HCAL.TO vs. ZWB.TO

Last updated Jun 4, 2026

HCAL.TO (Hamilton Enhanced Canadian Bank ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - HCAL.TO is a Leveraged Equities fund tracking the Solactive Equal Weight Canada Banks Index (125%), while ZWB.TO is a Financials Equities fund actively managed by BMO. HCAL.TO is passively managed, while ZWB.TO is actively managed. Over the past 5 years, HCAL.TO returned 20.76%/yr vs 13.82%/yr for ZWB.TO. With a 0.97 correlation, they move nearly in lockstep. HCAL.TO charges 0.65%/yr vs 0.71%/yr for ZWB.TO.

Performance

HCAL.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Enhanced Canadian Bank ETF (HCAL.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCAL.TO achieves a 23.54% return, which is significantly higher than ZWB.TO's 16.23% return.

HCAL.TO

• 1D: -0.43%
• 1M: 6.76%
• YTD: 23.54%
• 6M: 30.66%
• 1Y: 76.99%
• 3Y*: 39.62%
• 5Y*: 20.76%
• 10Y*: —

ZWB.TO

• 1D: -0.31%
• 1M: 5.06%
• YTD: 16.23%
• 6M: 21.03%
• 1Y: 49.97%
• 3Y*: 25.69%
• 5Y*: 13.82%
• 10Y*: 12.24%

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

HCAL.TO vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HCAL.TO Hamilton Enhanced Canadian Bank ETF	23.54%	54.09%	29.04%	11.73%	-17.53%	51.61%	16.06%
ZWB.TO BMO Covered Call Canadian Banks ETF	16.23%	34.91%	19.41%	6.67%	-11.00%	30.81%	11.75%

Correlation

The correlation between HCAL.TO and ZWB.TO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.97

The correlation between HCAL.TO and ZWB.TO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

HCAL.TO vs. ZWB.TO - Sectors Allocation Comparison

Sectors	HCAL.TO	ZWB.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HCAL.TO vs. ZWB.TO — Risk / Return Rank

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

HCAL.TO

HCAL.TO Risk / Return Rank: 96
HCAL.TO Sharpe Ratio Rank: 97
HCAL.TO Sortino Ratio Rank: 97
HCAL.TO Omega Ratio Rank: 97
HCAL.TO Calmar Ratio Rank: 94
HCAL.TO Martin Ratio Rank: 95

ZWB.TO

ZWB.TO Risk / Return Rank: 95
ZWB.TO Sharpe Ratio Rank: 96
ZWB.TO Sortino Ratio Rank: 97
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 92
ZWB.TO Martin Ratio Rank: 94

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.

HCAL.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Enhanced Canadian Bank ETF (HCAL.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.

	HCAL.TO	ZWB.TO	Difference
Sharpe ratio Return per unit of total volatility	4.89	4.44	+0.45
Sortino ratio Return per unit of downside risk	6.36	6.16	+0.20
Omega ratio Gain probability vs. loss probability	1.88	1.86	+0.02
Calmar ratio Return relative to maximum drawdown	7.26	6.42	+0.85
Martin ratio Return relative to average drawdown	31.55	28.83	+2.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCAL.TO vs. ZWB.TO - Sharpe Ratio Comparison

The current HCAL.TO Sharpe Ratio is 4.89, which is comparable to the ZWB.TO Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of HCAL.TO and ZWB.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

	HCAL.TO	ZWB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.89	4.44	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	1.10	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.74	+0.90

Drawdowns

HCAL.TO vs. ZWB.TO - Drawdown Comparison

The maximum HCAL.TO drawdown since its inception was -35.05%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for HCAL.TO and ZWB.TO.

Drawdown Indicators

	HCAL.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.05%	-39.36%	+4.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-7.82%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-14.05%	-4.72%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-25.26%	-9.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.36%	—
Current Drawdown Current decline from peak	-2.42%	-1.85%	-0.57%
Average Drawdown Average peak-to-trough decline	-9.62%	-5.56%	-4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.74%	+0.71%

Volatility

HCAL.TO vs. ZWB.TO - Volatility Comparison

Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a higher volatility of 6.05% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 4.26%. This indicates that HCAL.TO's price experiences larger fluctuations and is considered to be riskier than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCAL.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	4.26%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	10.03%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	11.31%	+4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	12.63%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	15.68%	+1.32%

HCAL.TO vs. ZWB.TO - Expense Ratio Comparison

HCAL.TO has a 0.65% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

Dividends

HCAL.TO vs. ZWB.TO - Dividend Comparison

HCAL.TO's dividend yield for the trailing twelve months is around 3.49%, less than ZWB.TO's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCAL.TO Hamilton Enhanced Canadian Bank ETF	3.49%	4.20%	6.12%	7.37%	7.47%	4.99%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	5.02%	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

Can I hold both HCAL.TO and ZWB.TO in my portfolio?

With a correlation of 0.98, HCAL.TO and ZWB.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HCAL.TO or ZWB.TO?

On fees, HCAL.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HCAL.TO or ZWB.TO?

HCAL.TO is cheaper with a 0.65% expense ratio, compared with 0.71% for ZWB.TO.

What is the main difference between HCAL.TO and ZWB.TO?

HCAL.TO is categorized as Leveraged Equities, while ZWB.TO is Financials Equities. They also come from different issuers: Hamilton Capital and BMO. Their fees differ too: 0.65% for HCAL.TO and 0.71% for ZWB.TO.