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

XDIV.TO vs. ZWB.TO

Last updated Jun 4, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. XDIV.TO is passively managed, while ZWB.TO is actively managed. Over the past 5 years, XDIV.TO returned 16.42%/yr vs 13.82%/yr for ZWB.TO. A 0.77 correlation means they provide meaningful diversification when combined. XDIV.TO charges 0.11%/yr vs 0.71%/yr for ZWB.TO.

Performance

XDIV.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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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Returns By Period

In the year-to-date period, XDIV.TO achieves a 19.17% return, which is significantly higher than ZWB.TO's 16.23% return.

XDIV.TO

1D
0.19%
1M
3.65%
YTD
19.17%
6M
18.94%
1Y
38.61%
3Y*
22.97%
5Y*
16.42%
10Y*
—

ZWB.TO

1D
-0.31%
1M
5.06%
YTD
16.23%
6M
21.03%
1Y
49.97%
3Y*
25.69%
5Y*
13.82%
10Y*
12.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		19.17%24.92%19.56%11.71%0.29%32.25%-7.81%24.84%-10.04%8.48%
ZWB.TO
BMO Covered Call Canadian Banks ETF		16.23%34.91%19.41%6.67%-11.00%30.81%1.68%14.32%-8.08%11.28%

Correlation

The correlation between XDIV.TO and ZWB.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.68

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

0.75

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2017

0.77

Over the past year, the correlation between XDIV.TO and ZWB.TO has dropped to 0.49 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

XDIV.TO vs. ZWB.TO - Sectors Allocation Comparison

Sectors
XDIV.TO
ZWB.TO

Financial Services

46.7%
100.0%

Energy

28.8%

-

Consumer Cyclical

11.5%

-

Utilities

11.3%

-

Technology

1.3%

-

Communication Services

0.4%

-

Basic Materials

-

-

Consumer Defensive

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Financial Services

XDIV.TO
46.7%
ZWB.TO
100.0%

Energy

XDIV.TO
28.8%
ZWB.TO

-

Consumer Cyclical

XDIV.TO
11.5%
ZWB.TO

-

Utilities

XDIV.TO
11.3%
ZWB.TO

-

Technology

XDIV.TO
1.3%
ZWB.TO

-

Communication Services

XDIV.TO
0.4%
ZWB.TO

-

Basic Materials

XDIV.TO

-

ZWB.TO

-

Consumer Defensive

XDIV.TO

-

ZWB.TO

-

Healthcare

XDIV.TO

-

ZWB.TO

-

Industrials

XDIV.TO

-

ZWB.TO

-

Real Estate

XDIV.TO

-

ZWB.TO

-

Compare stocks, funds, or ETFs

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iShares Core MSCI Canadian Quality Dividend Index ETF

BMO Covered Call Canadian Banks ETF

Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.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. RBNK.TOZWB.TO vs. SRU-UN.TOZWB.TO vs. ENB.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDIV.TO
XDIV.TO Risk / Return Rank: 9898
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XDIV.TO Martin Ratio Rank: 9898
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9595
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9494
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.

XDIV.TOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
4.94
4.44

+0.50

Sortino ratioReturn per unit of downside risk
7.29
6.16

+1.13

Omega ratioGain probability vs. loss probability

2.03

1.86

+0.17

Calmar ratioReturn relative to maximum drawdown

16.64

6.42

+10.22

Martin ratioReturn relative to average drawdown

56.55

28.83

+27.72

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

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

The current XDIV.TO Sharpe Ratio is 4.94, which is comparable to the ZWB.TO Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of XDIV.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.

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Sharpe Ratios by Period

XDIV.TOZWB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.94

4.44

+0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.57

1.10

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.78

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

0.74

+0.07

Drawdowns

XDIV.TO vs. ZWB.TO - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.30%, roughly equal to the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for XDIV.TO and ZWB.TO.

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Drawdown Indicators

XDIV.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.30%

-39.36%

-1.94%

Max Drawdown (1Y)

Largest decline over 1 year

-2.33%

-7.82%

+5.49%

Max Drawdown (3Y)

Largest decline over 3 years

-10.53%

-14.05%

+3.52%

Max Drawdown (5Y)

Largest decline over 5 years

-17.60%

-25.26%

+7.66%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.36%

—

Current Drawdown

Current decline from peak

-0.09%

-1.85%

+1.76%

Average Drawdown

Average peak-to-trough decline

-4.25%

-5.56%

+1.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

1.74%

-1.05%

Volatility

XDIV.TO vs. ZWB.TO - Volatility Comparison

The current volatility for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) is 2.81%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 4.26%. This indicates that XDIV.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.

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Volatility by Period

XDIV.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.81%

4.26%

-1.45%

Volatility (6M)

Calculated over the trailing 6-month period

6.36%

10.03%

-3.67%

Volatility (1Y)

Calculated over the trailing 1-year period

7.85%

11.31%

-3.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.53%

12.63%

-2.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

15.68%

+0.33%

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

XDIV.TO has a 0.11% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

Dividends

XDIV.TO vs. ZWB.TO - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.28%, less than ZWB.TO's 5.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.28%3.81%4.29%4.20%3.95%3.58%4.58%4.02%4.85%1.82%0.00%0.00%
ZWB.TO
BMO Covered Call Canadian Banks ETF		5.02%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

XDIV.TO and ZWB.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.71% for ZWB.TO.

XDIV.TO is categorized as Dividend, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.11% for XDIV.TO and 0.71% for ZWB.TO.

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