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TRP.TO vs. ZEB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TRP.TO vs. ZEB.TO

Last updated Jul 2, 2026
See Documentation

TRP.TO (TC Energy Corporation) is a stock, while ZEB.TO (BMO Equal Weight Banks Index ETF) is Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. Over the past 10 years, TRP.TO returned 10.51%/yr vs 17.32%/yr for ZEB.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

TRP.TO vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TC Energy Corporation (TRP.TO) and BMO Equal Weight Banks Index ETF (ZEB.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TRP.TO achieves a 26.66% return, which is significantly lower than ZEB.TO's 32.05% return. Over the past 10 years, TRP.TO has underperformed ZEB.TO with an annualized return of 10.51%, while ZEB.TO has yielded a comparatively higher 17.32% annualized return.

TRP.TO

1D
-2.58%
1M
3.53%
YTD
26.66%
6M
26.66%
1Y
47.29%
3Y*
27.37%
5Y*
15.21%
10Y*
10.51%

ZEB.TO

1D
0.73%
1M
12.46%
YTD
32.05%
6M
32.05%
1Y
71.16%
3Y*
36.64%
5Y*
20.81%
10Y*
17.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRP.TO vs. ZEB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TRP.TO
TC Energy Corporation		26.66%18.35%37.67%2.53%-2.77%20.34%-20.74%48.49%-16.01%5.23%
ZEB.TO
BMO Equal Weight Banks Index ETF		32.05%43.43%24.58%10.87%-10.38%39.38%3.52%16.06%-8.85%14.26%

Correlation

The correlation between TRP.TO and ZEB.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2009

0.37

Over the past year, the correlation between TRP.TO and ZEB.TO has dropped to 0.04 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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

TC Energy Corporation

BMO Equal Weight Banks Index ETF

Often compared with TRP.TO:
TRP.TO vs. ENB.TOTRP.TO vs. CNQ.TOTRP.TO vs. CNR.TOTRP.TO vs. FTS.TOTRP.TO vs. PEY.TOTRP.TO vs. CLS.TOTRP.TO vs. ATD.TO
Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO

Return for Risk

TRP.TO vs. ZEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TRP.TO
TRP.TO Risk / Return Rank: 9494
Overall Rank
TRP.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
TRP.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
TRP.TO Omega Ratio Rank: 9393
Omega Ratio Rank
TRP.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
TRP.TO Martin Ratio Rank: 9595
Martin Ratio Rank
ZEB.TO
ZEB.TO Risk / Return Rank: 9898
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
ZEB.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.

TRP.TO vs. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP.TO) and BMO Equal Weight Banks Index ETF (ZEB.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.

TRP.TOZEB.TODifference
Sharpe ratioReturn per unit of total volatility
2.80
5.56

-2.76

Sortino ratioReturn per unit of downside risk
4.00
7.42

-3.42

Omega ratioGain probability vs. loss probability

1.46

2.01

-0.56

Calmar ratioReturn relative to maximum drawdown

5.43

8.48

-3.05

Martin ratioReturn relative to average drawdown

16.30

36.45

-20.15

TRP.TO vs. ZEB.TO - Sharpe Ratio Comparison

The current TRP.TO Sharpe Ratio is 2.80, which is lower than the ZEB.TO Sharpe Ratio of 5.56. The chart below compares the historical Sharpe Ratios of TRP.TO and ZEB.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.

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Drawdowns

TRP.TO vs. ZEB.TO - Drawdown Comparison

The maximum TRP.TO drawdown since its inception was -36.30%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for TRP.TO and ZEB.TO.

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Drawdown Indicators

TRP.TOZEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.30%

-39.69%

+3.39%

Max Drawdown (1Y)

Largest decline over 1 year

-8.75%

-8.44%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-15.48%

-14.80%

-0.68%

Max Drawdown (5Y)

Largest decline over 5 years

-34.02%

-25.97%

-8.05%

Max Drawdown (10Y)

Largest decline over 10 years

-36.30%

-39.69%

+3.39%

Current Drawdown

Current decline from peak

-4.84%

0.00%

-4.84%

Average Drawdown

Average peak-to-trough decline

-8.45%

-5.63%

-2.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.94%

1.96%

+0.98%

Volatility

TRP.TO vs. ZEB.TO - Volatility Comparison

TC Energy Corporation (TRP.TO) has a higher volatility of 5.40% compared to BMO Equal Weight Banks Index ETF (ZEB.TO) at 3.10%. This indicates that TRP.TO's price experiences larger fluctuations and is considered to be riskier than ZEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TRP.TOZEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.40%

3.10%

+2.30%

Volatility (6M)

Calculated over the trailing 6-month period

13.02%

11.14%

+1.88%

Volatility (1Y)

Calculated over the trailing 1-year period

16.98%

12.88%

+4.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.69%

13.55%

+6.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.25%

16.87%

+6.38%

Dividends

TRP.TO vs. ZEB.TO - Dividend Comparison

TRP.TO's dividend yield for the trailing twelve months is around 3.68%, more than ZEB.TO's 2.30% yield.

PositionTTM20252024202320222021202020192018201720162015
TRP.TO
TC Energy Corporation		3.68%4.50%5.40%6.71%6.67%5.92%6.26%4.34%5.66%4.09%3.73%4.60%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.30%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%

Frequently Asked Questions

TRP.TO and ZEB.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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