CBNK.TO vs. ZPH.TO
CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, CBNK.TO returned 43.70%/yr vs 7.85%/yr for ZPH.TO. At a 0.40 correlation, their price movements are largely independent.
Performance
CBNK.TO vs. ZPH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBNK.TO achieves a 45.98% return, which is significantly higher than ZPH.TO's 1.91% return.
CBNK.TO
- 1D
- -0.30%
- 1M
- 9.07%
- 6M
- 42.15%
- YTD
- 45.98%
- 1Y
- 95.48%
- 3Y*
- 43.70%
- 5Y*
- —
- 10Y*
- —
ZPH.TO
- 1D
- 0.29%
- 1M
- 1.55%
- 6M
- 1.70%
- YTD
- 1.91%
- 1Y
- 7.48%
- 3Y*
- 7.85%
- 5Y*
- 5.63%
- 10Y*
- —
CBNK.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 45.98% | 51.67% | 27.42% | 8.42% | -19.87% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 1.91% | 9.47% | 4.21% | 22.61% | -3.30% |
Correlation
The correlation between CBNK.TO and ZPH.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.40 |
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Return for Risk
CBNK.TO vs. ZPH.TO — Risk / Return Rank
CBNK.TO
ZPH.TO
CBNK.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) and BMO US Put Write Hedged to CAD ETF (ZPH.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.
| CBNK.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.63 | ||
| Sortino ratioReturn per unit of downside risk | +5.62 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.21 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 9.57 | 1.24 | +8.33 |
| Martin ratioReturn relative to average drawdown | 41.19 | 4.67 | +36.52 |
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Drawdowns
CBNK.TO vs. ZPH.TO - Drawdown Comparison
The maximum CBNK.TO drawdown since its inception was -32.12%, roughly equal to the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for CBNK.TO and ZPH.TO.
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Drawdown Indicators
| CBNK.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.12% | -33.38% | +1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -6.07% | -3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -11.83% | -6.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.38% | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.26% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -10.65% | -4.23% | -6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 1.60% | +0.73% |
Volatility
CBNK.TO vs. ZPH.TO - Volatility Comparison
Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a higher volatility of 6.26% compared to BMO US Put Write Hedged to CAD ETF (ZPH.TO) at 2.53%. This indicates that CBNK.TO's price experiences larger fluctuations and is considered to be riskier than ZPH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBNK.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 2.53% | +3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.37% | 5.62% | +8.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.64% | 6.54% | +10.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 11.18% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 12.60% | +5.05% |
Dividends
CBNK.TO vs. ZPH.TO - Dividend Comparison
CBNK.TO's dividend yield for the trailing twelve months is around 5.33%, less than ZPH.TO's 10.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 5.33% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.40% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
CBNK.TO and ZPH.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Mulvihill and BMO.
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