HUBL.TO vs. ZWB.TO
HUBL.TO (Harvest US Bank Leaders Income ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both Financials Equities funds. Both are actively managed. Over the past 5 years, HUBL.TO returned 7.61%/yr vs 16.92%/yr for ZWB.TO. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
HUBL.TO vs. ZWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HUBL.TO achieves a 12.99% return, which is significantly lower than ZWB.TO's 31.96% return.
HUBL.TO
- 1D
- 1.49%
- 1M
- 6.45%
- 6M
- 12.52%
- YTD
- 12.99%
- 1Y
- 27.08%
- 3Y*
- 23.98%
- 5Y*
- 7.61%
- 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%
HUBL.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HUBL.TO Harvest US Bank Leaders Income ETF | 12.99% | 17.04% | 30.19% | -8.18% | -15.62% | 29.63% | -11.13% | 27.55% | -24.05% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 31.96% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -7.93% |
Correlation
The correlation between HUBL.TO and ZWB.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2018 | 0.65 |
The correlation between HUBL.TO and ZWB.TO has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
HUBL.TO vs. ZWB.TO — Risk / Return Rank
HUBL.TO
ZWB.TO
HUBL.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest US Bank Leaders Income ETF (HUBL.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.
| HUBL.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.91 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.97 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 8.12 | -6.47 |
| Martin ratioReturn relative to average drawdown | 4.89 | 36.34 | -31.45 |
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Drawdowns
HUBL.TO vs. ZWB.TO - Drawdown Comparison
The maximum HUBL.TO drawdown since its inception was -51.30%, 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 HUBL.TO and ZWB.TO.
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Drawdown Indicators
| HUBL.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.30% | -39.36% | -11.94% |
Max Drawdown (1Y)Largest decline over 1 year | -16.47% | -7.82% | -8.65% |
Max Drawdown (3Y)Largest decline over 3 years | -25.70% | -14.05% | -11.65% |
Max Drawdown (5Y)Largest decline over 5 years | -44.89% | -25.26% | -19.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.36% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -16.05% | -5.52% | -10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 1.74% | +3.81% |
Volatility
HUBL.TO vs. ZWB.TO - Volatility Comparison
Harvest US Bank Leaders Income ETF (HUBL.TO) has a higher volatility of 4.73% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.80%. This indicates that HUBL.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
| HUBL.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 3.80% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 15.57% | 10.43% | +5.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.66% | 12.01% | +7.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.99% | 12.72% | +12.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.95% | 15.69% | +13.26% |
Dividends
HUBL.TO vs. ZWB.TO - Dividend Comparison
HUBL.TO's dividend yield for the trailing twelve months is around 7.68%, more than ZWB.TO's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HUBL.TO Harvest US Bank Leaders Income ETF | 7.68% | 8.32% | 7.78% | 8.87% | 7.40% | 5.83% | 7.13% | 5.84% | 6.42% | 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
HUBL.TO and ZWB.TO have a correlation of 0.61, 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: Harvest and BMO.
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