CJP.NEO vs. ZEB.TO
CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - CJP.NEO is a Japan Equities fund tracking the FTSE RAFI Japan Canadian Dollar Hedged Index, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 10 years, CJP.NEO returned 16.37%/yr vs 16.60%/yr for ZEB.TO. At a 0.42 correlation, their price movements are largely independent. CJP.NEO charges 0.71%/yr vs 0.25%/yr for ZEB.TO.
Performance
CJP.NEO vs. ZEB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CJP.NEO achieves a 17.05% return, which is significantly lower than ZEB.TO's 25.33% return. Both investments have delivered pretty close results over the past 10 years, with CJP.NEO having a 16.37% annualized return and ZEB.TO not far ahead at 16.60%.
CJP.NEO
- 1D
- 2.51%
- 1M
- 0.99%
- YTD
- 17.05%
- 6M
- 17.74%
- 1Y
- 49.90%
- 3Y*
- 27.93%
- 5Y*
- 22.66%
- 10Y*
- 16.37%
ZEB.TO
- 1D
- 1.12%
- 1M
- 9.87%
- YTD
- 25.33%
- 6M
- 26.07%
- 1Y
- 67.94%
- 3Y*
- 34.82%
- 5Y*
- 19.53%
- 10Y*
- 16.60%
CJP.NEO vs. ZEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 17.05% | 30.67% | 26.74% | 35.03% | 3.67% | 18.19% | 0.18% | 13.12% | -17.35% | 21.33% |
ZEB.TO BMO Equal Weight Banks Index ETF | 25.33% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
Correlation
The correlation between CJP.NEO and ZEB.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2009 | 0.42 |
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Return for Risk
CJP.NEO vs. ZEB.TO — Risk / Return Rank
CJP.NEO
ZEB.TO
CJP.NEO vs. ZEB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) and BMO Equal Weight Banks Index ETF (ZEB.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.
| CJP.NEO | ZEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.99 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 8.09 | -3.51 |
| Martin ratioReturn relative to average drawdown | 17.20 | 34.80 | -17.60 |
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Drawdowns
CJP.NEO vs. ZEB.TO - Drawdown Comparison
The maximum CJP.NEO drawdown since its inception was -38.36%, roughly equal to the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for CJP.NEO and ZEB.TO.
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Drawdown Indicators
| CJP.NEO | ZEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.36% | -39.69% | +1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -8.44% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -20.86% | -14.80% | -6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.86% | -25.97% | +5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -37.75% | -39.69% | +1.94% |
Current DrawdownCurrent decline from peak | -1.88% | 0.00% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -11.15% | -5.65% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 1.96% | +0.96% |
Volatility
CJP.NEO vs. ZEB.TO - Volatility Comparison
iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) has a higher volatility of 5.03% compared to BMO Equal Weight Banks Index ETF (ZEB.TO) at 4.52%. This indicates that CJP.NEO's price experiences larger fluctuations and is considered to be riskier than ZEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CJP.NEO | ZEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 4.52% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.58% | 11.13% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.26% | 12.81% | +5.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.37% | 13.55% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 16.90% | +2.69% |
CJP.NEO vs. ZEB.TO - Expense Ratio Comparison
CJP.NEO has a 0.71% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.
Dividends
CJP.NEO vs. ZEB.TO - Dividend Comparison
CJP.NEO's dividend yield for the trailing twelve months is around 1.26%, less than ZEB.TO's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 1.26% | 1.48% | 1.71% | 1.24% | 1.96% | 1.56% | 1.97% | 2.42% | 2.38% | 1.48% | 0.97% | 0.84% |
ZEB.TO BMO Equal Weight Banks Index ETF | 2.41% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
Frequently Asked Questions
CJP.NEO and ZEB.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.71% for CJP.NEO.
CJP.NEO is categorized as Japan Equities, while ZEB.TO is Financials Equities. CJP.NEO tracks FTSE RAFI Japan Canadian Dollar Hedged Index, while ZEB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.71% for CJP.NEO and 0.25% for ZEB.TO.
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