ZWU.TO vs. UMVP.TO

Last updated Jun 4, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and UMVP.TO (Hamilton Champions Utilities Index ETF) are both Utilities Equities funds. ZWU.TO is actively managed, while UMVP.TO is passively managed. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

ZWU.TO vs. UMVP.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 Champions Utilities Index ETF (UMVP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZWU.TO

• 1D: -0.50%
• 1M: -0.34%
• YTD: 10.15%
• 6M: 9.37%
• 1Y: 15.17%
• 3Y*: 10.66%
• 5Y*: 6.33%
• 10Y*: 6.08%

UMVP.TO

• 1D: -0.17%
• 1M: 4.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ZWU.TO BMO Covered Call Utilities ETF	8.87%
UMVP.TO Hamilton Champions Utilities Index ETF	14.69%

Correlation

The correlation between ZWU.TO and UMVP.TO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.79

Return for Risk

ZWU.TO vs. UMVP.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: 58
ZWU.TO Sharpe Ratio Rank: 58
ZWU.TO Sortino Ratio Rank: 62
ZWU.TO Omega Ratio Rank: 57
ZWU.TO Calmar Ratio Rank: 63
ZWU.TO 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. UMVP.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 Champions Utilities Index ETF (UMVP.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	UMVP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.01	—	—
Sortino ratio: Return per unit of downside risk	2.94	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.13	—	—
Martin ratio: Return relative to average drawdown	8.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZWU.TO	UMVP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	5.03	-4.61

Drawdowns

ZWU.TO vs. UMVP.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than UMVP.TO's maximum drawdown of -4.57%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and UMVP.TO.

Drawdown Indicators

	ZWU.TO	UMVP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-4.57%	-32.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	—	—
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	-2.31%	-0.96%	-1.35%
Average Drawdown Average peak-to-trough decline	-5.38%	-0.81%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	—	—

Volatility

Volatility by Period

	ZWU.TO	UMVP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.59%	9.11%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	9.11%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	9.11%	+5.07%

Dividends

ZWU.TO vs. UMVP.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.09%, more than UMVP.TO's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UMVP.TO Hamilton Champions Utilities Index ETF	1.44%	0.00%	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	7.09%	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 UMVP.TO in my portfolio?

ZWU.TO and UMVP.TO have a correlation of 0.79, 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 UMVP.TO?

They also come from different issuers: BMO and Hamilton.