ZBK.TO vs. CBNK.TO
ZBK.TO (BMO Equal Weight US Banks Index ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - ZBK.TO is a Financials Equities fund managed by BMO, while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. Over the past 3 years, ZBK.TO returned 34.14%/yr vs 43.24%/yr for CBNK.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
ZBK.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZBK.TO achieves a 14.86% return, which is significantly lower than CBNK.TO's 42.99% return.
ZBK.TO
- 1D
- -0.64%
- 1M
- 10.85%
- YTD
- 14.86%
- 6M
- 14.22%
- 1Y
- 33.93%
- 3Y*
- 34.14%
- 5Y*
- 11.23%
- 10Y*
- 14.14%
CBNK.TO
- 1D
- 0.55%
- 1M
- 15.66%
- YTD
- 42.99%
- 6M
- 42.25%
- 1Y
- 96.19%
- 3Y*
- 43.24%
- 5Y*
- —
- 10Y*
- —
ZBK.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZBK.TO BMO Equal Weight US Banks Index ETF | 14.86% | 16.76% | 46.09% | -6.69% | -13.52% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 42.99% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between ZBK.TO and CBNK.TO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.58 |
The correlation between ZBK.TO and CBNK.TO has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.
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Return for Risk
ZBK.TO vs. CBNK.TO — Risk / Return Rank
ZBK.TO
CBNK.TO
ZBK.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Banks Index ETF (ZBK.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| ZBK.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.52 | ||
| Sortino ratioReturn per unit of downside risk | -5.62 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 2.02 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 9.64 | -7.58 |
| Martin ratioReturn relative to average drawdown | 6.11 | 41.70 | -35.59 |
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Drawdowns
ZBK.TO vs. CBNK.TO - Drawdown Comparison
The maximum ZBK.TO drawdown since its inception was -48.80%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ZBK.TO and CBNK.TO.
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Drawdown Indicators
| ZBK.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.80% | -32.12% | -16.68% |
Max Drawdown (1Y)Largest decline over 1 year | -16.57% | -10.03% | -6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -17.92% | -8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -48.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.80% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | 0.00% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -12.32% | -10.73% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 2.31% | +3.25% |
Volatility
ZBK.TO vs. CBNK.TO - Volatility Comparison
BMO Equal Weight US Banks Index ETF (ZBK.TO) has a higher volatility of 5.17% compared to Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) at 3.31%. This indicates that ZBK.TO's price experiences larger fluctuations and is considered to be riskier than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZBK.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 3.31% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 15.62% | 13.46% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 15.73% | +5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.51% | 17.50% | +9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.76% | 17.50% | +11.26% |
Dividends
ZBK.TO vs. CBNK.TO - Dividend Comparison
ZBK.TO's dividend yield for the trailing twelve months is around 1.66%, less than CBNK.TO's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 4.87% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZBK.TO BMO Equal Weight US Banks Index ETF | 1.66% | 1.84% | 2.09% | 2.92% | 2.35% | 1.92% | 2.62% | 2.17% | 1.78% | 1.12% | 1.22% | 1.26% |
Frequently Asked Questions
ZBK.TO and CBNK.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZBK.TO is categorized as Financials Equities, while CBNK.TO is Derivative Income. They also come from different issuers: BMO and Mulvihill.
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