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

XSP.TO vs. ZWB.TO

Last updated Jun 4, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. XSP.TO is passively managed, while ZWB.TO is actively managed. Over the past 10 years, XSP.TO returned 13.79%/yr vs 12.24%/yr for ZWB.TO. A 0.59 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.71%/yr for ZWB.TO.

Performance

XSP.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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, XSP.TO achieves a 9.64% return, which is significantly lower than ZWB.TO's 16.23% return. Over the past 10 years, XSP.TO has outperformed ZWB.TO with an annualized return of 13.79%, while ZWB.TO has yielded a comparatively lower 12.24% annualized return.

XSP.TO

1D
-0.73%
1M
4.98%
YTD
9.64%
6M
9.50%
1Y
25.13%
3Y*
20.28%
5Y*
12.18%
10Y*
13.79%

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)

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

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		9.64%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%
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%11.52%

Correlation

The correlation between XSP.TO and ZWB.TO is 0.60, 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

0.60

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

0.55

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

0.60

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

0.58

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2011

0.59

The correlation between XSP.TO and ZWB.TO has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

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

Sectors
XSP.TO
ZWB.TO

Technology

36.2%

-

Financial Services

11.9%
100.0%

Communication Services

10.9%

-

Consumer Cyclical

10.1%

-

Healthcare

8.4%

-

Industrials

8.1%

-

Consumer Defensive

4.9%

-

Energy

3.5%

-

Utilities

2.3%

-

Real Estate

1.9%

-

Basic Materials

1.8%

-

Technology

XSP.TO
36.2%
ZWB.TO

-

Financial Services

XSP.TO
11.9%
ZWB.TO
100.0%

Communication Services

XSP.TO
10.9%
ZWB.TO

-

Consumer Cyclical

XSP.TO
10.1%
ZWB.TO

-

Healthcare

XSP.TO
8.4%
ZWB.TO

-

Industrials

XSP.TO
8.1%
ZWB.TO

-

Consumer Defensive

XSP.TO
4.9%
ZWB.TO

-

Energy

XSP.TO
3.5%
ZWB.TO

-

Utilities

XSP.TO
2.3%
ZWB.TO

-

Real Estate

XSP.TO
1.9%
ZWB.TO

-

Basic Materials

XSP.TO
1.8%
ZWB.TO

-

Compare stocks, funds, or ETFs

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

iShares Core S&P 500 Index ETF (CAD-Hedged)

BMO Covered Call Canadian Banks ETF

Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSP.TO
XSP.TO Risk / Return Rank: 6161
Overall Rank
XSP.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.

XSP.TOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
2.15
4.44

-2.29

Sortino ratioReturn per unit of downside risk
2.96
6.16

-3.19

Omega ratioGain probability vs. loss probability

1.39

1.86

-0.47

Calmar ratioReturn relative to maximum drawdown

2.68

6.42

-3.74

Martin ratioReturn relative to average drawdown

12.40

28.83

-16.43

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

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

The current XSP.TO Sharpe Ratio is 2.15, which is lower than the ZWB.TO Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of XSP.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

XSP.TOZWB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

4.44

-2.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.10

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.78

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.74

-0.37

Drawdowns

XSP.TO vs. ZWB.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.82%, 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 XSP.TO and ZWB.TO.

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Drawdown Indicators

XSP.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.82%

-39.36%

-18.46%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-7.82%

-1.59%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-14.05%

-4.72%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-25.26%

-0.18%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-39.36%

+3.31%

Current Drawdown

Current decline from peak

-0.73%

-1.85%

+1.12%

Average Drawdown

Average peak-to-trough decline

-12.11%

-5.56%

-6.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.74%

+0.29%

Volatility

XSP.TO vs. ZWB.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 3.25%, while BMO Covered Call Canadian Banks ETF (ZWB.TO) has a volatility of 4.26%. This indicates that XSP.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

XSP.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

4.26%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

8.99%

10.03%

-1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

11.75%

11.31%

+0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.75%

12.63%

+4.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

15.68%

+2.51%

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

XSP.TO has a 0.09% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.

Dividends

XSP.TO vs. ZWB.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.12%, less than ZWB.TO's 5.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.12%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%
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

XSP.TO and ZWB.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.71% for ZWB.TO.

XSP.TO is categorized as S&P 500, while ZWB.TO is Financials Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.09% for XSP.TO and 0.71% for ZWB.TO.

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