EU has to work through their energy problems.  This may take a bit. 
ZWP is also not hedged to the Canadian $ so it is down an additional 5% compared to ZWE over the last 3 months (ZWP has underperformed longer than that due to euro deprec). 
Keep watching for an entry point in the future.  The ETF has very solid holdings.
ZWU (utilities) has held up a bit better.