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BMO Covered Call Canadian Banks ETF (ZWB.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

The ETF aims to provide exposure to a portfolio of Canadian banks and generate income through writing covered call options. The fund invests in Canadian bank securities and uses option premiums for limited downside protection, with semi-annual rebalancing.

Looking to diversify beyond ZWB.TO? The ETFs below have the lowest correlation with ZWB.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZWB.TO.

Best Diversifiers for ZWB.TO

7 ETFs have low correlation with ZWB.TO (below 0.3), 3 of which are negatively correlated.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
OILY.TO
Evolve Canadian Energy Enhanced Yield Index Fund E...-0.13——
77
Energy EquitiesZWB.TO vs OILY.TO
ENCC.TO
Global X Canadian Oil and Gas Equity Covered Call ...-0.100.220.32
85
Derivative Income, Energy EquitiesZWB.TO vs ENCC.TO
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF-0.080.210.34
86
Energy EquitiesZWB.TO vs ZEO.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.070.040.03
100
Money MarketZWB.TO vs ZMMK.TO
ZWU.TO
BMO Covered Call Utilities ETF0.080.370.42
58
Utilities Equities, Derivative IncomeZWB.TO vs ZWU.TO
See all 50 diversifiers for ZWB.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZWB.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZWB.TO and solid risk/return profiles. The least correlated is Whitecap Resources Inc. (WCP.TO) (Energy) with a 1Y correlation of -0.10, down from 0.26 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
WCP.TO
Whitecap Resources Inc.-0.100.140.26
96
Energy
ENB.TO
Enbridge Inc.0.000.290.38
81
Energy
BCE.TO
BCE Inc.0.010.120.20
69
Communication Services
IAU.TO
i-80 Gold Corp0.180.170.16
90
Basic Materials
SRU-UN.TO
SmartCentres Real Estate Investment Trust0.380.470.50
82
Real Estate

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Diversification Analysis

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