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HFIN.TO vs. ZWB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HFIN.TO vs. ZWB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Hamilton Enhanced Canadian Financials ETF (HFIN.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO).

HFIN.TO and ZWB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFIN.TO is a passively managed fund by Hamilton ETFs that tracks the performance of the Solactive Canadian Financials Equal-Weight Index. It was launched on Jan 26, 2022. ZWB.TO is an actively managed fund by BMO. It was launched on Jan 9, 2024.

Performance

HFIN.TO vs. ZWB.TO - Performance Comparison

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

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

2026 (YTD)2025202420232022
HFIN.TO
Hamilton Enhanced Canadian Financials ETF		-3.31%40.87%40.06%23.18%-15.06%
ZWB.TO
BMO Covered Call Canadian Banks ETF		2.72%34.91%19.41%6.67%-13.82%

Returns By Period

In the year-to-date period, HFIN.TO achieves a -3.31% return, which is significantly lower than ZWB.TO's 2.72% return.

HFIN.TO

1D
1.15%
1M
-4.15%
YTD
-3.31%
6M
9.73%
1Y
36.19%
3Y*
30.98%
5Y*
—
10Y*
—

ZWB.TO

1D
1.23%
1M
-2.87%
YTD
2.72%
6M
14.33%
1Y
43.97%
3Y*
20.39%
5Y*
12.84%
10Y*
11.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Hamilton Enhanced Canadian Financials ETF

BMO Covered Call Canadian Banks ETF

Often compared with HFIN.TO:
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Often compared with ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. SRU-UN.TOZWB.TO vs. RBNK.TO

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

HFIN.TO has a 2.18% expense ratio, which is higher than ZWB.TO's 0.71% expense ratio.

HFIN.TO
Hamilton Enhanced Canadian Financials ETF
ZWB.TO
BMO Covered Call Canadian Banks ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HFIN.TO
HFIN.TO Risk / Return Rank: 9292
Overall Rank
HFIN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HFIN.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
HFIN.TO Omega Ratio Rank: 9393
Omega Ratio Rank
HFIN.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
HFIN.TO Martin Ratio Rank: 9191
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9898
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

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

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

HFIN.TOZWB.TODifference

Sharpe ratio

Return per unit of total volatility

2.16

3.56

-1.40

Sortino ratio

Return per unit of downside risk

2.77

4.60

-1.83

Omega ratio

Gain probability vs. loss probability

1.42

1.73

-0.31

Calmar ratio

Return relative to maximum drawdown

3.03

5.45

-2.42

Martin ratio

Return relative to average drawdown

12.60

21.91

-9.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HFIN.TO Sharpe Ratio is 2.16, which is lower than the ZWB.TO Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of HFIN.TO and ZWB.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.

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Sharpe Ratios by Period

HFIN.TOZWB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.16

3.56

-1.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.04

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.73

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

0.69

+0.37

Correlation

The correlation between HFIN.TO and ZWB.TO is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HFIN.TO vs. ZWB.TO - Dividend Comparison

HFIN.TO's dividend yield for the trailing twelve months is around 3.40%, less than ZWB.TO's 5.43% yield.

TTM20252024202320222021202020192018201720162015
HFIN.TO
Hamilton Enhanced Canadian Financials ETF		3.40%3.51%4.59%6.09%6.37%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZWB.TO
BMO Covered Call Canadian Banks ETF		5.43%5.38%6.66%7.62%7.30%5.46%5.80%5.53%5.59%4.80%5.04%5.64%

Drawdowns

HFIN.TO vs. ZWB.TO - Drawdown Comparison

The maximum HFIN.TO drawdown since its inception was -26.46%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for HFIN.TO and ZWB.TO.

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Drawdown Indicators

HFIN.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.46%

-39.36%

+12.90%

Max Drawdown (1Y)

Largest decline over 1 year

-12.58%

-8.10%

-4.48%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.26%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.36%

—

Current Drawdown

Current decline from peak

-6.02%

-3.89%

-2.13%

Average Drawdown

Average peak-to-trough decline

-7.48%

-5.61%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.01%

+1.01%

Volatility

HFIN.TO vs. ZWB.TO - Volatility Comparison

Hamilton Enhanced Canadian Financials ETF (HFIN.TO) has a higher volatility of 6.62% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 5.90%. This indicates that HFIN.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.

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Volatility by Period

HFIN.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.62%

5.90%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

11.00%

9.24%

+1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

16.89%

12.42%

+4.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.08%

12.44%

+4.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

15.63%

+1.45%