XIU.TO vs. ZWB.TO
XIU.TO (iShares S&P/TSX 60 Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. XIU.TO is passively managed, while ZWB.TO is actively managed. Over the past 10 years, XIU.TO returned 12.76%/yr vs 12.43%/yr for ZWB.TO. A 0.77 correlation means they provide meaningful diversification when combined. XIU.TO charges 0.18%/yr vs 0.71%/yr for ZWB.TO.
Performance
XIU.TO vs. ZWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XIU.TO achieves a 9.69% return, which is significantly lower than ZWB.TO's 18.31% return. Both investments have delivered pretty close results over the past 10 years, with XIU.TO having a 12.76% annualized return and ZWB.TO not far behind at 12.43%.
XIU.TO
- 1D
- 0.26%
- 1M
- 2.33%
- YTD
- 9.69%
- 6M
- 11.69%
- 1Y
- 31.18%
- 3Y*
- 22.55%
- 5Y*
- 14.33%
- 10Y*
- 12.76%
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%
XIU.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XIU.TO iShares S&P/TSX 60 Index ETF | 9.69% | 28.89% | 20.73% | 11.85% | -6.35% | 28.06% | 5.27% | 21.81% | -7.82% | 9.58% |
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 XIU.TO and ZWB.TO is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | 0.77 |
The correlation between XIU.TO and ZWB.TO has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
XIU.TO vs. ZWB.TO - Sectors Allocation Comparison
Sectors
XIU.TO
ZWB.TO
Financial Services
Energy
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Basic Materials
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Technology
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Industrials
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Consumer Cyclical
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Consumer Defensive
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Utilities
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Communication Services
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Real Estate
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Healthcare
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Financial Services
XIU.TO
ZWB.TO
Energy
XIU.TO
ZWB.TO
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Basic Materials
XIU.TO
ZWB.TO
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Technology
XIU.TO
ZWB.TO
-
Industrials
XIU.TO
ZWB.TO
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Consumer Cyclical
XIU.TO
ZWB.TO
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Consumer Defensive
XIU.TO
ZWB.TO
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Utilities
XIU.TO
ZWB.TO
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Communication Services
XIU.TO
ZWB.TO
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Real Estate
XIU.TO
ZWB.TO
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Healthcare
XIU.TO
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ZWB.TO
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Return for Risk
XIU.TO vs. ZWB.TO — Risk / Return Rank
XIU.TO
ZWB.TO
XIU.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX 60 Index ETF (XIU.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.
| XIU.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.89 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 6.71 | -2.61 |
| Martin ratioReturn relative to average drawdown | 18.93 | 30.11 | -11.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XIU.TO | ZWB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 4.62 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.12 | 1.14 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.80 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.75 | -0.20 |
Drawdowns
XIU.TO vs. ZWB.TO - Drawdown Comparison
The maximum XIU.TO drawdown since its inception was -46.98%, which is greater than ZWB.TO's maximum drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for XIU.TO and ZWB.TO.
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Drawdown Indicators
| XIU.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.98% | -39.36% | -7.62% |
Max Drawdown (1Y)Largest decline over 1 year | -7.65% | -7.82% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -14.05% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -25.26% | +8.90% |
Max Drawdown (10Y)Largest decline over 10 years | -35.46% | -39.36% | +3.90% |
Current DrawdownCurrent decline from peak | -1.68% | -0.10% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -6.85% | -5.56% | -1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 1.74% | -0.09% |
Volatility
XIU.TO vs. ZWB.TO - Volatility Comparison
iShares S&P/TSX 60 Index ETF (XIU.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO) have volatilities of 3.96% and 3.89%, 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
| XIU.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 3.89% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.56% | 9.91% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.97% | 11.39% | +0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.82% | 12.64% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 15.68% | -0.66% |
XIU.TO vs. ZWB.TO - Expense Ratio Comparison
XIU.TO has a 0.18% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.
Dividends
XIU.TO vs. ZWB.TO - Dividend Comparison
XIU.TO's dividend yield for the trailing twelve months is around 2.21%, less than ZWB.TO's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XIU.TO iShares S&P/TSX 60 Index ETF | 2.21% | 2.39% | 2.92% | 3.16% | 3.02% | 2.43% | 3.03% | 2.87% | 3.18% | 2.58% | 2.65% | 3.19% |
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
XIU.TO and ZWB.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.71% for ZWB.TO.
XIU.TO is categorized as Canada Equities, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.18% for XIU.TO and 0.71% for ZWB.TO.
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