ZCN.TO vs. HEWB.TO

Last updated Jun 25, 2026

ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds - ZCN.TO tracks the S&P/TSX Capped Composite Index while HEWB.TO tracks the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 5 years, ZCN.TO returned 14.61%/yr vs 20.24%/yr for HEWB.TO. A 0.68 correlation means they provide meaningful diversification when combined. ZCN.TO charges 0.06%/yr vs 0.28%/yr for HEWB.TO.

Performance

ZCN.TO vs. HEWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCN.TO achieves a 10.54% return, which is significantly lower than HEWB.TO's 29.89% return.

ZCN.TO

• 1D: -0.64%
• 1M: -0.13%
• YTD: 10.54%
• 6M: 9.63%
• 1Y: 32.92%
• 3Y*: 24.74%
• 5Y*: 14.61%
• 10Y*: 12.84%

HEWB.TO

• 1D: -0.39%
• 1M: 6.90%
• YTD: 29.89%
• 6M: 29.34%
• 1Y: 71.45%
• 3Y*: 37.65%
• 5Y*: 20.24%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCN.TO vs. HEWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	10.54%	31.51%	21.64%	11.63%	-5.84%	25.05%	5.69%	8.98%
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	29.89%	43.48%	24.54%	11.00%	-10.46%	39.19%	4.74%	3.56%

Correlation

The correlation between ZCN.TO and HEWB.TO is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019	0.68

The correlation between ZCN.TO and HEWB.TO has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

ZCN.TO vs. HEWB.TO - Sectors Allocation Comparison

Sectors	ZCN.TO	HEWB.TO
Financial Services	33.7%	100.0%
Energy	18.9%	-
Basic Materials	17.2%	-
Industrials	10.2%	-
Technology	6.7%	-
Consumer Cyclical	3.7%	-
Utilities	3.3%	-
Consumer Defensive	2.9%	-
Communication Services	1.8%	-
Real Estate	1.5%	-
Healthcare	0.1%	-

Return for Risk

ZCN.TO vs. HEWB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCN.TO

ZCN.TO Risk / Return Rank: 83
ZCN.TO Sharpe Ratio Rank: 86
ZCN.TO Sortino Ratio Rank: 82
ZCN.TO Omega Ratio Rank: 83
ZCN.TO Calmar Ratio Rank: 76
ZCN.TO Martin Ratio Rank: 86

HEWB.TO

HEWB.TO Risk / Return Rank: 97
HEWB.TO Sharpe Ratio Rank: 98
HEWB.TO Sortino Ratio Rank: 98
HEWB.TO Omega Ratio Rank: 98
HEWB.TO Calmar Ratio Rank: 96
HEWB.TO Martin Ratio Rank: 97

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.

ZCN.TO vs. HEWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.

	ZCN.TO	HEWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.52	5.52	-3.00
Sortino ratio: Return per unit of downside risk	3.26	7.29	-4.03
Omega ratio: Gain probability vs. loss probability	1.45	2.01	-0.56
Calmar ratio: Return relative to maximum drawdown	3.55	8.01	-4.46
Martin ratio: Return relative to average drawdown	16.26	36.49	-20.23

ZCN.TO vs. HEWB.TO - Sharpe Ratio Comparison

The current ZCN.TO Sharpe Ratio is 2.52, which is lower than the HEWB.TO Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of ZCN.TO and HEWB.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.

Drawdowns

ZCN.TO vs. HEWB.TO - Drawdown Comparison

The maximum ZCN.TO drawdown since its inception was -37.18%, smaller than the maximum HEWB.TO drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and HEWB.TO.

Drawdown Indicators

	ZCN.TO	HEWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.18%	-39.43%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.97%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-12.25%	-14.84%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-25.89%	+9.64%
Max Drawdown (10Y) Largest decline over 10 years	-37.18%	—	—
Current Drawdown Current decline from peak	-1.89%	-0.39%	-1.50%
Average Drawdown Average peak-to-trough decline	-4.72%	-7.21%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.96%	+0.07%

Volatility

ZCN.TO vs. HEWB.TO - Volatility Comparison

BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) have volatilities of 4.23% and 4.07%, 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.

Volatility by Period

	ZCN.TO	HEWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	4.07%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	11.39%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	13.03%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	14.03%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.00%	19.25%	-4.25%

ZCN.TO vs. HEWB.TO - Expense Ratio Comparison

ZCN.TO has a 0.06% expense ratio, which is lower than HEWB.TO's 0.28% expense ratio.

Dividends

ZCN.TO vs. HEWB.TO - Dividend Comparison

ZCN.TO's dividend yield for the trailing twelve months is around 2.03%, while HEWB.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.03%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.75%	2.86%	3.36%

Frequently Asked Questions

Can I hold both ZCN.TO and HEWB.TO in my portfolio?

ZCN.TO and HEWB.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCN.TO or HEWB.TO?

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCN.TO or HEWB.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.28% for HEWB.TO.

What is the main difference between ZCN.TO and HEWB.TO?

ZCN.TO tracks S&P/TSX Capped Composite Index, while HEWB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.06% for ZCN.TO and 0.28% for HEWB.TO.