A side-by-side comparison of BMO Covered Call Utilities ETF (ZWU) and Hamilton Utilities YIELD MAXIMIZER ETF (UMAX) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZWU | UMAX |
|---|---|---|
| YTD Return | +0.36%✓ | -4.93% |
| 1-Day Change | +0.45% | +0.60%✓ |
| 1-Week Change | -0.36%✓ | -0.40% |
| 1-Month Change | +3.53%✓ | +4.33% |
| Current Price | $11.13 | $12.53 |
| AUM | $2.18B✓ | $1.45B |
| MER (Expense Ratio) | 0.61% | — |
| Dividend Yield | 7.75% | 15.53%✓ |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2011-10-20 | 2023-06-14 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | — | — |
| Category | Other Sector Equity | Other Sector Equity |
| Beta | 0.14 | 0.32 |
| 52-Week High | $11.88 | $13.35 |
| 52-Week Low | $10.18 | $11.66 |
| 50-Day MA | $11.15 | $12.47 |
| 200-Day MA | $11.67 | $13.22 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWU | UMAX |
|---|---|---|
| YTD | +0.36%✓ | -4.93% |
| 1 Year | +4.13% | +5.09%✓ |
| 3 Year | +13.45%✓ | +10.39% |
| 5 Year | +5.05%✓ | +0.00% |
| 10 Year | +5.47%✓ | +0.00% |
| 1Y Volatility | 10.84% | 9.36% |
| Sharpe Ratio (3Y) | 0.86 | 0.61 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | VZ | Verizon Communications Inc | 5.15% |
| 2 | FTS | Fortis Inc | 5.04% |
| 3 | ZUT | BMO Equal Weight Utilities Index ETF | 5.30% |
| 4 | T | AT&T Inc. | 4.94% |
| 5 | TRP | TC Energy Corp | 4.85% |
| 6 | PPL | Pembina Pipeline Corp | 4.88% |
| 7 | H | Hydro One Ltd | 4.85% |
| 8 | ENB | Enbridge Inc | 4.62% |
| 9 | WMB | Williams Companies Inc | 4.84% |
| 10 | KMI | Kinder Morgan Inc | 4.13% |
| 1 | CP | Canadian Pacific Railway Ltd | 7.92% |
| 2 | CNR | Canadian National Railway Co | 8.15% |
| 3 | FTS | Fortis Inc | 8.09% |
| 4 | WCN | Waste Connections Inc | 8.25% |
| 5 | BIP-UN | Brookfield Infrastructure Partners L.P | 8.27% |
| 6 | BCE | BCE Inc | 7.77% |
| 7 | PPL | Pembina Pipeline Corp | 7.65% |
| 8 | EMA | Emera Inc. | 7.89% |
| 9 | T | Telus Corp | 7.81% |
| 10 | TRP | TC Energy Corp | 7.22% |
Sector Weights
| Sector | ZWU | UMAX |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 22.68% | 22.95% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 26.86% | 21.43% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 22.67% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 50.38% | 31.05% |
About ZWU
BMO Covered Call Utilities ETF (ZWU.TO) is a Canadian-listed ETF traded on the Toronto Stock Exchange. More detailed information will be available soon.
About UMAX
UMAX is designed for attractive monthly income, while providing exposure to a portfolio of utility services equity securities, primarily domiciled/listed in Canada and the U.S. To reduce volatility and augment dividend income, UMAX will employ an active covered call strategy.
Which ETF is Right for You?
Both ZWU and UMAX are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZWU scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between ZWU and UMAX?
ZWU (BMO Covered Call Utilities ETF) and UMAX (Hamilton Utilities YIELD MAXIMIZER ETF) are both Canadian-listed ETFs. Key differences include their AUM ($2.18B vs $1.45B), dividend yield (7.75% vs 15.53%), and year-to-date performance (+0.36% vs -4.93%).
Is ZWU better than UMAX?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZWU has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZWU and UMAX on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWU and UMAX should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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