income ETF (IDVO). 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	IDVO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.97	-0.11
Sortino ratio: Return per unit of downside risk	2.69	2.68	+0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	3.13	3.25	-0.13
Martin ratio: Return relative to average drawdown	8.34	12.56	-4.23

ZWU.TO vs. IDVO - Sharpe Ratio Comparison

The current ZWU.TO Sharpe Ratio is 1.86, which is comparable to the IDVO Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of ZWU.TO and IDVO, 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. IDVO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than IDVO's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and IDVO.

Drawdown Indicators

	ZWU.TO	IDVO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-15.97%	-21.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-10.14%	+5.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-15.97%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.41%	—	—
Current Drawdown Current decline from peak	-1.41%	-2.51%	+1.10%
Average Drawdown Average peak-to-trough decline	-5.34%	-1.86%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.62%	-0.80%

Volatility

ZWU.TO vs. IDVO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 3.38%, while Amplify CWP International Enhanced Dividend Income ETF (IDVO) has a volatility of 3.77%. This indicates that ZWU.TO experiences smaller price fluctuations and is considered to be less risky than IDVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWU.TO	IDVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	3.77%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	14.23%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	16.79%	-8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.56%	17.32%	-6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	17.32%	-3.12%

ZWU.TO vs. IDVO - Expense Ratio Comparison

Both ZWU.TO and IDVO have an expense ratio of 0.65%.

Dividends

ZWU.TO vs. IDVO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.05%, more than IDVO's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDVO Amplify CWP International Enhanced Dividend Income ETF	5.69%	5.42%	6.14%	5.72%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWU.TO BMO Covered Call Utilities ETF	7.05%	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 IDVO in my portfolio?

ZWU.TO and IDVO 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.

Which ETF is better, ZWU.TO or IDVO?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWU.TO or IDVO?

ZWU.TO and IDVO have the same expense ratio: 0.65% per year.

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

ZWU.TO is categorized as Utilities Equities, while IDVO is Derivative Income. They also come from different issuers: BMO and Amplify.