BASE.TO vs. ZWE.TO

Last updated Jun 4, 2026

BASE.TO (Evolve Global Materials & Mining Enhanced Yield Index ETF) and ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) are both exchange-traded funds - BASE.TO is a Materials fund tracking the Solactive Materials & Mining, while ZWE.TO is a Foreign Large Cap Equities fund actively managed by BMO. BASE.TO is passively managed, while ZWE.TO is actively managed. Over the past 5 years, BASE.TO returned 8.92%/yr vs 9.16%/yr for ZWE.TO. At a 0.34 correlation, their price movements are largely independent. BASE.TO charges 0.00%/yr vs 0.65%/yr for ZWE.TO.

Performance

BASE.TO vs. ZWE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BASE.TO achieves a 29.75% return, which is significantly higher than ZWE.TO's 3.89% return.

BASE.TO

• 1D: -0.88%
• 1M: 6.77%
• YTD: 29.75%
• 6M: 33.42%
• 1Y: 59.98%
• 3Y*: 18.08%
• 5Y*: 8.92%
• 10Y*: —

ZWE.TO

• 1D: -0.28%
• 1M: 1.89%
• YTD: 3.89%
• 6M: 5.73%
• 1Y: 12.64%
• 3Y*: 10.05%
• 5Y*: 9.16%
• 10Y*: 8.22%

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

BASE.TO vs. ZWE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	29.75%	30.33%	-13.56%	17.50%	-4.63%	20.04%	31.07%	5.87%
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	3.89%	14.25%	7.16%	14.84%	0.29%	19.26%	-8.67%	8.36%

Correlation

The correlation between BASE.TO and ZWE.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.34

BASE.TO vs. ZWE.TO - Sectors Allocation Comparison

Sectors	BASE.TO	ZWE.TO
Basic Materials	90.4%	8.5%
Industrials	9.6%	10.6%
Communication Services	-	5.8%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	8.8%
Energy	-	10.3%
Financial Services	-	22.4%
Healthcare	-	10.8%
Real Estate	-	-
Technology	-	6.2%
Utilities	-	5.7%

Return for Risk

BASE.TO vs. ZWE.TO — Risk / Return Rank

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

BASE.TO

BASE.TO Risk / Return Rank: 79
BASE.TO Sharpe Ratio Rank: 83
BASE.TO Sortino Ratio Rank: 75
BASE.TO Omega Ratio Rank: 75
BASE.TO Calmar Ratio Rank: 77
BASE.TO Martin Ratio Rank: 82

ZWE.TO

ZWE.TO Risk / Return Rank: 30
ZWE.TO Sharpe Ratio Rank: 32
ZWE.TO Sortino Ratio Rank: 30
ZWE.TO Omega Ratio Rank: 31
ZWE.TO Calmar Ratio Rank: 28
ZWE.TO Martin Ratio Rank: 32

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.

BASE.TO vs. ZWE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.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.

	BASE.TO	ZWE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.15	+1.55
Sortino ratio: Return per unit of downside risk	3.38	1.61	+1.77
Omega ratio: Gain probability vs. loss probability	1.45	1.21	+0.24
Calmar ratio: Return relative to maximum drawdown	3.85	1.33	+2.52
Martin ratio: Return relative to average drawdown	16.44	4.81	+11.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BASE.TO vs. ZWE.TO - Sharpe Ratio Comparison

The current BASE.TO Sharpe Ratio is 2.71, which is higher than the ZWE.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of BASE.TO and ZWE.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

	BASE.TO	ZWE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.15	+1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.73	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.49	+0.10

Drawdowns

BASE.TO vs. ZWE.TO - Drawdown Comparison

The maximum BASE.TO drawdown since its inception was -33.43%, smaller than the maximum ZWE.TO drawdown of -35.38%. Use the drawdown chart below to compare losses from any high point for BASE.TO and ZWE.TO.

Drawdown Indicators

	BASE.TO	ZWE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-35.38%	+1.95%
Max Drawdown (1Y) Largest decline over 1 year	-15.68%	-9.56%	-6.12%
Max Drawdown (3Y) Largest decline over 3 years	-24.11%	-13.60%	-10.51%
Max Drawdown (5Y) Largest decline over 5 years	-33.43%	-13.60%	-19.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.38%	—
Current Drawdown Current decline from peak	-0.99%	-1.97%	+0.98%
Average Drawdown Average peak-to-trough decline	-9.31%	-4.14%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.63%	+1.03%

Volatility

BASE.TO vs. ZWE.TO - Volatility Comparison

Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) has a higher volatility of 7.55% compared to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) at 2.98%. This indicates that BASE.TO's price experiences larger fluctuations and is considered to be riskier than ZWE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BASE.TO	ZWE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	2.98%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	8.72%	+8.82%
Volatility (1Y) Calculated over the trailing 1-year period	22.27%	11.00%	+11.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	12.55%	+10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.37%	15.40%	+10.97%

BASE.TO vs. ZWE.TO - Expense Ratio Comparison

BASE.TO has a 0.00% expense ratio, which is lower than ZWE.TO's 0.65% expense ratio.

Dividends

BASE.TO vs. ZWE.TO - Dividend Comparison

BASE.TO's dividend yield for the trailing twelve months is around 7.85%, more than ZWE.TO's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	7.85%	9.55%	11.20%	8.80%	8.96%	5.95%	4.67%	2.88%	0.00%	0.00%	0.00%	0.00%
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF	6.74%	6.81%	7.25%	7.25%	6.98%	6.30%	7.74%	6.53%	7.59%	6.49%	6.76%	2.32%

Frequently Asked Questions

Can I hold both BASE.TO and ZWE.TO in my portfolio?

BASE.TO and ZWE.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BASE.TO or ZWE.TO?

On fees, BASE.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BASE.TO or ZWE.TO?

BASE.TO is cheaper with a 0.00% expense ratio, compared with 0.65% for ZWE.TO.

What is the main difference between BASE.TO and ZWE.TO?

BASE.TO is categorized as Materials, while ZWE.TO is Foreign Large Cap Equities. They also come from different issuers: Evolve and BMO. Their fees differ too: 0.00% for BASE.TO and 0.65% for ZWE.TO.