ZWU.TO vs. QMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Covered Call Utilities ETF (ZWU.TO) and Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO).

ZWU.TO and QMAX.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWU.TO is an actively managed fund by BMO. It was launched on Oct 20, 2011. QMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Oct 25, 2023.

Performance

ZWU.TO vs. QMAX.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 Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
ZWU.TO BMO Covered Call Utilities ETF	11.68%	13.18%	10.97%	8.43%
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	-15.25%	16.57%	37.65%	16.15%

Returns By Period

In the year-to-date period, ZWU.TO achieves a 11.68% return, which is significantly higher than QMAX.TO's -15.25% return.

ZWU.TO

• 1D: 0.04%
• 1M: 0.62%
• YTD: 11.68%
• 6M: 9.62%
• 1Y: 17.09%
• 3Y*: 10.60%
• 5Y*: 7.16%
• 10Y*: 6.50%

QMAX.TO

• 1D: 3.55%
• 1M: -2.67%
• YTD: -15.25%
• 6M: -14.61%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZWU.TO vs. QMAX.TO - Expense Ratio Comparison

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

ZWU.TO

BMO Covered Call Utilities ETF

QMAX.TO

Hamilton Technology YIELD MAXIMIZER ETF

Return for Risk

ZWU.TO vs. QMAX.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: 88
ZWU.TO Sharpe Ratio Rank: 89
ZWU.TO Sortino Ratio Rank: 89
ZWU.TO Omega Ratio Rank: 90
ZWU.TO Calmar Ratio Rank: 87
ZWU.TO Martin Ratio Rank: 87

QMAX.TO

QMAX.TO Risk / Return Rank: 27
QMAX.TO Sharpe Ratio Rank: 28
QMAX.TO Sortino Ratio Rank: 30
QMAX.TO Omega Ratio Rank: 30
QMAX.TO Calmar Ratio Rank: 26
QMAX.TO Martin Ratio Rank: 24

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. QMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Hamilton Technology YIELD MAXIMIZER ETF (QMAX.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.

	ZWU.TO	QMAX.TO	Difference
Sharpe ratio Return per unit of total volatility	1.89	0.46	+1.43
Sortino ratio Return per unit of downside risk	2.43	0.83	+1.60
Omega ratio Gain probability vs. loss probability	1.37	1.12	+0.25
Calmar ratio Return relative to maximum drawdown	2.66	0.54	+2.12
Martin ratio Return relative to average drawdown	9.91	1.52	+8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZWU.TO Sharpe Ratio is 1.89, which is higher than the QMAX.TO Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of ZWU.TO and QMAX.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZWU.TO	QMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.46	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.88	-0.45

Correlation

The correlation between ZWU.TO and QMAX.TO is -0.12. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ZWU.TO vs. QMAX.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 6.92%, less than QMAX.TO's 11.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZWU.TO BMO Covered Call Utilities ETF	6.92%	7.59%	7.96%	8.54%	8.35%	7.43%	7.94%	6.29%	6.84%	6.46%	6.77%	7.57%
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	11.87%	10.79%	10.90%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ZWU.TO vs. QMAX.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than QMAX.TO's maximum drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and QMAX.TO.

Drawdown Indicators

	ZWU.TO	QMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-26.77%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.71%	-22.86%	+16.15%
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	-0.37%	-20.12%	+19.75%
Average Drawdown Average peak-to-trough decline	-5.42%	-5.29%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	8.16%	-6.36%

Volatility

ZWU.TO vs. QMAX.TO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 2.41%, while Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a volatility of 7.64%. This indicates that ZWU.TO experiences smaller price fluctuations and is considered to be less risky than QMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWU.TO	QMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	7.64%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	16.03%	-10.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.12%	26.26%	-17.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.34%	23.56%	-13.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.15%	23.56%	-9.41%