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TBNK.TO vs. ZWB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TBNK.TO vs. ZWB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Canadian Bank Dividend Index ETF (TBNK.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO).

TBNK.TO 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. TBNK.TO is a passively managed fund by TD that tracks the performance of the Solactive Canadian Bank Dividend Index (CA NTR). It was launched on Apr 20, 2023. ZWB.TO is an actively managed fund by BMO. It was launched on Jan 9, 2024.

Performance

TBNK.TO vs. ZWB.TO - Performance Comparison

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

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

2026 (YTD)202520242023
TBNK.TO
TD Canadian Bank Dividend Index ETF		2.37%44.62%20.33%7.34%
ZWB.TO
BMO Covered Call Canadian Banks ETF		1.45%34.91%19.41%3.31%

Returns By Period

In the year-to-date period, TBNK.TO achieves a 2.37% return, which is significantly higher than ZWB.TO's 1.45% return.

TBNK.TO

1D
2.80%
1M
-3.55%
YTD
2.37%
6M
15.38%
1Y
50.62%
3Y*
—
5Y*
—
10Y*
—

ZWB.TO

1D
2.55%
1M
-3.53%
YTD
1.45%
6M
13.31%
1Y
42.34%
3Y*
19.89%
5Y*
12.56%
10Y*
11.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD Canadian Bank Dividend Index ETF

BMO Covered Call Canadian Banks ETF

Often compared with TBNK.TO:
TBNK.TO vs. SPYTBNK.TO vs. VDY.TOTBNK.TO vs. RY.TOTBNK.TO vs. XIC.TOTBNK.TO vs. TQCD.TOTBNK.TO vs. HMAX.TOTBNK.TO vs. VCN.TO
Often compared with ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. SRU-UN.TOZWB.TO vs. RBNK.TO

TBNK.TO vs. ZWB.TO - Expense Ratio Comparison

TBNK.TO has a 0.28% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

ZWB.TO
BMO Covered Call Canadian Banks ETF
TBNK.TO
TD Canadian Bank Dividend Index ETF

Return for Risk

TBNK.TO vs. ZWB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBNK.TO
TBNK.TO Risk / Return Rank: 9898
Overall Rank
TBNK.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TBNK.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
TBNK.TO Omega Ratio Rank: 9898
Omega Ratio Rank
TBNK.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
TBNK.TO Martin Ratio Rank: 9898
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9898
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9797
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Canadian Bank Dividend Index ETF (TBNK.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.

TBNK.TOZWB.TODifference

Sharpe ratio

Return per unit of total volatility

3.70

3.44

+0.26

Sortino ratio

Return per unit of downside risk

4.89

4.46

+0.44

Omega ratio

Gain probability vs. loss probability

1.71

1.70

+0.01

Calmar ratio

Return relative to maximum drawdown

6.15

5.30

+0.85

Martin ratio

Return relative to average drawdown

24.06

21.45

+2.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current TBNK.TO Sharpe Ratio is 3.70, which is comparable to the ZWB.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of TBNK.TO 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.

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Sharpe Ratios by Period

TBNK.TOZWB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.70

3.44

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.02

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.72

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.97

0.68

+1.29

Correlation

The correlation between TBNK.TO and ZWB.TO is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TBNK.TO vs. ZWB.TO - Dividend Comparison

TBNK.TO's dividend yield for the trailing twelve months is around 2.84%, less than ZWB.TO's 5.49% yield.

TTM20252024202320222021202020192018201720162015
TBNK.TO
TD Canadian Bank Dividend Index ETF		2.84%2.89%4.03%3.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

TBNK.TO vs. ZWB.TO - Drawdown Comparison

The maximum TBNK.TO drawdown since its inception was -15.03%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for TBNK.TO and ZWB.TO.

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Drawdown Indicators

TBNK.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-15.03%

-39.36%

+24.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.40%

-8.10%

-0.30%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.26%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.36%

—

Current Drawdown

Current decline from peak

-5.43%

-5.09%

-0.34%

Average Drawdown

Average peak-to-trough decline

-2.54%

-5.61%

+3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

2.00%

+0.15%

Volatility

TBNK.TO vs. ZWB.TO - Volatility Comparison

TD Canadian Bank Dividend Index ETF (TBNK.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO) have volatilities of 5.96% and 5.80%, 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.

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Volatility by Period

TBNK.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.96%

5.80%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

9.17%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

13.76%

12.37%

+1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.65%

12.43%

+0.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.65%

15.62%

-2.97%