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Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) Alternatives

ETF · Currency in CAD · Last updated Jun 24, 2026

This ETF provides investors with an enhanced yield from exposure to Canada’s largest banks and insurance companies through an active covered call strategy applied on up to 33% of the portfolio and 25% maximum leverage.

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with BANK.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to BANK.TO

BANK.TO charges 0.60% annually. There are 30 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.04%.

SymbolNameExpense RatioAUMInception
USCL.TO
Global X Enhanced S&P 500 Covered Call ETF0.04%250.98MJul 2023BANK.TO vs USCL.TO
ECHI.TO
Ninepoint Enhanced Canadian HighShares ETF0.29%—Aug 2025BANK.TO vs ECHI.TO
EQLI.TO
Invesco S&P 500 Equal Weight Income Advantage ETF0.29%155.19MNov 2025BANK.TO vs EQLI.TO
JEPQ.TO
JPMorgan Nasdaq Equity Premium Income Active ETF0.35%136.22MSep 2024BANK.TO vs JEPQ.TO
JEPI.TO
JPMorgan US Equity Premium Income Active ETF0.35%—Sep 2024BANK.TO vs JEPI.TO

Best Risk-Adjusted Alternatives to BANK.TO

BANK.TO has a PortfoliosLab risk / return rank of 97. There are 2 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 98.

SymbolNameRisk / Return RankAUMInception
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
98
—Jun 2022BANK.TO vs HLIF.TO
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
98
—Feb 2022BANK.TO vs CBNK.TO
ZWB.TO
BMO Covered Call Canadian Banks ETF
97
4.65BJan 2011BANK.TO vs ZWB.TO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
97
197.22MJul 2023BANK.TO vs BKCL.TO
BKCC.TO
Global X Equal Weight Canadian Bank Covered Call E...
96
395.62MMay 2011BANK.TO vs BKCC.TO

Top Performing BANK.TO Alternatives (YTD)

BANK.TO is at 27.46% YTD. There are 3 ETFs in the Derivative Income category with higher YTD returns, going as high as 41.95%.

SymbolNameYTD ReturnAUMInception
CBNK.TO
Mulvihill Canadian Bank Enhanced Yield ETF
41.95%
—Feb 2022BANK.TO vs CBNK.TO
ENCL.TO
Global X Enhanced Canadian Oil and Gas Equity Cove...
30.80%
267.19MOct 2023BANK.TO vs ENCL.TO
YAVG.NEO
Broadcom (AVGO) Yield Shares Purpose ETF
28.52%
—Feb 2025BANK.TO vs YAVG.NEO
BKCL.TO
Global X Enhanced Equal Weight Canadian Banks Cove...
26.81%
197.22MJul 2023BANK.TO vs BKCL.TO
EMCL.NEO
Global X Enhanced MSCI Emerging Markets Covered Ca...
26.59%
7.51MMay 2024BANK.TO vs EMCL.NEO

Lowest Volatility Alternatives to BANK.TO

BANK.TO has 12.26% 1-year volatility. There are 25 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 1.62%.

SymbolNameVolatility 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...1.62%227.30MSep 2024BANK.TO vs HBIL.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...4.66%230.93MJan 2024BANK.TO vs HPYM.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF6.88%1.36BJun 2023BANK.TO vs UMAX.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A6.98%—Jun 2022BANK.TO vs HLIF.TO
ZWU.TO
BMO Covered Call Utilities ETF7.68%2.20BOct 2011BANK.TO vs ZWU.TO

Lowest Drawdown Alternatives to BANK.TO

BANK.TO has a 1-year max drawdown of -8.27%. There are 27 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.95%.

SymbolNameMax Drawdown 1YAUMInception
HBIL.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedg...
-0.95%
227.30MSep 2024BANK.TO vs HBIL.TO
HLIF.TO
Harvest Canadian Equity Income Leaders ETF Class A
-3.09%
—Jun 2022BANK.TO vs HLIF.TO
HPYM.TO
Harvest Premium Yield 7-10 Year Treasury ETF - Cla...
-3.87%
230.93MJan 2024BANK.TO vs HPYM.TO
ZWU.TO
BMO Covered Call Utilities ETF
-4.86%
2.20BOct 2011BANK.TO vs ZWU.TO
UMAX.TO
Hamilton Utilities YIELD MAXIMIZER ETF
-5.11%
1.36BJun 2023BANK.TO vs UMAX.TO

Other ETFs from Evolve

The 10 most viewed Evolve ETFs shown here include UTES.TO, QQQT.TO, QQQY.TO and span 7 categories. AUM among these funds goes as high as $412M.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
UTES.TO
Evolve Canadian Utilities Enhanced Yield Index Fun...Derivative Income
86
14.78%
412.15MSep 2024BANK.TO vs UTES.TO
QQQT.TO
Evolve NASDAQ Technology Index Fund CAD HedgedNasdaq-100, Technology Equities
69
24.22%
171.18MJul 2023BANK.TO vs QQQT.TO
QQQY.TO
Evolve NASDAQ Technology Enhanced Yield Index FundNasdaq-100, Derivative Income
61
14.40%
133.42MOct 2025BANK.TO vs QQQY.TO
CANY.TO
Evolve Canadian Equity UltraYield ETFDerivative Income, Canada Equities—
12.78%
—Sep 2025BANK.TO vs CANY.TO
BIGY.TO
Evolve US Equity UltraYield ETFLarge Cap Blend Equities—
-12.81%
—Sep 2025BANK.TO vs BIGY.TO
EBNK.TO
Evolve European Banks Enhanced Yield ETF Hedged CA...Financials Equities, Derivative Income
58
11.40%
146.10MJan 2022BANK.TO vs EBNK.TO
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...Energy Equities
62
26.92%
—Mar 2025BANK.TO vs OILY.TO
SIXY.TO
Evolve Big Six Canadian Banks UltraYield Index ETFFinancials Equities—
28.03%
—Dec 2025BANK.TO vs SIXY.TO
TECH.TO
Evolve FANGMA Index ETF Hedged CADTechnology Equities
12
-7.11%
150.16MMay 2021BANK.TO vs TECH.TO
ETSX.TO
Evolve S&P/TSX 60 Enhanced Yield Fund CAD UnhedgedLarge Cap Blend Equities
81
8.85%
211.72MJan 2023BANK.TO vs ETSX.TO

Often Compared With BANK.TO

Investors most often compare BANK.TO with HMAX.TO, HCAL.TO, VDY.TO. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
HMAX.TO
Hamilton Canadian Financials Yield Maximizer ETFDerivative Income
95
17.83%
2.47BJan 2023BANK.TO vs HMAX.TO
HCAL.TO
Hamilton Enhanced Canadian Bank ETFFinancials Equities, Canada Equities, Leveraged Equities
98
38.28%
1.06BOct 2020BANK.TO vs HCAL.TO
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index E...Dividend
98
24.99%
7.99BNov 2012BANK.TO vs VDY.TO
RBNK.TO
RBC Canadian Bank Yield Index ETFFinancials Equities
97
31.29%
485.97MOct 2017BANK.TO vs RBNK.TO
HYLD.TO
Hamilton Enhanced U.S. Covered Call ETFDerivative Income
64
12.62%
1.30BFeb 2022BANK.TO vs HYLD.TO
VCN.TO
Vanguard FTSE Canada All Cap Index ETFCanada Equities
81
10.99%
15.96BAug 2013BANK.TO vs VCN.TO
VEQT.TO
Vanguard All-Equity ETF PortfolioGlobal Equities
82
13.11%
14.70BJan 2019BANK.TO vs VEQT.TO
QMAX.TO
Hamilton Technology YIELD MAXIMIZER ETFTechnology Equities, Derivative Income
44
19.67%
1.01BOct 2023BANK.TO vs QMAX.TO
QDAY.NEO
Hamilton EnhancedTechnology DayMAX™ ETFDerivative Income—
26.03%
—Jul 2025BANK.TO vs QDAY.NEO
VDU.TO
Vanguard FTSE Developed All Cap ex U.S. Index ETFGlobal Equities
69
16.97%
833.59MAug 2013BANK.TO vs VDU.TO
HDIV.TO
Hamilton Enhanced Canadian Covered Call ETFDerivative Income
93
18.72%
1.70BJul 2021BANK.TO vs HDIV.TO
XEF.TO
iShares Core MSCI EAFE IMI Index ETFForeign Large Cap Equities
54
12.09%
22.44BApr 2013BANK.TO vs XEF.TO
CDAY.NEO
Hamilton Enhanced Canadian Equity DayMAX ETFDerivative Income, Canada Equities—
17.30%
242.10MJul 2025BANK.TO vs CDAY.NEO
KILO.TO
Purpose Gold Bullion FundGold, Precious Metals
20
-5.68%
1.10BOct 2018BANK.TO vs KILO.TO
ZEB.TO
BMO Equal Weight Banks Index ETFFinancials Equities, Equal Weight
97
30.69%
6.15BOct 2009BANK.TO vs ZEB.TO
HEQT.TO
Horizons All-Equity Asset Allocation ETFGlobal Equities
82
14.32%
—Sep 2019BANK.TO vs HEQT.TO
HHIS.TO
Harvest Diversified High Income Shares ETFDerivative Income
23
4.33%
1.74BJan 2025BANK.TO vs HHIS.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...Derivative Income, Energy Equities
77
24.43%
708.27MApr 2011BANK.TO vs ENCC.TO
GCVG.L
SPDR Refinitiv Global Convertible Bond GBP Hedged ...Convertible Bonds
91
16.14%
2.47BJan 2022BANK.TO vs GCVG.L
GLCC.TO
Global X Gold Producer Equity Covered Call ETFDerivative Income, Gold, Precious Metals
30
-6.77%
589.70MApr 2011BANK.TO vs GLCC.TO

Compare BANK.TO with Any Fund or Stock

Compare BANK.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair BANK.TO with funds that move differently

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to BANK.TO.

Explore BANK.TO Diversifiers