SOXY vs. ZWB.TO

Last updated Jun 24, 2026

SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - SOXY is a Derivative Income fund actively managed by YieldMax, while ZWB.TO is a Financials Equities fund actively managed by BMO. Both are actively managed. Over the past year, SOXY returned 139.16% vs 56.65% for ZWB.TO. At a 0.36 correlation, their price movements are largely independent. SOXY charges 1.06%/yr vs 0.72%/yr for ZWB.TO.

Performance

SOXY vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SOXY 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, SOXY achieves a 87.64% return, which is significantly higher than ZWB.TO's 22.09% return.

SOXY

• 1D: -7.22%
• 1M: 12.67%
• YTD: 87.64%
• 6M: 87.31%
• 1Y: 139.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZWB.TO

• 1D: 0.50%
• 1M: 4.60%
• YTD: 22.09%
• 6M: 22.38%
• 1Y: 56.65%
• 3Y*: 27.11%
• 5Y*: 12.55%
• 10Y*: 12.22%

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

SOXY vs. ZWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	87.64%	37.00%	-0.99%
ZWB.TO BMO Covered Call Canadian Banks ETF	22.09%	41.36%	-3.22%

Correlation

The correlation between SOXY and ZWB.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.36

SOXY vs. ZWB.TO - Sectors Allocation Comparison

Sectors	SOXY	ZWB.TO
Technology	99.8%	-
Financial Services	0.1%	100.0%
Consumer Defensive	0.0%	-
Healthcare	0.0%	-
Industrials	0.0%	-
Basic Materials	0.0%	-
Energy	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Utilities	0.0%	-
Real Estate	-	-

Return for Risk

SOXY vs. ZWB.TO — Risk / Return Rank

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

SOXY

SOXY Risk / Return Rank: 95
SOXY Sharpe Ratio Rank: 97
SOXY Sortino Ratio Rank: 92
SOXY Omega Ratio Rank: 93
SOXY Calmar Ratio Rank: 97
SOXY Martin Ratio Rank: 96

ZWB.TO

ZWB.TO Risk / Return Rank: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 95
ZWB.TO Martin Ratio Rank: 96

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.

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

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) 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.

	SOXY	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.12	4.68	-0.55
Sortino ratio: Return per unit of downside risk	4.25	6.27	-2.02
Omega ratio: Gain probability vs. loss probability	1.61	1.85	-0.24
Calmar ratio: Return relative to maximum drawdown	10.23	6.37	+3.86
Martin ratio: Return relative to average drawdown	36.22	28.81	+7.41

SOXY vs. ZWB.TO - Sharpe Ratio Comparison

The current SOXY Sharpe Ratio is 4.12, which is comparable to the ZWB.TO Sharpe Ratio of 4.68. The chart below compares the historical Sharpe Ratios of SOXY and ZWB.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.

Drawdowns

SOXY vs. ZWB.TO - Drawdown Comparison

The maximum SOXY drawdown since its inception was -30.22%, smaller than the maximum ZWB.TO drawdown of -44.77%. Use the drawdown chart below to compare losses from any high point for SOXY and ZWB.TO.

Drawdown Indicators

	SOXY	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.22%	-44.77%	+14.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-8.94%	-4.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.77%	—
Current Drawdown Current decline from peak	-7.22%	0.00%	-7.22%
Average Drawdown Average peak-to-trough decline	-4.91%	-9.34%	+4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	1.97%	+1.89%

Volatility

SOXY vs. ZWB.TO - Volatility Comparison

YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a higher volatility of 20.19% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.28%. This indicates that SOXY'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.

Volatility by Period

	SOXY	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.19%	3.28%	+16.91%
Volatility (6M) Calculated over the trailing 6-month period	29.34%	10.32%	+19.02%
Volatility (1Y) Calculated over the trailing 1-year period	33.96%	12.17%	+21.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.83%	14.43%	+22.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.83%	17.23%	+19.60%

SOXY vs. ZWB.TO - Expense Ratio Comparison

SOXY has a 1.06% expense ratio, which is higher than ZWB.TO's 0.72% expense ratio.

Dividends

SOXY vs. ZWB.TO - Dividend Comparison

SOXY's dividend yield for the trailing twelve months is around 7.38%, more than ZWB.TO's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	7.38%	11.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.62%	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

Can I hold both SOXY and ZWB.TO in my portfolio?

SOXY and ZWB.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SOXY or ZWB.TO?

On fees, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SOXY or ZWB.TO?

ZWB.TO is cheaper with a 0.72% expense ratio, compared with 1.06% for SOXY.

What is the main difference between SOXY and ZWB.TO?

SOXY is categorized as Derivative Income, while ZWB.TO is Financials Equities. They also come from different issuers: YieldMax and BMO. Their fees differ too: 1.06% for SOXY and 0.72% for ZWB.TO.