AGG vs. ZWB.TO
AGG (iShares Core U.S. Aggregate Bond ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. AGG is passively managed, while ZWB.TO is actively managed. Over the past 10 years, AGG returned 1.52%/yr vs 11.41%/yr for ZWB.TO. At a correlation of -0.10, they often move in opposite directions. AGG charges 0.03%/yr vs 0.71%/yr for ZWB.TO.
Performance
AGG vs. ZWB.TO - Performance Comparison
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Different Trading Currencies
AGG is traded in USD, while ZWB.TO is traded in CAD. To make them comparable, the ZWB.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AGG achieves a -0.08% return, which is significantly lower than ZWB.TO's 16.19% return. Over the past 10 years, AGG has underperformed ZWB.TO with an annualized return of 1.52%, while ZWB.TO has yielded a comparatively higher 11.41% annualized return.
AGG
- 1D
- 0.00%
- 1M
- -0.69%
- YTD
- -0.08%
- 6M
- 0.26%
- 1Y
- 4.97%
- 3Y*
- 3.88%
- 5Y*
- -0.03%
- 10Y*
- 1.52%
ZWB.TO
- 1D
- 0.07%
- 1M
- 3.02%
- YTD
- 16.19%
- 6M
- 19.95%
- 1Y
- 49.17%
- 3Y*
- 24.94%
- 5Y*
- 11.20%
- 10Y*
- 11.41%
AGG vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | -0.08% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 16.19% | 41.36% | 10.09% | 9.27% | -16.30% | 30.88% | 4.15% | 19.23% | -15.21% | 19.62% |
Correlation
The correlation between AGG and ZWB.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | -0.10 |
The correlation between AGG and ZWB.TO shifts across timeframes, from -0.10 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AGG vs. ZWB.TO — Risk / Return Rank
AGG
ZWB.TO
AGG vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and BMO Covered Call Canadian Banks ETF (ZWB.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AGG | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.75 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 5.53 | -3.72 |
| Martin ratioReturn relative to average drawdown | 5.44 | 25.00 | -19.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGG | ZWB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 4.09 | -2.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.78 | -0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.67 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.51 | +0.08 |
Drawdowns
AGG vs. ZWB.TO - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum ZWB.TO drawdown of -44.77%. Use the drawdown chart below to compare losses from any high point for AGG and ZWB.TO.
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Drawdown Indicators
| AGG | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -44.77% | +26.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -8.94% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -17.62% | +11.51% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -31.47% | +13.65% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | -44.77% | +26.34% |
Current DrawdownCurrent decline from peak | -2.47% | -1.12% | -1.35% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -9.37% | +6.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.97% | -1.05% |
Volatility
AGG vs. ZWB.TO - Volatility Comparison
The current volatility for iShares Core U.S. Aggregate Bond ETF (AGG) is 1.29%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.85%. This indicates that AGG experiences smaller price fluctuations and is considered to be less risky than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 3.85% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 10.33% | -7.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 12.10% | -8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 14.44% | -8.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 17.26% | -11.85% |
AGG vs. ZWB.TO - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.
Dividends
AGG vs. ZWB.TO - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 4.00%, less than ZWB.TO's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.93% | 5.38% | 6.66% | 7.62% | 7.30% | 5.46% | 5.80% | 5.53% | 5.59% | 4.80% | 5.04% | 5.64% |
Frequently Asked Questions
AGG and ZWB.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGG is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGG is cheaper with a 0.03% expense ratio, compared with 0.71% for ZWB.TO.
AGG is categorized as Total Bond Market, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.03% for AGG and 0.71% for ZWB.TO.
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