PFF vs. ZWB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Preferred and Income Securities ETF (PFF) and BMO Covered Call Canadian Banks ETF (ZWB.TO).

PFF 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. PFF is a passively managed fund by iShares that tracks the performance of the S&P U.S. Preferred Stock Index. It was launched on Mar 30, 2007. ZWB.TO is an actively managed fund by BMO. It was launched on Jan 9, 2024.

Performance

PFF vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Preferred and Income Securities ETF (PFF) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

PFF vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFF iShares Preferred and Income Securities ETF	-1.42%	4.87%	7.24%	9.22%	-18.19%	7.15%	7.89%	15.93%	-4.64%	8.10%
ZWB.TO BMO Covered Call Canadian Banks ETF	0.15%	41.38%	9.98%	9.10%	-16.96%	31.78%	3.72%	20.03%	-15.22%	19.22%

Different Trading Currencies

PFF is traded in USD, while ZWB.TO is traded in CAD. To make them comparable, the ZWB.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PFF achieves a -1.42% return, which is significantly lower than ZWB.TO's 0.15% return. Over the past 10 years, PFF has underperformed ZWB.TO with an annualized return of 3.24%, while ZWB.TO has yielded a comparatively higher 10.48% annualized return.

PFF

• 1D: 0.66%
• 1M: -3.37%
• YTD: -1.42%
• 6M: -1.65%
• 1Y: 4.61%
• 3Y*: 5.39%
• 5Y*: 1.02%
• 10Y*: 3.24%

ZWB.TO

• 1D: 2.66%
• 1M: -5.32%
• YTD: 0.15%
• 6M: 13.45%
• 1Y: 47.26%
• 3Y*: 18.78%
• 5Y*: 10.27%
• 10Y*: 10.48%

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

PFF vs. ZWB.TO - Expense Ratio Comparison

PFF has a 0.46% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

ZWB.TO

BMO Covered Call Canadian Banks ETF

PFF

iShares Preferred and Income Securities ETF

Return for Risk

PFF vs. ZWB.TO — Risk / Return Rank

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

PFF

PFF Risk / Return Rank: 31
PFF Sharpe Ratio Rank: 32
PFF Sortino Ratio Rank: 30
PFF Omega Ratio Rank: 28
PFF Calmar Ratio Rank: 35
PFF Martin Ratio Rank: 29

ZWB.TO

ZWB.TO Risk / Return Rank: 98
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 98
ZWB.TO Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Preferred and Income Securities ETF (PFF) 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.

	PFF	ZWB.TO	Difference
Sharpe ratio Return per unit of total volatility	0.56	3.35	-2.79
Sortino ratio Return per unit of downside risk	0.82	4.44	-3.61
Omega ratio Gain probability vs. loss probability	1.11	1.66	-0.55
Calmar ratio Return relative to maximum drawdown	0.80	5.23	-4.43
Martin ratio Return relative to average drawdown	2.28	23.35	-21.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFF vs. ZWB.TO - Sharpe Ratio Comparison

The current PFF Sharpe Ratio is 0.56, which is lower than the ZWB.TO Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of PFF 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.

Sharpe Ratios by Period

	PFF	ZWB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	3.35	-2.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.64	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.55	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.41	-0.21

Correlation

The correlation between PFF and ZWB.TO is 0.45, 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

PFF vs. ZWB.TO - Dividend Comparison

PFF's dividend yield for the trailing twelve months is around 5.97%, more than ZWB.TO's 5.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFF iShares Preferred and Income Securities ETF	5.97%	6.30%	6.32%	6.63%	6.01%	4.45%	4.79%	5.31%	6.32%	5.59%	5.85%	5.76%
ZWB.TO BMO Covered Call Canadian Banks ETF	5.49%	5.38%	6.66%	7.62%	7.30%	5.46%	5.80%	5.53%	5.59%	4.80%	5.04%	5.64%

Drawdowns

PFF vs. ZWB.TO - Drawdown Comparison

The maximum PFF drawdown since its inception was -65.55%, which is greater than ZWB.TO's maximum drawdown of -44.99%. Use the drawdown chart below to compare losses from any high point for PFF and ZWB.TO.

Drawdown Indicators

	PFF	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-65.55%	-39.36%	-26.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-8.10%	+2.82%
Max Drawdown (5Y) Largest decline over 5 years	-21.05%	-25.26%	+4.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.10%	-39.36%	+5.26%
Current Drawdown Current decline from peak	-4.65%	-5.09%	+0.44%
Average Drawdown Average peak-to-trough decline	-5.81%	-5.61%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.00%	-0.16%

Volatility

PFF vs. ZWB.TO - Volatility Comparison

The current volatility for iShares Preferred and Income Securities ETF (PFF) is 2.59%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 6.15%. This indicates that PFF 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.

Volatility by Period

	PFF	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	6.15%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	5.10%	10.24%	-5.14%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	14.17%	-5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.26%	16.11%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	19.10%	-6.47%