Funds that beat their benchmark
Income funds trade something for their payouts: a covered call fund gives up some of its stocks' upside for option income, and a dividend fund narrows its market to the payers. Over a year or three, did that trade pay? Pick a kind of fund to see what it's measured against.
Each covered call fund against the same stocks without the options: the uncovered ETF its own documents point to. Beating it means the option income was worth the upside the fund gave up. See every benchmark.
12 of 83 funds beat their benchmark over 3 years, to Nov 11, 2026. 3-year figures are the total over the three years, not a yearly rate.
Beat their benchmark
| # | ETF | Fund | Benchmark | Difference | Score |
|---|---|---|---|---|---|
| 1 | CBNK Mulvihill Canadian Bank Enhanced Yield · Mulvihill 1.25x leverage | +227.9% | +177.6%ZEB | +50.3% | 80 |
| 2 | BANK Evolve Canadian Banks and Lifecos Enhanced Yield Index · Evolve 1.25x leverage | +174.9% | +146.6%XFN | +28.3% | 90 |
| 3 | HDIV Hamilton Enhanced Canadian Covered Call · Hamilton 1.25x leverage | +120.6% | +98.2%XIU | +22.4% | 84 |
| 4 | HYLD Hamilton Enhanced U.S. Covered Call · Hamilton 1.25x leverage | +87.8% | +78.8%SPY | +9.0% | 83 |
| 5 | EBNK Evolve European Banks Enhanced Yield · Evolve | +150.1% | +142.7%EUFN | +7.4% | 83 |
| 6 | QQQY Evolve NASDAQ Technology Enhanced Yield Index · Evolve | +91.7% | +85.6%QQQ | +6.1% | 84 |
| 7 | ZWT BMO Covered Call Technology · BMO | +108.7% | +104.2%XLK | +4.4% | 74 |
| 8 | BASE Evolve Global Materials & Mining Enhanced Yield Index · Evolve | +52.3% | +49.5%MXI | +2.7% | 74 |
| 9 | LPAY Global X Long-Term U.S. Treasury Premium Yield · Global X | +9.0% | +6.5%TLT | +2.6% | 55 |
| 10 | SMAX Hamilton U.S. Equity YIELD MAXIMIZER™ · Hamilton | +85.5% | +84.5%SPY | +1.0% | 83 |
| 11 | BOND Evolve Enhanced Yield Bond · Evolve | +4.5% | +4.2%TLT | +0.3% | 58 |
| 12 | HUTE Harvest Utilities Leaders Enhanced Income · Harvest 1.25x leverage | +65.7% | +65.7%JXI | +0.0% | 80 |
Trailed (71)
| # | ETF | Fund | Benchmark | Difference | Score |
|---|---|---|---|---|---|
| 13 | ZWEN BMO Covered Call Energy · BMO | +71.1% | +71.3%IXC | -0.2% | 76 |
| 14 | USCL Global X Enhanced S&P 500 Covered Call · Global X 1.25x leverage | +84.2% | +84.5%SPY | -0.3% | 80 |
| 15 | SPAY Global X Short-Term U.S. Treasury Premium Yield · Global X | +15.2% | +15.6%SHY | -0.4% | 61 |
| 16 | QQCL Global X Enhanced Nasdaq-100 Covered Call · Global X 1.25x leverage | +90.5% | +91.5%QQQ | -0.9% | 84 |
| 17 | MPAY Global X Mid-Term U.S. Treasury Premium Yield · Global X | +11.8% | +13.8%IEF | -2.0% | 64 |
| 18 | HBND Hamilton U.S. Bond YIELD MAXIMIZER™ · Hamilton | +0.6% | +4.2%TLT | -3.5% | 50 |
| 19 | HPYT Harvest Premium Yield Treasury · Harvest | -0.1% | +4.2%TLT | -4.2% | 41 |
| 20 | ENCL Global X Enhanced Canadian Oil And Gas Equity Covered Call · Global X 1.25x leverage | +84.3% | +89.1%ZEO | -4.8% | 78 |
| 21 | HTAE Harvest Tech Leaders Enhanced Income · Harvest 1.25x leverage | +92.3% | +98.0%XLK | -5.6% | 74 |
| 22 | LIFE Evolve Global Healthcare Enhanced Yield · Evolve | +36.3% | +42.2%XHC | -5.8% | 76 |
| 23 | TGED TD Active Global Enhanced Dividend · TD | +72.5% | +78.8%XWD | -6.3% | 72 |
| 24 | HLIF Harvest Canadian Dividend Leaders Income · Harvest | +93.0% | +100.1%XEI | -7.1% | 81 |
| 25 | HPF Harvest Energy Leaders Income · Harvest | +56.5% | +66.0%IXC | -9.5% | 69 |
| 26 | ZWA BMO Covered Call Dow Jones Industrial Average Hedged to CAD · BMO | +41.3% | +51.6%ZDJ | -10.3% | 73 |
| 27 | HIG Brompton Global Healthcare Income & Growth · Brompton | +31.4% | +42.2%XHC | -10.7% | 62 |
| 28 | BDIV Brompton Global Dividend Growth · Brompton | +61.7% | +73.7%URTH | -12.0% | 76 |
| 29 | EDGF Brompton European Dividend Growth · Brompton | +44.3% | +56.6%XEH | -12.3% | 72 |
| 30 | HHLE Harvest Healthcare Leaders Enhanced Income · Harvest 1.25x leverage | +44.9% | +57.3%XLV | -12.4% | 68 |
| 31 | HUTL Harvest Utilities Leaders Income · Harvest | +53.3% | +65.7%JXI | -12.4% | 84 |
| 32 | FHI CI Health Care Giants Covered Call · CI | +44.7% | +57.3%XLV | -12.6% | 64 |
| 33 | QMAX Hamilton Technology YIELD MAXIMIZER™ · Hamilton | +90.5% | +104.2%XLK | -13.7% | 80 |
| 34 | GRCC Global X Growth Asset Allocation Covered Call · Global X | +53.0% | +66.8%XGRO | -13.8% | 75 |
| 35 | CNCL Global X Enhanced S&P/TSX 60 Covered Call · Global X 1.25x leverage | +83.0% | +98.2%XIU | -15.1% | 69 |
| 36 | TXF CI Tech Giants Covered Call · CI | +82.8% | +98.0%XLK | -15.1% | 82 |
| 37 | USCC Global X S&P 500 Covered Call · Global X | +68.2% | +84.5%SPY | -16.3% | 82 |
| 38 | CALL Evolve US Banks Enhanced Yield · Evolve | +93.3% | +110.4%ZUB | -17.1% | 78 |
| 39 | ETSX Evolve S&P/TSX 60 Enhanced Yield · Evolve | +81.0% | +98.2%XIU | -17.1% | 82 |
| 40 | ESPX Evolve S&P 500® Enhanced Yield · Evolve | +61.5% | +78.8%SPY | -17.3% | 80 |
| 41 | QQCC Global X Nasdaq-100 Covered Call · Global X | +73.5% | +91.5%QQQ | -18.0% | 85 |
| 42 | HHL Harvest Healthcare Leaders Income · Harvest | +39.2% | +57.3%XLV | -18.1% | 74 |
| 43 | ZWE BMO Europe High Dividend Covered Call Hedged to CAD · BMO | +38.6% | +56.9%XEH | -18.3% | 75 |
| 44 | ENCC Global X Canadian Oil and Gas Equity Covered Call · Global X | +70.2% | +89.1%ZEO | -18.9% | 81 |
| 45 | RCDC RBC Canadian Dividend Covered Call · RBC | +81.1% | +100.1%XEI | -19.1% | 80 |
| 46 | TUEX TD Active U.S. Enhanced Dividend CAD Hedged · TD | +49.8% | +69.1%ZUE | -19.3% | 68 |
| 47 | RUDC RBC U.S. Dividend Covered Call · RBC | +56.9% | +76.7%VYM | -19.8% | 75 |
| 48 | ZWG BMO Global High Dividend Covered Call · BMO | +60.4% | +81.0%ACWI | -20.6% | 78 |
| 49 | CUTL CI Utilities Giants Covered Call · CI | +44.4% | +65.7%JXI | -21.3% | 61 |
| 50 | ZWHC BMO Covered Call Health Care · BMO | +41.0% | +62.3%XLV | -21.3% | 69 |
| 51 | ETHY Purpose Ether Yield · Purpose | -32.5% | -10.6%ETHH | -21.9% | 21 |
| 52 | HTA Harvest Tech Leaders Income · Harvest | +75.8% | +98.0%XLK | -22.2% | 80 |
| 53 | TUED TD Active U.S. Enhanced Dividend · TD | +61.7% | +84.5%SPY | -22.8% | 68 |
| 54 | ZWK BMO Covered Call US Banks · BMO | +105.9% | +128.9%ZBK | -23.0% | 72 |
| 55 | NXF CI Energy Giants Covered Call · CI | +42.8% | +66.0%IXC | -23.2% | 64 |
| 56 | ZWS BMO US High Dividend Covered Call Hedged to CAD · BMO | +40.5% | +63.8%ZUD | -23.3% | 74 |
| 57 | TLF Brompton Tech Leaders Income · Brompton | +74.4% | +98.0%XLK | -23.5% | 76 |
| 58 | ZWP BMO Europe High Dividend Covered Call · BMO | +50.1% | +73.7%VGK | -23.6% | 77 |
| 59 | HUBL Harvest US Bank Leaders Income · Harvest | +86.7% | +110.4%ZUB | -23.7% | 74 |
| 60 | ZWH BMO US High Dividend Covered Call · BMO | +50.7% | +75.3%ZDY | -24.6% | 78 |
| 61 | HGR Harvest REIT Leaders Income · Harvest | +17.6% | +43.9%REET | -26.3% | 55 |
| 62 | BTCY Purpose Bitcoin Yield · Purpose | +54.7% | +81.4%BTCC | -26.7% | 55 |
| 63 | PDIV Purpose Enhanced Dividend · Purpose | +51.3% | +81.0%PDF | -29.7% | 82 |
| 64 | HBF Harvest US Equity Leaders Income · Harvest | +48.4% | +78.8%SPY | -30.4% | 79 |
| 65 | CNCC Global X S&P/TSX 60 Covered Call · Global X | +67.0% | +98.2%XIU | -31.2% | 76 |
| 66 | ZWC BMO Canadian High Dividend Covered Call · BMO | +73.1% | +105.0%ZDV | -31.9% | 80 |
| 67 | ZWU BMO Covered Call Utilities · BMO | +43.5% | +75.7%ZUT | -32.2% | 80 |
| 68 | DXQ Dynamic Active Enhanced Yield Covered Options · Dynamic | +52.3% | +84.5%SPY | -32.2% | 85 |
| 69 | HGY Global X Gold Yield · Global X | +69.0% | +103.4%GLD | -34.5% | 74 |
| 70 | BKCL Global X Enhanced Equal Weight Canadian Banks Covered Call · Global X 1.25x leverage | +140.9% | +177.6%ZEB | -36.8% | 81 |
| 71 | CIC CI Canadian Banks Covered Call Income Class · CI | +137.8% | +177.6%ZEB | -39.9% | 69 |
| 72 | GLCC Global X Gold Producer Equity Covered Call · Global X | +205.3% | +245.8%XGD | -40.5% | 75 |
| 73 | ZPAY BMO Premium Yield · BMO | +41.9% | +84.5%SPY | -42.5% | 81 |
| 74 | NRGI Ninepoint Energy Income · Ninepoint | +43.3% | +86.2%XEG | -42.9% | 65 |
| 75 | ZPW BMO US Put Write · BMO | +40.6% | +84.5%SPY | -43.9% | 78 |
| 76 | ZWB BMO Covered Call Canadian Banks · BMO | +133.5% | +177.6%ZEB | -44.1% | 82 |
| 77 | HMAX Hamilton Canadian Financials YIELD MAXIMIZER™ · Hamilton | +102.3% | +146.6%XFN | -44.3% | 87 |
| 78 | ZZZD BMO Tactical Dividend ETF · BMO | +33.5% | +78.1%XAW | -44.6% | 70 |
| 79 | ZPH BMO US Put Write Hedged to CAD · BMO | +30.8% | +78.8%SPY | -48.0% | 76 |
| 80 | GGPY Guardian Directed Premium Yield · Guardian | +24.4% | +77.3%ACWI | -52.9% | 68 |
| 81 | GGEP Guardian Directed Equity Path · Guardian | +19.2% | +77.3%ACWI | -58.1% | 65 |
| 82 | BKCC Global X Equal Weight Canadian Bank Covered Call · Global X | +107.9% | +177.6%ZEB | -69.8% | 84 |
| 83 | CGXF CI Gold+ Giants Covered Call · CI | +148.3% | +245.8%XGD | -97.5% | 63 |
How to read this
- Returns are totals in Canadian dollars, with distributions and dividends reinvested, over the same days for the fund and what it's measured against. A fund hedged to the Canadian dollar is measured in the benchmark's or market's own currency.
- Benchmark or market: a covered call fund is compared with the same stocks without options, a fund with no options with the broad market it picks from. Neither is the index a fund tracks: an index fund trails its own index by about its fee, by design, so that would only rank fees. Click a ticker under a return, or see every benchmark and market yardstick, for the full list and the funds compared with each.
- Leverage adds to gains when markets rise and to losses when they fall, so a leveraged fund beating an unleveraged benchmark says more about the market than the options.
- Each fund's own page has the full comparison over more periods.
This is information, not a recommendation to buy or sell any fund. How we compare.