A side-by-side comparison of BMO Canadian High Dividend Covered Call (ZWC) and iShares S&P/TSX Composite High Dividend Index ETF (XEI) 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 | ZWC | XEI |
|---|---|---|
| YTD Return | +8.67% | +19.74%✓ |
| 1-Day Change | -0.38%✓ | -0.51% |
| 1-Week Change | -1.82%✓ | -2.13% |
| 1-Month Change | -2.56% | -1.73%✓ |
| Current Price | $22.44 | $39.04 |
| AUM | $2.50B | $4.35B✓ |
| MER (Expense Ratio) | 0.65%✓ | 22% |
| Dividend Yield | 5.79%✓ | 3.44% |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2017-02-03 | 2011-04-12 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | ★★★ | ★★★★ |
| Category | Canadian Dividend and Income Equity | Canadian Dividend and Income Equity |
| Beta | 0.77 | 0.72 |
| 52-Week High | $23.10 | $40.74 |
| 52-Week Low | $18.49 | $29.69 |
| 50-Day MA | $22.86 | $40.09 |
| 200-Day MA | $21.92 | $37.10 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWC | XEI |
|---|---|---|
| YTD | +8.67% | +19.74%✓ |
| 1 Year | +23.72% | +33.31%✓ |
| 3 Year | +19.12% | +23.98%✓ |
| 5 Year | +11.72% | +15.95%✓ |
| 10 Year | — | +11.96% |
| 1Y Volatility | 7.97% | 8.35% |
| Sharpe Ratio (3Y) | 1.58 | 1.92 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | RY | Royal Bank of Canada | 7.70% |
| 2 | CNQ | Canadian Natural Resources Ltd | 6.04% |
| 3 | TD | Toronto Dominion Bank | 5.97% |
| 4 | CM | Canadian Imperial Bank Of Commerce | 5.61% |
| 5 | BNS | Bank of Nova Scotia | 5.48% |
| 6 | SU | Suncor Energy Inc | 4.62% |
| 7 | ENB | Enbridge Inc | 4.19% |
| 8 | AEM | Agnico Eagle Mines Limited | 3.79% |
| 9 | BMO | Bank of Montreal | 3.63% |
| 10 | TRP | TC Energy Corp | 3.63% |
| 1 | CNQ | Canadian Natural Resources Ltd | 5.37% |
| 2 | TD | Toronto Dominion Bank | 5.16% |
| 3 | SU | Suncor Energy Inc | 5.13% |
| 4 | RY | Royal Bank of Canada | 5.05% |
| 5 | NTR | Nutrien Ltd | 4.42% |
| 6 | ENB | Enbridge Inc | 4.37% |
| 7 | TRP | TC Energy Corp | 4.23% |
| 8 | BMO | Bank of Montreal | 4.23% |
| 9 | BNS | Bank of Nova Scotia | 3.98% |
| 10 | CM | Canadian Imperial Bank Of Commerce | 3.70% |
Sector Weights
| Sector | ZWC | XEI |
|---|---|---|
| Basic Materials | 13.17% | 4.55% |
| Communication Services | 5.34% | 6.86% |
| Consumer Cyclicals | 4.12% | 5.90% |
| Consumer Defensive | 1.88% | 0.71% |
| Energy | 22.00% | 30.78% |
| Financial Services | 39.54% | 31.43% |
| Healthcare | 0.00% | 0.20% |
| Industrials | 5.64% | 2.08% |
| Real Estate | 0.00% | 4.40% |
| Technology | 0.00% | 0.69% |
| Utilities | 8.31% | 12.41% |
About ZWC
NA
About XEI
Seeks long-term capital growth by replicating the performance of the S&P/TSX Composite High Dividend Index, net of expenses.
Which ETF is Right for You?
Both ZWC and XEI 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, XEI 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 ZWC and XEI?
ZWC (BMO Canadian High Dividend Covered Call) and XEI (iShares S&P/TSX Composite High Dividend Index ETF) are both Canadian-listed ETFs. Key differences include their AUM ($2.50B vs $4.35B), dividend yield (5.79% vs 3.44%), and year-to-date performance (+8.67% vs +19.74%).
Is ZWC better than XEI?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy ZWC and XEI on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWC and XEI should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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