FIE.TO vs. ZWB.TO
FIE.TO (iShares Canadian Financial Monthly Income ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both Financials Equities funds. Both are actively managed. Over the past 10 years, FIE.TO returned 12.31%/yr vs 13.33%/yr for ZWB.TO. Their correlation of 0.88 suggests significant overlap in exposure. FIE.TO charges 0.74%/yr vs 0.72%/yr for ZWB.TO.
Performance
FIE.TO vs. ZWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FIE.TO achieves a 14.56% return, which is significantly lower than ZWB.TO's 26.23% return. Over the past 10 years, FIE.TO has underperformed ZWB.TO with an annualized return of 12.31%, while ZWB.TO has yielded a comparatively higher 13.33% annualized return.
FIE.TO
- 1D
- 0.09%
- 1M
- 4.86%
- YTD
- 14.56%
- 6M
- 11.23%
- 1Y
- 32.60%
- 3Y*
- 26.44%
- 5Y*
- 13.03%
- 10Y*
- 12.31%
ZWB.TO
- 1D
- 0.39%
- 1M
- 7.50%
- YTD
- 26.23%
- 6M
- 26.02%
- 1Y
- 61.42%
- 3Y*
- 30.29%
- 5Y*
- 15.76%
- 10Y*
- 13.33%
FIE.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 14.56% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 26.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
Correlation
The correlation between FIE.TO and ZWB.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.88 |
The correlation between FIE.TO and ZWB.TO has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
FIE.TO vs. ZWB.TO — Risk / Return Rank
FIE.TO
ZWB.TO
FIE.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Financial Monthly Income ETF (FIE.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.
| FIE.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 2.02 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 7.89 | -3.34 |
| Martin ratioReturn relative to average drawdown | 14.80 | 35.44 | -20.63 |
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Drawdowns
FIE.TO vs. ZWB.TO - Drawdown Comparison
The maximum FIE.TO drawdown since its inception was -42.24%, 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 FIE.TO and ZWB.TO.
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Drawdown Indicators
| FIE.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.24% | -39.36% | -2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -7.82% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -10.70% | -14.05% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -25.26% | +2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -42.24% | -39.36% | -2.88% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -5.54% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.74% | +0.47% |
Volatility
FIE.TO vs. ZWB.TO - Volatility Comparison
The current volatility for iShares Canadian Financial Monthly Income ETF (FIE.TO) is 2.54%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.38%. This indicates that FIE.TO experiences smaller price fluctuations and is considered to be less risky than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIE.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.54% | 3.38% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.83% | 9.95% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.02% | 11.51% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.55% | 12.65% | -2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 15.67% | -1.61% |
FIE.TO vs. ZWB.TO - Expense Ratio Comparison
FIE.TO has a 0.74% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.
Dividends
FIE.TO vs. ZWB.TO - Dividend Comparison
FIE.TO's dividend yield for the trailing twelve months is around 4.34%, less than ZWB.TO's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.34% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.62% | 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
FIE.TO and ZWB.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.74% for FIE.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.74% for FIE.TO and 0.72% for ZWB.TO.
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