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

XEF.TO vs. ZWB.TO

Last updated Jun 9, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while ZWB.TO is a Financials Equities fund actively managed by BMO. XEF.TO is passively managed, while ZWB.TO is actively managed. Over the past 10 years, XEF.TO returned 10.10%/yr vs 12.43%/yr for ZWB.TO. A 0.54 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.71%/yr for ZWB.TO.

Performance

XEF.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF.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, XEF.TO achieves a 8.98% return, which is significantly lower than ZWB.TO's 18.31% return. Over the past 10 years, XEF.TO has underperformed ZWB.TO with an annualized return of 10.10%, while ZWB.TO has yielded a comparatively higher 12.43% annualized return.

XEF.TO

1D
0.52%
1M
0.70%
YTD
8.98%
6M
10.55%
1Y
21.35%
3Y*
17.58%
5Y*
10.64%
10Y*
10.10%

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)

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

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		8.98%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
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 XEF.TO and ZWB.TO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.58

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

0.57

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

0.59

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

0.57

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.54

The correlation between XEF.TO and ZWB.TO has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

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

Sectors
XEF.TO
ZWB.TO

Financial Services

22.9%
100.0%

Industrials

20.5%

-

Technology

10.2%

-

Healthcare

9.8%

-

Consumer Cyclical

8.2%

-

Basic Materials

6.6%

-

Consumer Defensive

6.4%

-

Communication Services

4.4%

-

Energy

4.0%

-

Utilities

3.8%

-

Real Estate

3.1%

-

Financial Services

XEF.TO
22.9%
ZWB.TO
100.0%

Industrials

XEF.TO
20.5%
ZWB.TO

-

Technology

XEF.TO
10.2%
ZWB.TO

-

Healthcare

XEF.TO
9.8%
ZWB.TO

-

Consumer Cyclical

XEF.TO
8.2%
ZWB.TO

-

Basic Materials

XEF.TO
6.6%
ZWB.TO

-

Consumer Defensive

XEF.TO
6.4%
ZWB.TO

-

Communication Services

XEF.TO
4.4%
ZWB.TO

-

Energy

XEF.TO
4.0%
ZWB.TO

-

Utilities

XEF.TO
3.8%
ZWB.TO

-

Real Estate

XEF.TO
3.1%
ZWB.TO

-

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE IMI Index ETF

BMO Covered Call Canadian Banks ETF

Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.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. RBNK.TOZWB.TO vs. SRU-UN.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEF.TO
XEF.TO Risk / Return Rank: 4848
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4949
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9696
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: 9797
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9595
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF.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.

XEF.TOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
1.53
4.62

-3.09

Sortino ratioReturn per unit of downside risk
2.19
6.38

-4.19

Omega ratioGain probability vs. loss probability

1.28

1.89

-0.60

Calmar ratioReturn relative to maximum drawdown

1.90

6.71

-4.80

Martin ratioReturn relative to average drawdown

7.58

30.11

-22.53

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

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

The current XEF.TO Sharpe Ratio is 1.53, which is lower than the ZWB.TO Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of XEF.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

XEF.TOZWB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

4.62

-3.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

1.14

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.80

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.75

-0.05

Drawdowns

XEF.TO vs. ZWB.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum ZWB.TO drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for XEF.TO and ZWB.TO.

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Drawdown Indicators

XEF.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-39.36%

+10.85%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-7.82%

-3.45%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-14.05%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-25.26%

+0.68%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-39.36%

+10.85%

Current Drawdown

Current decline from peak

-1.96%

-0.10%

-1.86%

Average Drawdown

Average peak-to-trough decline

-4.61%

-5.56%

+0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.82%

1.74%

+1.08%

Volatility

XEF.TO vs. ZWB.TO - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 4.30% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 3.89%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier 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

XEF.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

3.89%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

11.82%

9.91%

+1.91%

Volatility (1Y)

Calculated over the trailing 1-year period

14.06%

11.39%

+2.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.62%

12.64%

+0.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

15.68%

-0.81%

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

XEF.TO has a 0.23% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

Dividends

XEF.TO vs. ZWB.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.23%, less than ZWB.TO's 4.93% yield.

PositionTTM20252024202320222021202020192018201720162015
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.23%2.43%2.76%2.75%2.93%2.42%1.93%2.71%2.75%2.11%2.45%2.42%
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

XEF.TO and ZWB.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.71% for ZWB.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.23% for XEF.TO and 0.71% for ZWB.TO.

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