CBNK.TO vs. ZPW.TO
CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) and ZPW.TO (BMO US Put Write ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, CBNK.TO returned 43.70%/yr vs 11.79%/yr for ZPW.TO. At a 0.32 correlation, their price movements are largely independent.
Performance
CBNK.TO vs. ZPW.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 ZPW.TO's 6.23% return.
CBNK.TO
- 1D
- -0.30%
- 1M
- 9.07%
- 6M
- 42.15%
- YTD
- 45.98%
- 1Y
- 95.48%
- 3Y*
- 43.70%
- 5Y*
- —
- 10Y*
- —
ZPW.TO
- 1D
- 0.25%
- 1M
- 3.28%
- 6M
- 4.63%
- YTD
- 6.23%
- 1Y
- 13.06%
- 3Y*
- 11.79%
- 5Y*
- 9.35%
- 10Y*
- 6.17%
CBNK.TO vs. ZPW.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% |
ZPW.TO BMO US Put Write ETF | 6.23% | 6.40% | 13.88% | 21.83% | 2.53% |
Correlation
The correlation between CBNK.TO and ZPW.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.32 |
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Return for Risk
CBNK.TO vs. ZPW.TO — Risk / Return Rank
CBNK.TO
ZPW.TO
CBNK.TO vs. ZPW.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 ETF (ZPW.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 | ZPW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.98 | ||
| Sortino ratioReturn per unit of downside risk | +4.83 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.34 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 9.57 | 2.34 | +7.23 |
| Martin ratioReturn relative to average drawdown | 41.19 | 6.61 | +34.57 |
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Drawdowns
CBNK.TO vs. ZPW.TO - Drawdown Comparison
The maximum CBNK.TO drawdown since its inception was -32.12%, which is greater than ZPW.TO's maximum drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for CBNK.TO and ZPW.TO.
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Drawdown Indicators
| CBNK.TO | ZPW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.12% | -23.77% | -8.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -5.61% | -4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -12.35% | -5.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.77% | — |
Current DrawdownCurrent decline from peak | -0.30% | 0.00% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -10.65% | -4.05% | -6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 1.98% | +0.35% |
Volatility
CBNK.TO vs. ZPW.TO - Volatility Comparison
Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a higher volatility of 6.26% compared to BMO US Put Write ETF (ZPW.TO) at 2.85%. This indicates that CBNK.TO's price experiences larger fluctuations and is considered to be riskier than ZPW.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 | ZPW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 2.85% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.37% | 6.17% | +8.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.64% | 7.31% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 10.61% | +7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 11.72% | +5.93% |
Dividends
CBNK.TO vs. ZPW.TO - Dividend Comparison
CBNK.TO's dividend yield for the trailing twelve months is around 5.33%, less than ZPW.TO's 9.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
ZPW.TO BMO US Put Write ETF | 9.45% | 9.55% | 9.18% | 7.57% | 8.20% | 7.24% | 7.61% | 7.17% | 6.61% | 6.82% | 7.32% | 2.32% |
Frequently Asked Questions
CBNK.TO and ZPW.TO have a correlation of 0.28, 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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