ZAAA.NEO vs. BANK.TO
ZAAA.NEO (BMO AAA CLO ETF) and BANK.TO (Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund) are both exchange-traded funds - ZAAA.NEO is a CLO fund actively managed by BMO, while BANK.TO is a Derivative Income fund tracking the Solactive Canadian Core Financials Equal Weight Index. ZAAA.NEO is actively managed, while BANK.TO is passively managed. Over the past year, ZAAA.NEO returned 7.68% vs 68.68% for BANK.TO. At a correlation of -0.07, they often move in opposite directions. ZAAA.NEO charges 0.23%/yr vs 0.60%/yr for BANK.TO.
Performance
ZAAA.NEO vs. BANK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZAAA.NEO achieves a 4.84% return, which is significantly lower than BANK.TO's 31.92% return.
ZAAA.NEO
- 1D
- -0.65%
- 1M
- 1.60%
- 6M
- 3.53%
- YTD
- 4.84%
- 1Y
- 7.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BANK.TO
- 1D
- 0.76%
- 1M
- 6.71%
- 6M
- 31.11%
- YTD
- 31.92%
- 1Y
- 68.68%
- 3Y*
- 36.08%
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO vs. BANK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 4.84% | 3.10% |
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund | 31.92% | 39.40% |
Correlation
The correlation between ZAAA.NEO and BANK.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.07 |
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Return for Risk
ZAAA.NEO vs. BANK.TO — Risk / Return Rank
ZAAA.NEO
BANK.TO
ZAAA.NEO vs. BANK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO AAA CLO ETF (ZAAA.NEO) and Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZAAA.NEO | BANK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.72 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.99 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 8.34 | -5.77 |
| Martin ratioReturn relative to average drawdown | 6.24 | 36.87 | -30.63 |
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Drawdowns
ZAAA.NEO vs. BANK.TO - Drawdown Comparison
The maximum ZAAA.NEO drawdown since its inception was -3.01%, smaller than the maximum BANK.TO drawdown of -29.03%. Use the drawdown chart below to compare losses from any high point for ZAAA.NEO and BANK.TO.
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Drawdown Indicators
| ZAAA.NEO | BANK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -29.03% | +26.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -8.27% | +5.26% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.49% | — |
Current DrawdownCurrent decline from peak | -0.98% | 0.00% | -0.98% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -8.59% | +7.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.87% | -0.63% |
Volatility
ZAAA.NEO vs. BANK.TO - Volatility Comparison
The current volatility for BMO AAA CLO ETF (ZAAA.NEO) is 1.52%, while Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund (BANK.TO) has a volatility of 3.68%. This indicates that ZAAA.NEO experiences smaller price fluctuations and is considered to be less risky than BANK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZAAA.NEO | BANK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 3.68% | -2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 10.88% | -7.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | 12.61% | -8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.63% | 15.62% | -10.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 15.62% | -10.99% |
ZAAA.NEO vs. BANK.TO - Expense Ratio Comparison
ZAAA.NEO has a 0.23% expense ratio, which is lower than BANK.TO's 0.60% expense ratio.
Dividends
ZAAA.NEO vs. BANK.TO - Dividend Comparison
ZAAA.NEO's dividend yield for the trailing twelve months is around 5.12%, less than BANK.TO's 11.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BANK.TO Evolve Canadian Banks and Lifecos Enhanced Yield Index Fund | 11.90% | 13.73% | 15.28% | 13.60% | 10.52% |
ZAAA.NEO BMO AAA CLO ETF | 5.12% | 3.16% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZAAA.NEO and BANK.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.60% for BANK.TO.
ZAAA.NEO is categorized as CLO, while BANK.TO is Derivative Income. They also come from different issuers: BMO and Evolve. Their fees differ too: 0.23% for ZAAA.NEO and 0.60% for BANK.TO.
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