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ZWU.TO vs. VDY.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZWU.TO vs. VDY.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Covered Call Utilities ETF (ZWU.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO).

ZWU.TO and VDY.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. VDY.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada High Dividend Yield Index. It was launched on Nov 2, 2012.

Performance

ZWU.TO vs. VDY.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 Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZWU.TO
BMO Covered Call Utilities ETF		11.68%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		9.07%29.20%20.71%8.40%-0.23%36.78%-1.37%21.43%-10.09%8.75%

Returns By Period

In the year-to-date period, ZWU.TO achieves a 11.68% return, which is significantly higher than VDY.TO's 9.07% return. Over the past 10 years, ZWU.TO has underperformed VDY.TO with an annualized return of 6.50%, while VDY.TO has yielded a comparatively higher 13.53% annualized 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%

VDY.TO

1D
1.12%
1M
0.19%
YTD
9.07%
6M
16.25%
1Y
39.26%
3Y*
22.01%
5Y*
16.73%
10Y*
13.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Covered Call Utilities ETF

Vanguard FTSE Canadian High Dividend Yield Index ETF

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Often compared with VDY.TO:
VDY.TO vs. XEI.TOVDY.TO vs. XDIV.TOVDY.TO vs. VCN.TOVDY.TO vs. SCHDVDY.TO vs. XIC.TOVDY.TO vs. VCE.TOVDY.TO vs. ZDV.TO

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

ZWU.TO has a 0.65% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

ZWU.TO
BMO Covered Call Utilities ETF
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF

Return for Risk

ZWU.TO vs. VDY.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: 8888
Overall Rank
ZWU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 8787
Martin Ratio Rank
VDY.TO
VDY.TO Risk / Return Rank: 9797
Overall Rank
VDY.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
VDY.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
VDY.TO Omega Ratio Rank: 9898
Omega Ratio Rank
VDY.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
VDY.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Utilities ETF (ZWU.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.TOVDY.TODifference

Sharpe ratio

Return per unit of total volatility

1.89

3.58

-1.69

Sortino ratio

Return per unit of downside risk

2.43

4.31

-1.88

Omega ratio

Gain probability vs. loss probability

1.37

1.77

-0.40

Calmar ratio

Return relative to maximum drawdown

2.66

4.00

-1.34

Martin ratio

Return relative to average drawdown

9.91

22.92

-13.01

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. VDY.TO - Sharpe Ratio Comparison

The current ZWU.TO Sharpe Ratio is 1.89, which is lower than the VDY.TO Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of ZWU.TO and VDY.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.

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Sharpe Ratios by Period

ZWU.TOVDY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

3.58

-1.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

1.47

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.85

-0.39

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.80

-0.37

Correlation

The correlation between ZWU.TO and VDY.TO is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZWU.TO vs. VDY.TO - Dividend Comparison

ZWU.TO's dividend yield for the trailing twelve months is around 6.92%, more than VDY.TO's 3.51% yield.

TTM20252024202320222021202020192018201720162015
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%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		3.51%3.59%4.40%4.64%4.42%3.58%4.59%4.25%4.43%3.82%3.25%4.11%

Drawdowns

ZWU.TO vs. VDY.TO - Drawdown Comparison

The maximum ZWU.TO drawdown since its inception was -37.41%, roughly equal to the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for ZWU.TO and VDY.TO.

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Drawdown Indicators

ZWU.TOVDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.41%

-39.21%

+1.80%

Max Drawdown (1Y)

Largest decline over 1 year

-6.71%

-10.07%

+3.36%

Max Drawdown (5Y)

Largest decline over 5 years

-23.36%

-16.18%

-7.18%

Max Drawdown (10Y)

Largest decline over 10 years

-37.41%

-39.21%

+1.80%

Current Drawdown

Current decline from peak

-0.37%

-0.55%

+0.18%

Average Drawdown

Average peak-to-trough decline

-5.42%

-4.67%

-0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

1.76%

+0.04%

Volatility

ZWU.TO vs. VDY.TO - Volatility Comparison

The current volatility for BMO Covered Call Utilities ETF (ZWU.TO) is 2.41%, while Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) has a volatility of 3.37%. This indicates that ZWU.TO experiences smaller price fluctuations and is considered to be less risky than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWU.TOVDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.41%

3.37%

-0.96%

Volatility (6M)

Calculated over the trailing 6-month period

5.28%

6.43%

-1.15%

Volatility (1Y)

Calculated over the trailing 1-year period

9.12%

11.03%

-1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.34%

11.49%

-1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.15%

15.96%

-1.81%