ZWU.TO vs. USCC.TO

Last updated Jun 4, 2026

ZWU.TO (BMO Covered Call Utilities ETF) and USCC.TO (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - ZWU.TO is a Utilities Equities fund actively managed by BMO, while USCC.TO is a Derivative Income fund actively managed by Global X. Both are actively managed. Over the past 10 years, ZWU.TO returned 6.08%/yr vs 11.31%/yr for USCC.TO. At a 0.16 correlation, their price movements are largely independent. ZWU.TO charges 0.65%/yr vs 0.49%/yr for USCC.TO.

Performance

ZWU.TO vs. USCC.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 Global X S&P 500 Covered Call ETF (USCC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZWU.TO having a 10.15% return and USCC.TO slightly lower at 9.71%. Over the past 10 years, ZWU.TO has underperformed USCC.TO with an annualized return of 6.08%, while USCC.TO has yielded a comparatively higher 11.31% annualized return.

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%

USCC.TO

• 1D: 0.10%
• 1M: 6.39%
• YTD: 9.71%
• 6M: 8.43%
• 1Y: 24.60%
• 3Y*: 17.81%
• 5Y*: 11.38%
• 10Y*: 11.31%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZWU.TO BMO Covered Call Utilities ETF	10.15%	13.18%	10.97%	-2.79%	-3.89%	15.80%	-7.09%	23.48%	-5.73%	5.63%
USCC.TO Global X S&P 500 Covered Call ETF	9.71%	9.20%	31.13%	13.91%	-10.22%	20.61%	9.31%	15.08%	0.57%	6.31%

Correlation

The correlation between ZWU.TO and USCC.TO is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 21, 2014	0.16

The correlation between ZWU.TO and USCC.TO shifts across timeframes, from -0.08 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

ZWU.TO vs. USCC.TO - Sectors Allocation Comparison

Sectors	ZWU.TO	USCC.TO
Utilities	52.7%	2.4%
Energy	25.8%	3.5%
Communication Services	21.5%	11.2%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%

Return for Risk

ZWU.TO vs. USCC.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

USCC.TO

USCC.TO Risk / Return Rank: 80
USCC.TO Sharpe Ratio Rank: 81
USCC.TO Sortino Ratio Rank: 81
USCC.TO Omega Ratio Rank: 85
USCC.TO Calmar Ratio Rank: 74
USCC.TO 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. USCC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Global X S&P 500 Covered Call ETF (USCC.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	USCC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.65	-0.65
Sortino ratio: Return per unit of downside risk	2.94	3.65	-0.71
Omega ratio: Gain probability vs. loss probability	1.36	1.53	-0.17
Calmar ratio: Return relative to maximum drawdown	3.13	3.68	-0.55
Martin ratio: Return relative to average drawdown	8.85	15.14	-6.29
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. USCC.TO - Sharpe Ratio Comparison

The current ZWU.TO Sharpe Ratio is 2.01, which is comparable to the USCC.TO Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ZWU.TO and USCC.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZWU.TO	USCC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.65	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.93	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.96	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.95	-0.53

Drawdowns

ZWU.TO vs. USCC.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, which is greater than USCC.TO's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and USCC.TO.

Drawdown Indicators

	ZWU.TO	USCC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-28.48%	-8.93%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-6.71%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-17.55%	+4.70%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	-17.55%	-5.81%
Max Drawdown (10Y) Largest decline over 10 years	-37.41%	-28.48%	-8.93%
Current Drawdown Current decline from peak	-2.31%	0.00%	-2.31%
Average Drawdown Average peak-to-trough decline	-5.38%	-3.46%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.63%	+0.10%

Volatility

ZWU.TO vs. USCC.TO - Volatility Comparison

BMO Covered Call Utilities ETF (ZWU.TO) has a higher volatility of 2.81% compared to Global X S&P 500 Covered Call ETF (USCC.TO) at 2.12%. This indicates that ZWU.TO's price experiences larger fluctuations and is considered to be riskier than USCC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWU.TO	USCC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.12%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	6.30%	7.45%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.59%	9.32%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	14.97%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	17.36%	-3.18%

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

ZWU.TO has a 0.65% expense ratio, which is higher than USCC.TO's 0.49% expense ratio.

Dividends

ZWU.TO vs. USCC.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 7.09%, less than USCC.TO's 9.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCC.TO Global X S&P 500 Covered Call ETF	9.56%	10.20%	9.65%	8.50%	7.94%	4.02%	3.85%	3.89%	4.76%	4.29%	4.68%	4.78%
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 USCC.TO in my portfolio?

ZWU.TO and USCC.TO have a correlation of -0.08, 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 USCC.TO?

On fees, USCC.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWU.TO or USCC.TO?

USCC.TO is cheaper with a 0.49% expense ratio, compared with 0.65% for ZWU.TO.

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

ZWU.TO is categorized as Utilities Equities, while USCC.TO is Derivative Income. They also come from different issuers: BMO and Global X. Their fees differ too: 0.65% for ZWU.TO and 0.49% for USCC.TO.