HFG.TO vs. ZWB.TO
HFG.TO (Hamilton Global Financials ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both Financials Equities funds. Both are actively managed. Over the past 5 years, HFG.TO returned 15.43%/yr vs 16.92%/yr for ZWB.TO. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
HFG.TO vs. ZWB.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HFG.TO achieves a 7.76% return, which is significantly lower than ZWB.TO's 31.96% return.
HFG.TO
- 1D
- 0.32%
- 1M
- 6.00%
- 6M
- 7.83%
- YTD
- 7.76%
- 1Y
- 17.10%
- 3Y*
- 25.28%
- 5Y*
- 15.43%
- 10Y*
- —
ZWB.TO
- 1D
- 1.35%
- 1M
- 8.36%
- 6M
- 30.56%
- YTD
- 31.96%
- 1Y
- 63.21%
- 3Y*
- 30.07%
- 5Y*
- 16.92%
- 10Y*
- 13.55%
HFG.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFG.TO Hamilton Global Financials ETF | 7.76% | 22.93% | 30.80% | 18.51% | -9.52% | 30.39% | 15.62% | 16.95% | -14.80% | 2.48% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 31.96% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 7.78% |
Correlation
The correlation between HFG.TO and ZWB.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2017 | 0.52 |
The correlation between HFG.TO and ZWB.TO has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HFG.TO vs. ZWB.TO — Risk / Return Rank
HFG.TO
ZWB.TO
HFG.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton Global Financials ETF (HFG.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.
| HFG.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.98 | ||
| Sortino ratioReturn per unit of downside risk | -5.14 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.97 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 8.12 | -6.55 |
| Martin ratioReturn relative to average drawdown | 4.96 | 36.34 | -31.38 |
Loading charts...
Drawdowns
HFG.TO vs. ZWB.TO - Drawdown Comparison
The maximum HFG.TO drawdown since its inception was -42.71%, 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 HFG.TO and ZWB.TO.
Loading charts...
Drawdown Indicators
| HFG.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.71% | -39.36% | -3.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.95% | -7.82% | -3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -13.64% | -14.05% | +0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -20.20% | -25.26% | +5.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.36% | — |
Current DrawdownCurrent decline from peak | -0.54% | 0.00% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -5.52% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 1.74% | +1.72% |
Volatility
HFG.TO vs. ZWB.TO - Volatility Comparison
The current volatility for Hamilton Global Financials ETF (HFG.TO) is 3.60%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.80%. This indicates that HFG.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.
Loading charts...
Volatility by Period
| HFG.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 3.80% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 10.69% | 10.43% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 12.01% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 12.72% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.26% | 15.69% | +4.57% |
Dividends
HFG.TO vs. ZWB.TO - Dividend Comparison
HFG.TO's dividend yield for the trailing twelve months is around 2.40%, less than ZWB.TO's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFG.TO Hamilton Global Financials ETF | 2.40% | 2.55% | 3.05% | 3.86% | 10.09% | 4.16% | 1.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.57% | 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
HFG.TO and ZWB.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Hamilton and BMO.
Find the right allocation for HFG.TO and ZWB.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer