SOBO.TO vs. ZWC.TO

Last updated Jun 4, 2026

SOBO.TO (South Bow Corp) is a stock, while ZWC.TO (BMO CA High Dividend Covered Call ETF) is Derivative Income fund actively managed by BMO. Over the past year, SOBO.TO returned 49.65% vs 28.05% for ZWC.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

SOBO.TO vs. ZWC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in South Bow Corp (SOBO.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOBO.TO achieves a 37.02% return, which is significantly higher than ZWC.TO's 11.12% return.

SOBO.TO

• 1D: 0.14%
• 1M: 6.39%
• YTD: 37.02%
• 6M: 39.40%
• 1Y: 49.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWC.TO

• 1D: -0.27%
• 1M: 2.71%
• YTD: 11.12%
• 6M: 12.78%
• 1Y: 28.05%
• 3Y*: 17.17%
• 5Y*: 11.09%
• 10Y*: —

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

SOBO.TO vs. ZWC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOBO.TO South Bow Corp	37.02%	19.88%	15.48%
ZWC.TO BMO CA High Dividend Covered Call ETF	11.12%	22.79%	0.70%

Correlation

The correlation between SOBO.TO and ZWC.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024	0.21

Return for Risk

SOBO.TO vs. ZWC.TO — Risk / Return Rank

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

SOBO.TO

SOBO.TO Risk / Return Rank: 90
SOBO.TO Sharpe Ratio Rank: 92
SOBO.TO Sortino Ratio Rank: 92
SOBO.TO Omega Ratio Rank: 89
SOBO.TO Calmar Ratio Rank: 88
SOBO.TO Martin Ratio Rank: 88

ZWC.TO

ZWC.TO Risk / Return Rank: 92
ZWC.TO Sharpe Ratio Rank: 93
ZWC.TO Sortino Ratio Rank: 95
ZWC.TO Omega Ratio Rank: 94
ZWC.TO Calmar Ratio Rank: 85
ZWC.TO Martin Ratio Rank: 92

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.

SOBO.TO vs. ZWC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for South Bow Corp (SOBO.TO) and BMO CA High Dividend Covered Call ETF (ZWC.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.

	SOBO.TO	ZWC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.58	3.61	-1.03
Sortino ratio: Return per unit of downside risk	3.49	5.11	-1.61
Omega ratio: Gain probability vs. loss probability	1.42	1.69	-0.27
Calmar ratio: Return relative to maximum drawdown	4.13	4.71	-0.58
Martin ratio: Return relative to average drawdown	10.86	23.23	-12.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOBO.TO vs. ZWC.TO - Sharpe Ratio Comparison

The current SOBO.TO Sharpe Ratio is 2.58, which is comparable to the ZWC.TO Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of SOBO.TO and ZWC.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SOBO.TO	ZWC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	3.61	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.56	+1.11

Drawdowns

SOBO.TO vs. ZWC.TO - Drawdown Comparison

The maximum SOBO.TO drawdown since its inception was -19.24%, smaller than the maximum ZWC.TO drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for SOBO.TO and ZWC.TO.

Drawdown Indicators

	SOBO.TO	ZWC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.24%	-40.57%	+21.33%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-5.99%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.43%	—
Current Drawdown Current decline from peak	-3.28%	-0.97%	-2.31%
Average Drawdown Average peak-to-trough decline	-4.63%	-4.69%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	1.21%	+3.37%

Volatility

SOBO.TO vs. ZWC.TO - Volatility Comparison

South Bow Corp (SOBO.TO) has a higher volatility of 6.32% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 2.40%. This indicates that SOBO.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOBO.TO	ZWC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	2.40%	+3.92%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	6.77%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	7.80%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.93%	10.13%	+17.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.93%	14.94%	+12.99%

Dividends

SOBO.TO vs. ZWC.TO - Dividend Comparison

SOBO.TO's dividend yield for the trailing twelve months is around 5.42%, less than ZWC.TO's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOBO.TO South Bow Corp	5.42%	7.37%	2.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWC.TO BMO CA High Dividend Covered Call ETF	5.64%	5.92%	6.73%	7.62%	7.01%	6.60%	8.15%	6.92%	7.11%	5.46%

Frequently Asked Questions

Can I hold both SOBO.TO and ZWC.TO in my portfolio?

SOBO.TO and ZWC.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.