ZWU.TO vs. QDAY.NEO

Last updated Jul 15, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and QDAY.NEO (Hamilton EnhancedTechnology DayMAX™ ETF) are both exchange-traded funds - ZWU.TO is a Utilities Equities fund actively managed by BMO, while QDAY.NEO is a Derivative Income fund actively managed by Hamilton Capital. Both are actively managed. Over the past year, ZWU.TO returned 15.26% vs 48.25% for QDAY.NEO. At a correlation of -0.32, they often move in opposite directions. ZWU.TO charges 0.65%/yr vs 0.85%/yr for QDAY.NEO.

Performance

ZWU.TO vs. QDAY.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Utilities ETF (ZWU.TO) and Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO). 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 QDAY.NEO's 29.09% 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%

QDAY.NEO

• 1D: 0.87%
• 1M: 2.70%
• 6M: 24.69%
• YTD: 29.09%
• 1Y: 48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWU.TO vs. QDAY.NEO - Yearly Performance Comparison

	2026 (YTD)	2025
ZWU.TO BMO Covered Call Utilities ETF	11.35%	3.89%
QDAY.NEO Hamilton EnhancedTechnology DayMAX™ ETF	29.09%	14.84%

Correlation

The correlation between ZWU.TO and QDAY.NEO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	-0.32

Return for Risk

ZWU.TO vs. QDAY.NEO — 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

QDAY.NEO

QDAY.NEO Risk / Return Rank: 66
QDAY.NEO Sharpe Ratio Rank: 77
QDAY.NEO Sortino Ratio Rank: 67
QDAY.NEO Omega Ratio Rank: 71
QDAY.NEO Calmar Ratio Rank: 63
QDAY.NEO Martin Ratio Rank: 51

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. QDAY.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO). 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	QDAY.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.94	-0.05
Sortino ratio: Return per unit of downside risk	2.71	2.44	+0.27
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.15	2.52	+0.63
Martin ratio: Return relative to average drawdown	8.43	6.91	+1.53

ZWU.TO vs. QDAY.NEO - Sharpe Ratio Comparison

The current ZWU.TO Sharpe Ratio is 1.89, which is comparable to the QDAY.NEO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of ZWU.TO and QDAY.NEO, 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. QDAY.NEO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than QDAY.NEO's maximum drawdown of -19.44%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and QDAY.NEO.

Drawdown Indicators

	ZWU.TO	QDAY.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-19.44%	-17.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-19.44%	+14.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	—	—
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	-1.57%	-2.80%	+1.23%
Average Drawdown Average peak-to-trough decline	-5.35%	-5.04%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	—	—

Volatility

ZWU.TO vs. QDAY.NEO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 3.37%, while Hamilton EnhancedTechnology DayMAX™ ETF (QDAY.NEO) has a volatility of 10.39%. This indicates that ZWU.TO experiences smaller price fluctuations and is considered to be less risky than QDAY.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWU.TO	QDAY.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	10.39%	-7.02%
Volatility (6M) Calculated over the trailing 6-month period	6.76%	20.33%	-13.57%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	25.26%	-17.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.56%	25.26%	-14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	25.26%	-11.06%

ZWU.TO vs. QDAY.NEO - Expense Ratio Comparison

ZWU.TO has a 0.65% expense ratio, which is lower than QDAY.NEO's 0.85% expense ratio.

Dividends

ZWU.TO vs. QDAY.NEO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.06%, less than QDAY.NEO's 15.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDAY.NEO Hamilton EnhancedTechnology DayMAX™ ETF	15.94%	8.78%	0.00%	0.00%	0.00%	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

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

ZWU.TO and QDAY.NEO have a correlation of -0.32, 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 QDAY.NEO?

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.

Which ETF is cheaper, ZWU.TO or QDAY.NEO?

ZWU.TO is cheaper with a 0.65% expense ratio, compared with 0.85% for QDAY.NEO.

What is the main difference between ZWU.TO and QDAY.NEO?

ZWU.TO is categorized as Utilities Equities, while QDAY.NEO is Derivative Income. They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.65% for ZWU.TO and 0.85% for QDAY.NEO.