ENB vs. ZEB.TO

Last updated Jun 9, 2026

ENB (Enbridge Inc.) is a stock, while ZEB.TO (BMO Equal Weight Banks Index ETF) is Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Over the past 10 years, ENB returned 9.34%/yr vs 15.03%/yr for ZEB.TO. At a 0.40 correlation, their price movements are largely independent.

Performance

ENB vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Enbridge Inc. (ENB) and BMO Equal Weight Banks Index ETF (ZEB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENB is traded in USD, while ZEB.TO is traded in CAD. To make them comparable, the ZEB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ENB having a 18.72% return and ZEB.TO slightly higher at 19.51%. Over the past 10 years, ENB has underperformed ZEB.TO with an annualized return of 9.34%, while ZEB.TO has yielded a comparatively higher 15.03% annualized return.

ENB

• 1D: -1.74%
• 1M: 4.56%
• YTD: 18.72%
• 6M: 17.84%
• 1Y: 25.57%
• 3Y*: 20.90%
• 5Y*: 13.89%
• 10Y*: 9.34%

ZEB.TO

• 1D: 0.31%
• 1M: 3.55%
• YTD: 19.51%
• 6M: 23.59%
• 1Y: 59.63%
• 3Y*: 32.05%
• 5Y*: 15.54%
• 10Y*: 15.03%

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

ENB vs. ZEB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENB Enbridge Inc.	18.72%	19.51%	26.35%	-1.13%	6.46%	30.83%	-13.60%	36.05%	-15.53%	-2.73%
ZEB.TO BMO Equal Weight Banks Index ETF	19.51%	50.29%	14.86%	13.58%	-15.72%	39.45%	6.03%	21.05%	-15.92%	22.56%

Correlation

The correlation between ENB and ZEB.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009	0.40

Over the past year, the correlation between ENB and ZEB.TO has dropped to 0.08 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

ENB vs. ZEB.TO — Risk / Return Rank

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

ENB

ENB Risk / Return Rank: 81
ENB Sharpe Ratio Rank: 84
ENB Sortino Ratio Rank: 81
ENB Omega Ratio Rank: 78
ENB Calmar Ratio Rank: 82
ENB Martin Ratio Rank: 82

ZEB.TO

ZEB.TO Risk / Return Rank: 97
ZEB.TO Sharpe Ratio Rank: 98
ZEB.TO Sortino Ratio Rank: 98
ZEB.TO Omega Ratio Rank: 97
ZEB.TO Calmar Ratio Rank: 95
ZEB.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.

ENB vs. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enbridge Inc. (ENB) 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.

	ENB	ZEB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.58	4.51	-2.93
Sortino ratio: Return per unit of downside risk	2.28	6.04	-3.76
Omega ratio: Gain probability vs. loss probability	1.27	1.81	-0.54
Calmar ratio: Return relative to maximum drawdown	2.82	6.24	-3.42
Martin ratio: Return relative to average drawdown	7.09	27.47	-20.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENB vs. ZEB.TO - Sharpe Ratio Comparison

The current ENB Sharpe Ratio is 1.58, which is lower than the ZEB.TO Sharpe Ratio of 4.51. The chart below compares the historical Sharpe Ratios of ENB and ZEB.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.

Sharpe Ratios by Period

	ENB	ZEB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	4.51	-2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	1.03	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.82	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.68	-0.15

Drawdowns

ENB vs. ZEB.TO - Drawdown Comparison

The maximum ENB drawdown since its inception was -46.35%, roughly equal to the maximum ZEB.TO drawdown of -44.89%. Use the drawdown chart below to compare losses from any high point for ENB and ZEB.TO.

Drawdown Indicators

	ENB	ZEB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.35%	-44.89%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-9.61%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-18.42%	+2.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-32.13%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-44.89%	+0.82%
Current Drawdown Current decline from peak	-4.67%	-1.00%	-3.67%
Average Drawdown Average peak-to-trough decline	-10.83%	-9.02%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	2.18%	+1.44%

Volatility

ENB vs. ZEB.TO - Volatility Comparison

Enbridge Inc. (ENB) has a higher volatility of 6.10% compared to BMO Equal Weight Banks Index ETF (ZEB.TO) at 4.56%. This indicates that ENB'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.

Volatility by Period

	ENB	ZEB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.56%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	11.41%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.24%	13.32%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	15.20%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.34%	18.38%	+5.96%

Dividends

ENB vs. ZEB.TO - Dividend Comparison

ENB's dividend yield for the trailing twelve months is around 5.01%, more than ZEB.TO's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENB Enbridge Inc.	5.01%	5.66%	6.28%	7.31%	6.80%	6.85%	7.55%	5.58%	6.68%	4.71%	4.13%	4.71%
ZEB.TO BMO Equal Weight Banks Index ETF	2.48%	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

Can I hold both ENB and ZEB.TO in my portfolio?

ENB and ZEB.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.