CALL.TO vs. ZWB.TO

Last updated Jul 25, 2026

CALL.TO (Evolve US Banks Enhanced Yield Fund Hedged Units) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - CALL.TO is a Derivative Income fund tracking the Solactive Equal Weight US Bank Index Canadian Dollar Hedged, while ZWB.TO is a Financials Equities fund actively managed by BMO. CALL.TO is passively managed, while ZWB.TO is actively managed. Over the past 5 years, CALL.TO returned 6.13%/yr vs 16.34%/yr for ZWB.TO. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

CALL.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.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, CALL.TO achieves a 10.93% return, which is significantly lower than ZWB.TO's 28.07% return.

CALL.TO

• 1D: 0.61%
• 1M: 1.96%
• 6M: 9.99%
• YTD: 10.93%
• 1Y: 20.33%
• 3Y*: 22.20%
• 5Y*: 6.13%
• 10Y*: —
• ALL TIME*: 5.91%

ZWB.TO

• 1D: 0.64%
• 1M: 1.92%
• 6M: 26.81%
• YTD: 28.07%
• 1Y: 55.64%
• 3Y*: 28.21%
• 5Y*: 16.34%
• 10Y*: 13.12%
• ALL TIME*: 11.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	CA$110.65K	CA$160.68K	CA$121.83K
ZWB.TO BMO Covered Call Canadian Banks ETF	CA$7.50M	CA$5.39M	CA$4.38M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.93%	17.96%	30.56%	-10.46%	-21.68%	35.56%	-12.36%	36.22%	-21.42%	8.63%
ZWB.TO BMO Covered Call Canadian Banks ETF	28.07%	34.91%	19.41%	6.67%	-11.00%	30.81%	1.68%	14.32%	-8.08%	3.71%

Correlation

The correlation between CALL.TO and ZWB.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017	0.58

The correlation between CALL.TO and ZWB.TO has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Return for Risk

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

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

CALL.TO

CALL.TO Risk / Return Rank: 39
CALL.TO Sharpe Ratio Rank: 42
CALL.TO Sortino Ratio Rank: 40
CALL.TO Omega Ratio Rank: 42
CALL.TO Calmar Ratio Rank: 37
CALL.TO Martin Ratio Rank: 35

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: 97
ZWB.TO Calmar Ratio Rank: 97
ZWB.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.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.

	CALL.TO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.03	4.53	-3.49
Sortino ratio: Return per unit of downside risk	1.50	6.01	-4.51
Omega ratio: Gain probability vs. loss probability	1.20	1.81	-0.62
Calmar ratio: Return relative to maximum drawdown	1.28	7.15	-5.87
Martin ratio: Return relative to average drawdown	3.59	31.14	-27.55

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

The current CALL.TO Sharpe Ratio is 1.03, which is lower than the ZWB.TO Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of CALL.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

CALL.TO vs. ZWB.TO - Drawdown Comparison

The maximum CALL.TO drawdown since its inception was -52.03%, 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 CALL.TO and ZWB.TO.

Drawdown Indicators

	CALL.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.03%	-39.36%	-12.67%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-7.82%	-8.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.25%	-14.05%	-12.20%
Max Drawdown (5Y) Largest decline over 5 years	-52.03%	-25.26%	-26.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-1.53%	-2.95%	+1.42%
Average Drawdown Average peak-to-trough decline	-18.51%	-5.51%	-13.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.69%	1.79%	+3.90%

Volatility

CALL.TO vs. ZWB.TO - Volatility Comparison

Evolve US Banks Enhanced Yield Fund Hedged Units (CALL.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO) have volatilities of 4.52% and 4.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALL.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.74%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	10.74%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	12.35%	+7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.95%	12.72%	+14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.97%	15.71%	+13.26%

Dividends

CALL.TO vs. ZWB.TO - Dividend Comparison

CALL.TO's dividend yield for the trailing twelve months is around 10.16%, more than ZWB.TO's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALL.TO Evolve US Banks Enhanced Yield Fund Hedged Units	10.16%	10.68%	11.24%	13.02%	10.20%	6.87%	8.49%	6.15%	5.59%	0.35%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.70%	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 CALL.TO and ZWB.TO in my portfolio?

CALL.TO and ZWB.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

CALL.TO is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: Evolve Funds Group Inc. and BMO.