T.TO vs. ZWB.TO

Last updated Jun 9, 2026

T.TO (TELUS Corporation) is a stock, while ZWB.TO (BMO Covered Call Canadian Banks ETF) is Financials Equities fund actively managed by BMO. Over the past 10 years, T.TO returned 12.82%/yr vs 12.43%/yr for ZWB.TO. At a 0.33 correlation, their price movements are largely independent.

Performance

T.TO vs. ZWB.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, T.TO achieves a -3.87% return, which is significantly lower than ZWB.TO's 18.31% return. Both investments have delivered pretty close results over the past 10 years, with T.TO having a 12.82% annualized return and ZWB.TO not far behind at 12.43%.

T.TO

• 1D: -1.05%
• 1M: -2.63%
• YTD: -3.87%
• 6M: -4.00%
• 1Y: -17.45%
• 3Y*: -6.39%
• 5Y*: -3.68%
• 10Y*: 12.82%

ZWB.TO

• 1D: 0.35%
• 1M: 5.16%
• YTD: 18.31%
• 6M: 20.90%
• 1Y: 52.20%
• 3Y*: 26.73%
• 5Y*: 14.38%
• 10Y*: 12.43%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
T.TO TELUS Corporation	-3.87%	0.34%	-11.50%	-4.41%	-8.27%	23.58%	113.11%	21.76%	3.92%	21.55%
ZWB.TO BMO Covered Call Canadian Banks ETF	18.31%	34.91%	19.41%	6.67%	-11.00%	30.81%	1.68%	14.32%	-8.08%	11.52%

Correlation

The correlation between T.TO and ZWB.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011	0.33

Over the past year, the correlation between T.TO and ZWB.TO has dropped to 0.12 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

T.TO vs. ZWB.TO — Risk / Return Rank

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

T.TO

T.TO Risk / Return Rank: 10
T.TO Sharpe Ratio Rank: 4
T.TO Sortino Ratio Rank: 8
T.TO Omega Ratio Rank: 7
T.TO Calmar Ratio Rank: 16
T.TO Martin Ratio Rank: 13

ZWB.TO

ZWB.TO Risk / Return Rank: 96
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 94
ZWB.TO Martin Ratio Rank: 95

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.

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

This table presents a comparison of risk-adjusted performance metrics for TELUS Corporation (T.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.

	T.TO	ZWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	4.62	-5.66
Sortino ratio: Return per unit of downside risk	-1.29	6.38	-7.67
Omega ratio: Gain probability vs. loss probability	0.82	1.89	-1.07
Calmar ratio: Return relative to maximum drawdown	-0.71	6.71	-7.42
Martin ratio: Return relative to average drawdown	-1.27	30.11	-31.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current T.TO Sharpe Ratio is -1.04, which is lower than the ZWB.TO Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of T.TO 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.

Sharpe Ratios by Period

	T.TO	ZWB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	4.62	-5.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	1.14	-1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.80	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.75	-0.14

Drawdowns

T.TO vs. ZWB.TO - Drawdown Comparison

The maximum T.TO drawdown since its inception was -39.72%, roughly equal to the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for T.TO and ZWB.TO.

Drawdown Indicators

	T.TO	ZWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-39.36%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-24.59%	-7.82%	-16.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.59%	-14.05%	-10.54%
Max Drawdown (5Y) Largest decline over 5 years	-38.60%	-25.26%	-13.34%
Max Drawdown (10Y) Largest decline over 10 years	-38.60%	-39.36%	+0.76%
Current Drawdown Current decline from peak	-35.84%	-0.10%	-35.74%
Average Drawdown Average peak-to-trough decline	-10.12%	-5.56%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.81%	1.74%	+12.07%

Volatility

T.TO vs. ZWB.TO - Volatility Comparison

TELUS Corporation (T.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO) have volatilities of 3.97% and 3.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	T.TO	ZWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	3.89%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	9.91%	+3.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	11.39%	+5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	12.64%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.58%	15.68%	+17.90%

Dividends

T.TO vs. ZWB.TO - Dividend Comparison

T.TO's dividend yield for the trailing twelve months is around 9.82%, more than ZWB.TO's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
T.TO TELUS Corporation	9.82%	9.14%	7.99%	6.17%	5.19%	4.27%	4.70%	8.96%	9.28%	8.27%	8.61%	8.78%
ZWB.TO BMO Covered Call Canadian Banks ETF	4.93%	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 T.TO and ZWB.TO in my portfolio?

T.TO and ZWB.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.