BKCC.TO vs. ZWB.TO

Last updated Jun 24, 2026

BKCC.TO (Global X Equal Weight Canadian Bank Covered Call ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - BKCC.TO is a Derivative Income fund actively managed by Global X, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, BKCC.TO returned 0.96%/yr vs 13.33%/yr for ZWB.TO. A 0.64 correlation means they provide meaningful diversification when combined. BKCC.TO charges 0.84%/yr vs 0.72%/yr for ZWB.TO.

Performance

BKCC.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKCC.TO achieves a 21.49% return, which is significantly lower than ZWB.TO's 26.23% return. Over the past 10 years, BKCC.TO has underperformed ZWB.TO with an annualized return of 0.96%, while ZWB.TO has yielded a comparatively higher 13.33% annualized return.

BKCC.TO

• 1D: 0.36%
• 1M: 5.58%
• YTD: 21.49%
• 6M: 21.38%
• 1Y: 49.37%
• 3Y*: 25.19%
• 5Y*: -3.23%
• 10Y*: 0.96%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKCC.TO Global X Equal Weight Canadian Bank Covered Call ETF	21.49%	28.05%	17.14%	5.41%	-58.55%	24.57%	-5.90%	16.56%	-17.08%	7.78%
ZWB.TO BMO Covered Call Canadian Banks ETF	26.23%	34.91%	19.41%	6.67%	-11.00%	30.81%	1.68%	14.32%	-8.08%	11.52%

Correlation

The correlation between BKCC.TO and ZWB.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012	0.64

Over the past year, BKCC.TO and ZWB.TO have become more correlated (0.96) than their long-term average of 0.64, meaning their price movements have been converging.

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

Sectors	BKCC.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

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

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

BKCC.TO

BKCC.TO Risk / Return Rank: 96
BKCC.TO Sharpe Ratio Rank: 98
BKCC.TO Sortino Ratio Rank: 98
BKCC.TO Omega Ratio Rank: 97
BKCC.TO Calmar Ratio Rank: 94
BKCC.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.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.

	BKCC.TO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.77	5.36	-0.59
Sortino ratio: Return per unit of downside risk	6.72	7.28	-0.55
Omega ratio: Gain probability vs. loss probability	1.93	2.02	-0.09
Calmar ratio: Return relative to maximum drawdown	6.80	7.89	-1.09
Martin ratio: Return relative to average drawdown	31.58	35.44	-3.86

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

The current BKCC.TO Sharpe Ratio is 4.77, which is comparable to the ZWB.TO Sharpe Ratio of 5.36. The chart below compares the historical Sharpe Ratios of BKCC.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

BKCC.TO vs. ZWB.TO - Drawdown Comparison

The maximum BKCC.TO drawdown since its inception was -79.15%, which is greater than ZWB.TO's maximum drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for BKCC.TO and ZWB.TO.

Drawdown Indicators

	BKCC.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.15%	-39.36%	-39.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-7.82%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-14.05%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	-79.15%	-25.26%	-53.89%
Max Drawdown (10Y) Largest decline over 10 years	-79.15%	-39.36%	-39.79%
Current Drawdown Current decline from peak	-24.14%	0.00%	-24.14%
Average Drawdown Average peak-to-trough decline	-18.20%	-5.54%	-12.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.74%	-0.17%

Volatility

BKCC.TO vs. ZWB.TO - Volatility Comparison

The current volatility for Global X Equal Weight Canadian Bank Covered Call ETF (BKCC.TO) is 2.74%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.38%. This indicates that BKCC.TO 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.

Volatility by Period

	BKCC.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	3.38%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	9.95%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	11.51%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.09%	12.65%	+155.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	124.24%	15.67%	+108.57%

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

BKCC.TO has a 0.84% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.

Dividends

BKCC.TO vs. ZWB.TO - Dividend Comparison

BKCC.TO's dividend yield for the trailing twelve months is around 8.96%, more than ZWB.TO's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKCC.TO Global X Equal Weight Canadian Bank Covered Call ETF	8.96%	10.43%	12.30%	10.93%	8.24%	2.76%	2.96%	2.72%	3.13%	2.89%	2.89%	3.68%
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 BKCC.TO and ZWB.TO in my portfolio?

With a correlation of 0.96, BKCC.TO and ZWB.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.84% for BKCC.TO.

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

BKCC.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Global X and BMO. Their fees differ too: 0.84% for BKCC.TO and 0.72% for ZWB.TO.