XBB.TO vs. ZWB.TO
XBB.TO (iShares Core Canadian Universe Bond Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - XBB.TO is a Intermediate Core Bond fund tracking the FTSE Canada Universe Bond Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. XBB.TO is passively managed, while ZWB.TO is actively managed. Over the past 10 years, XBB.TO returned 1.55%/yr vs 12.43%/yr for ZWB.TO. At a correlation of -0.15, they often move in opposite directions. XBB.TO charges 0.10%/yr vs 0.71%/yr for ZWB.TO.
Performance
XBB.TO vs. ZWB.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XBB.TO achieves a 0.89% return, which is significantly lower than ZWB.TO's 18.31% return. Over the past 10 years, XBB.TO has underperformed ZWB.TO with an annualized return of 1.55%, while ZWB.TO has yielded a comparatively higher 12.43% annualized return.
XBB.TO
- 1D
- -0.39%
- 1M
- 0.01%
- YTD
- 0.89%
- 6M
- 1.29%
- 1Y
- 2.87%
- 3Y*
- 4.23%
- 5Y*
- 0.54%
- 10Y*
- 1.55%
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%
XBB.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XBB.TO iShares Core Canadian Universe Bond Index ETF | 0.89% | 2.59% | 4.00% | 6.64% | -11.66% | -2.81% | 8.58% | 7.28% | 1.00% | 2.42% |
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 XBB.TO and ZWB.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | -0.15 |
The correlation between XBB.TO and ZWB.TO shifts across timeframes, from -0.15 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XBB.TO vs. ZWB.TO — Risk / Return Rank
XBB.TO
ZWB.TO
XBB.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Universe Bond Index ETF (XBB.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.
| XBB.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.95 | ||
| Sortino ratioReturn per unit of downside risk | -5.46 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.89 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 6.71 | -5.65 |
| Martin ratioReturn relative to average drawdown | 2.47 | 30.11 | -27.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XBB.TO | ZWB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 4.62 | -3.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 1.14 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.80 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.75 | -0.15 |
Drawdowns
XBB.TO vs. ZWB.TO - Drawdown Comparison
The maximum XBB.TO drawdown since its inception was -18.16%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for XBB.TO and ZWB.TO.
Loading charts...
Drawdown Indicators
| XBB.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.16% | -39.36% | +21.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -7.82% | +5.09% |
Max Drawdown (3Y)Largest decline over 3 years | -5.42% | -14.05% | +8.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -25.26% | +9.36% |
Max Drawdown (10Y)Largest decline over 10 years | -18.16% | -39.36% | +21.20% |
Current DrawdownCurrent decline from peak | -1.98% | -0.10% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -5.56% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.74% | -0.58% |
Volatility
XBB.TO vs. ZWB.TO - Volatility Comparison
The current volatility for iShares Core Canadian Universe Bond Index ETF (XBB.TO) is 1.54%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 3.89%. This indicates that XBB.TO experiences smaller price fluctuations and is considered to be less risky than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XBB.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 3.89% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 9.91% | -6.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 11.39% | -7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 12.64% | -6.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.70% | 15.68% | -8.98% |
XBB.TO vs. ZWB.TO - Expense Ratio Comparison
XBB.TO has a 0.10% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.
Dividends
XBB.TO vs. ZWB.TO - Dividend Comparison
XBB.TO's dividend yield for the trailing twelve months is around 3.43%, less than ZWB.TO's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XBB.TO iShares Core Canadian Universe Bond Index ETF | 3.43% | 3.39% | 3.25% | 3.01% | 2.91% | 2.54% | 2.55% | 2.80% | 2.92% | 2.83% | 2.81% | 2.87% |
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
XBB.TO and ZWB.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBB.TO is cheaper with a 0.10% expense ratio, compared with 0.71% for ZWB.TO.
XBB.TO is categorized as Intermediate Core Bond, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.10% for XBB.TO and 0.71% for ZWB.TO.
Find the right allocation for XBB.TO and ZWB.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer