ZBK.TO vs. HEB.TO
ZBK.TO (BMO Equal Weight US Banks Index ETF) and HEB.TO (Hamilton Canadian Bank Equal-Weight Index ETF) are both Financials Equities funds. Over the past 3 years, ZBK.TO returned 34.14%/yr vs 36.26%/yr for HEB.TO. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
ZBK.TO vs. HEB.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 HEB.TO's 31.64% 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%
HEB.TO
- 1D
- 0.86%
- 1M
- 11.14%
- YTD
- 31.64%
- 6M
- 31.07%
- 1Y
- 70.65%
- 3Y*
- 36.26%
- 5Y*
- —
- 10Y*
- —
ZBK.TO vs. HEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZBK.TO BMO Equal Weight US Banks Index ETF | 14.86% | 16.76% | 46.09% | 21.32% |
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 31.64% | 43.56% | 23.55% | 7.23% |
Correlation
The correlation between ZBK.TO and HEB.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023 | 0.56 |
The correlation between ZBK.TO and HEB.TO has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.
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Return for Risk
ZBK.TO vs. HEB.TO — Risk / Return Rank
ZBK.TO
HEB.TO
ZBK.TO vs. HEB.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 Hamilton Canadian Bank Equal-Weight Index ETF (HEB.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 | HEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.97 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.98 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 8.14 | -6.08 |
| Martin ratioReturn relative to average drawdown | 6.11 | 36.38 | -30.27 |
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Drawdowns
ZBK.TO vs. HEB.TO - Drawdown Comparison
The maximum ZBK.TO drawdown since its inception was -48.80%, which is greater than HEB.TO's maximum drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for ZBK.TO and HEB.TO.
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Drawdown Indicators
| ZBK.TO | HEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.80% | -14.77% | -34.03% |
Max Drawdown (1Y)Largest decline over 1 year | -16.57% | -8.86% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -26.70% | -14.77% | -11.93% |
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% | -2.38% | -9.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 1.97% | +3.59% |
Volatility
ZBK.TO vs. HEB.TO - Volatility Comparison
BMO Equal Weight US Banks Index ETF (ZBK.TO) has a higher volatility of 5.17% compared to Hamilton Canadian Bank Equal-Weight Index ETF (HEB.TO) at 2.89%. This indicates that ZBK.TO's price experiences larger fluctuations and is considered to be riskier than HEB.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 | HEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 2.89% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 15.62% | 11.48% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 13.36% | +7.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.51% | 13.03% | +13.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.76% | 13.03% | +15.73% |
Dividends
ZBK.TO vs. HEB.TO - Dividend Comparison
ZBK.TO's dividend yield for the trailing twelve months is around 1.66%, less than HEB.TO's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEB.TO Hamilton Canadian Bank Equal-Weight Index ETF | 2.18% | 2.93% | 4.24% | 3.75% | 0.00% | 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 HEB.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Hamilton.
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