BANK.TO vs. ZWB.TO

Last updated Jun 24, 2026

BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - BANK.TO is a Derivative Income fund tracking the Solactive Canadian Core Financials Equal Weight Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. BANK.TO is passively managed, while ZWB.TO is actively managed. Over the past 3 years, BANK.TO returned 37.31%/yr vs 30.29%/yr for ZWB.TO. Their correlation of 0.89 suggests significant overlap in exposure. BANK.TO charges 0.60%/yr vs 0.72%/yr for ZWB.TO.

Performance

BANK.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BANK.TO having a 27.46% return and ZWB.TO slightly lower at 26.23%.

BANK.TO

• 1D: -0.09%
• 1M: 8.13%
• YTD: 27.46%
• 6M: 27.32%
• 1Y: 67.45%
• 3Y*: 37.31%
• 5Y*: —
• 10Y*: —

ZWB.TO

• 1D: 0.39%
• 1M: 7.50%
• YTD: 26.23%
• 6M: 26.02%
• 1Y: 61.42%
• 3Y*: 30.29%
• 5Y*: 15.76%
• 10Y*: 13.33%

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

BANK.TO vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	27.46%	41.00%	27.90%	16.23%	-20.47%
ZWB.TO BMO Covered Call Canadian Banks ETF	26.23%	34.91%	19.41%	6.67%	-15.81%

Correlation

The correlation between BANK.TO and ZWB.TO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.89

The correlation between BANK.TO and ZWB.TO has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

BANK.TO vs. ZWB.TO - Sectors Allocation Comparison

Sectors	BANK.TO	ZWB.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BANK.TO vs. ZWB.TO — Risk / Return Rank

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

BANK.TO

BANK.TO Risk / Return Rank: 97
BANK.TO Sharpe Ratio Rank: 98
BANK.TO Sortino Ratio Rank: 98
BANK.TO Omega Ratio Rank: 98
BANK.TO Calmar Ratio Rank: 96
BANK.TO Martin Ratio Rank: 97

ZWB.TO

ZWB.TO Risk / Return Rank: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 95
ZWB.TO Martin Ratio Rank: 96

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.

BANK.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BANK.TO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.53	5.36	+0.17
Sortino ratio: Return per unit of downside risk	7.42	7.28	+0.14
Omega ratio: Gain probability vs. loss probability	2.03	2.02	+0.01
Calmar ratio: Return relative to maximum drawdown	8.19	7.89	+0.30
Martin ratio: Return relative to average drawdown	36.30	35.44	+0.87

BANK.TO vs. ZWB.TO - Sharpe Ratio Comparison

The current BANK.TO Sharpe Ratio is 5.53, which is comparable to the ZWB.TO Sharpe Ratio of 5.36. The chart below compares the historical Sharpe Ratios of BANK.TO and ZWB.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.

Drawdowns

BANK.TO vs. ZWB.TO - Drawdown Comparison

The maximum BANK.TO drawdown since its inception was -29.03%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for BANK.TO and ZWB.TO.

Drawdown Indicators

	BANK.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.03%	-39.36%	+10.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-7.82%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-14.05%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-8.69%	-5.54%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.74%	+0.12%

Volatility

BANK.TO vs. ZWB.TO - Volatility Comparison

Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) has a higher volatility of 3.77% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.38%. This indicates that BANK.TO's price experiences larger fluctuations and is considered to be riskier than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BANK.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.38%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	9.95%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	11.51%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	12.65%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	15.67%	-0.04%

BANK.TO vs. ZWB.TO - Expense Ratio Comparison

BANK.TO has a 0.60% expense ratio, which is lower than ZWB.TO's 0.72% expense ratio.

Dividends

BANK.TO vs. ZWB.TO - Dividend Comparison

BANK.TO's dividend yield for the trailing twelve months is around 11.99%, more than ZWB.TO's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund	11.99%	13.73%	15.28%	13.60%	10.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.62%	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

Can I hold both BANK.TO and ZWB.TO in my portfolio?

BANK.TO and ZWB.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BANK.TO or ZWB.TO?

On fees, BANK.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BANK.TO or ZWB.TO?

BANK.TO is cheaper with a 0.60% expense ratio, compared with 0.72% for ZWB.TO.

What is the main difference between BANK.TO and ZWB.TO?

BANK.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Evolve and BMO. Their fees differ too: 0.60% for BANK.TO and 0.72% for ZWB.TO.