AQN.TO vs. ZEB.TO

Last updated Jun 4, 2026

AQN.TO (Algonquin Power & Utilities Corp.) is a stock, while ZEB.TO (BMO Equal Weight Banks Index ETF) is Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Over the past 10 years, AQN.TO returned 1.60%/yr vs 15.82%/yr for ZEB.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

AQN.TO vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Algonquin Power & Utilities Corp. (AQN.TO) and BMO Equal Weight Banks Index ETF (ZEB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQN.TO achieves a -3.01% return, which is significantly lower than ZEB.TO's 19.22% return. Over the past 10 years, AQN.TO has underperformed ZEB.TO with an annualized return of 1.60%, while ZEB.TO has yielded a comparatively higher 15.82% annualized return.

AQN.TO

• 1D: -1.10%
• 1M: -4.93%
• YTD: -3.01%
• 6M: 0.15%
• 1Y: -0.82%
• 3Y*: -5.49%
• 5Y*: -10.28%
• 10Y*: 1.60%

ZEB.TO

• 1D: -0.43%
• 1M: 5.51%
• YTD: 19.22%
• 6M: 24.72%
• 1Y: 60.22%
• 3Y*: 32.73%
• 5Y*: 18.18%
• 10Y*: 15.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AQN.TO vs. ZEB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AQN.TO Algonquin Power & Utilities Corp.	-3.01%	38.63%	-17.99%	0.64%	-48.34%	-8.03%	19.16%	39.68%	2.71%	29.07%
ZEB.TO BMO Equal Weight Banks Index ETF	19.22%	43.43%	24.58%	10.87%	-10.38%	39.38%	3.52%	16.06%	-8.85%	14.26%

Correlation

The correlation between AQN.TO and ZEB.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009	0.22

The correlation between AQN.TO and ZEB.TO shifts across timeframes, from 0.16 (1 year) to 0.35 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

AQN.TO vs. ZEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AQN.TO

AQN.TO Risk / Return Rank: 36
AQN.TO Sharpe Ratio Rank: 39
AQN.TO Sortino Ratio Rank: 32
AQN.TO Omega Ratio Rank: 33
AQN.TO Calmar Ratio Rank: 38
AQN.TO Martin Ratio Rank: 38

ZEB.TO

ZEB.TO Risk / Return Rank: 96
ZEB.TO Sharpe Ratio Rank: 97
ZEB.TO Sortino Ratio Rank: 97
ZEB.TO Omega Ratio Rank: 97
ZEB.TO Calmar Ratio Rank: 94
ZEB.TO Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AQN.TO vs. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Algonquin Power & Utilities Corp. (AQN.TO) and BMO Equal Weight Banks Index ETF (ZEB.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.

	AQN.TO	ZEB.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	4.79	-4.83
Sortino ratio: Return per unit of downside risk	0.12	6.54	-6.42
Omega ratio: Gain probability vs. loss probability	1.02	1.90	-0.88
Calmar ratio: Return relative to maximum drawdown	-0.05	7.17	-7.22
Martin ratio: Return relative to average drawdown	-0.13	30.84	-30.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AQN.TO vs. ZEB.TO - Sharpe Ratio Comparison

The current AQN.TO Sharpe Ratio is -0.03, which is lower than the ZEB.TO Sharpe Ratio of 4.79. The chart below compares the historical Sharpe Ratios of AQN.TO and ZEB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AQN.TO	ZEB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	4.79	-4.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	1.35	-1.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.94	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.88	-0.62

Drawdowns

AQN.TO vs. ZEB.TO - Drawdown Comparison

The maximum AQN.TO drawdown since its inception was -78.55%, which is greater than ZEB.TO's maximum drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for AQN.TO and ZEB.TO.

Drawdown Indicators

	AQN.TO	ZEB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-78.55%	-39.69%	-38.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.89%	-8.44%	-7.45%
Max Drawdown (3Y) Largest decline over 3 years	-41.24%	-14.80%	-26.44%
Max Drawdown (5Y) Largest decline over 5 years	-63.36%	-25.97%	-37.39%
Max Drawdown (10Y) Largest decline over 10 years	-65.21%	-39.69%	-25.52%
Current Drawdown Current decline from peak	-51.00%	-2.00%	-49.00%
Average Drawdown Average peak-to-trough decline	-16.81%	-5.65%	-11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.11%	1.96%	+5.15%

Volatility

AQN.TO vs. ZEB.TO - Volatility Comparison

Algonquin Power & Utilities Corp. (AQN.TO) has a higher volatility of 5.26% compared to BMO Equal Weight Banks Index ETF (ZEB.TO) at 4.89%. This indicates that AQN.TO's price experiences larger fluctuations and is considered to be riskier than ZEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQN.TO	ZEB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	4.89%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	18.45%	11.14%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	28.58%	12.62%	+15.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.63%	13.52%	+15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.92%	16.91%	+9.01%

Dividends

AQN.TO vs. ZEB.TO - Dividend Comparison

AQN.TO's dividend yield for the trailing twelve months is around 4.43%, more than ZEB.TO's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQN.TO Algonquin Power & Utilities Corp.	4.43%	4.29%	8.50%	6.95%	10.66%	5.52%	3.89%	3.96%	4.83%	4.28%	4.82%	4.49%
ZEB.TO BMO Equal Weight Banks Index ETF	2.54%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%

Frequently Asked Questions

Can I hold both AQN.TO and ZEB.TO in my portfolio?

AQN.TO and ZEB.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.