HEB.TO vs. ZWK.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and BMO Covered Call US Banks ETF (ZWK.TO).

HEB.TO and ZWK.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEB.TO is a passively managed fund by Hamilton that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Apr 3, 2023. ZWK.TO is an actively managed fund by BMO. It was launched on Feb 12, 2019.

Performance

HEB.TO vs. ZWK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and BMO Covered Call US Banks ETF (ZWK.TO). The values are adjusted to include any dividend payments, if applicable.

HEB.TO vs. ZWK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	1.58%	44.00%	23.58%	8.60%
ZWK.TO BMO Covered Call US Banks ETF	-2.90%	16.61%	40.99%	16.51%

Returns By Period

In the year-to-date period, HEB.TO achieves a 1.58% return, which is significantly higher than ZWK.TO's -2.90% return.

HEB.TO

• 1D: 2.50%
• 1M: -4.22%
• YTD: 1.58%
• 6M: 14.53%
• 1Y: 51.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWK.TO

• 1D: 3.43%
• 1M: -1.26%
• YTD: -2.90%
• 6M: 2.19%
• 1Y: 18.42%
• 3Y*: 21.66%
• 5Y*: 5.11%
• 10Y*: —

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

HEB.TO vs. ZWK.TO - Expense Ratio Comparison

HEB.TO has a 0.19% expense ratio, which is lower than ZWK.TO's 0.65% expense ratio.

ZWK.TO

BMO Covered Call US Banks ETF

HEB.TO

Hamilton Canadian Bank Equal-Weight Index ETF

Return for Risk

HEB.TO vs. ZWK.TO — Risk / Return Rank

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

HEB.TO

HEB.TO Risk / Return Rank: 98
HEB.TO Sharpe Ratio Rank: 98
HEB.TO Sortino Ratio Rank: 98
HEB.TO Omega Ratio Rank: 98
HEB.TO Calmar Ratio Rank: 98
HEB.TO Martin Ratio Rank: 98

ZWK.TO

ZWK.TO Risk / Return Rank: 40
ZWK.TO Sharpe Ratio Rank: 37
ZWK.TO Sortino Ratio Rank: 35
ZWK.TO Omega Ratio Rank: 40
ZWK.TO Calmar Ratio Rank: 48
ZWK.TO Martin Ratio Rank: 38

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.

HEB.TO vs. ZWK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) and BMO Covered Call US Banks ETF (ZWK.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.

	HEB.TO	ZWK.TO	Difference
Sharpe ratio Return per unit of total volatility	3.84	0.72	+3.12
Sortino ratio Return per unit of downside risk	4.89	1.04	+3.85
Omega ratio Gain probability vs. loss probability	1.74	1.16	+0.58
Calmar ratio Return relative to maximum drawdown	5.92	1.28	+4.65
Martin ratio Return relative to average drawdown	25.35	3.61	+21.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEB.TO vs. ZWK.TO - Sharpe Ratio Comparison

The current HEB.TO Sharpe Ratio is 3.84, which is higher than the ZWK.TO Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of HEB.TO and ZWK.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HEB.TO	ZWK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	0.72	+3.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.20	+1.81

Correlation

The correlation between HEB.TO and ZWK.TO is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HEB.TO vs. ZWK.TO - Dividend Comparison

HEB.TO's dividend yield for the trailing twelve months is around 2.97%, less than ZWK.TO's 6.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF	2.97%	3.20%	4.24%	3.75%	0.00%	0.00%	0.00%	0.00%
ZWK.TO BMO Covered Call US Banks ETF	6.79%	6.49%	7.05%	10.38%	8.21%	6.54%	8.46%	5.11%

Drawdowns

HEB.TO vs. ZWK.TO - Drawdown Comparison

The maximum HEB.TO drawdown since its inception was -14.82%, smaller than the maximum ZWK.TO drawdown of -48.02%. Use the drawdown chart below to compare losses from any high point for HEB.TO and ZWK.TO.

Drawdown Indicators

	HEB.TO	ZWK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.82%	-48.02%	+33.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-16.24%	+7.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-48.02%	—
Current Drawdown Current decline from peak	-6.09%	-10.07%	+3.98%
Average Drawdown Average peak-to-trough decline	-2.51%	-16.73%	+14.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	5.73%	-3.66%

Volatility

HEB.TO vs. ZWK.TO - Volatility Comparison

The current volatility for Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) is 6.09%, while BMO Covered Call US Banks ETF (ZWK.TO) has a volatility of 6.50%. This indicates that HEB.TO experiences smaller price fluctuations and is considered to be less risky than ZWK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEB.TO	ZWK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	6.50%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	15.48%	-5.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.52%	25.71%	-12.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	24.31%	-11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	28.77%	-16.09%