ZEB.TO vs. CJP.NEO
ZEB.TO (BMO Equal Weight Banks Index ETF) and CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while CJP.NEO is a Japan Equities fund tracking the FTSE RAFI Japan Canadian Dollar Hedged Index. Both are passively managed. Over the past 10 years, ZEB.TO returned 16.60%/yr vs 16.37%/yr for CJP.NEO. At a 0.42 correlation, their price movements are largely independent. ZEB.TO charges 0.25%/yr vs 0.71%/yr for CJP.NEO.
Performance
ZEB.TO vs. CJP.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEB.TO achieves a 25.33% return, which is significantly higher than CJP.NEO's 17.05% return. Both investments have delivered pretty close results over the past 10 years, with ZEB.TO having a 16.60% annualized return and CJP.NEO not far behind at 16.37%.
ZEB.TO
- 1D
- 1.12%
- 1M
- 9.87%
- YTD
- 25.33%
- 6M
- 26.07%
- 1Y
- 67.94%
- 3Y*
- 34.82%
- 5Y*
- 19.53%
- 10Y*
- 16.60%
CJP.NEO
- 1D
- 2.51%
- 1M
- 0.99%
- YTD
- 17.05%
- 6M
- 17.74%
- 1Y
- 49.90%
- 3Y*
- 27.93%
- 5Y*
- 22.66%
- 10Y*
- 16.37%
ZEB.TO vs. CJP.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 25.33% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 17.05% | 30.67% | 26.74% | 35.03% | 3.67% | 18.19% | 0.18% | 13.12% | -17.35% | 21.33% |
Correlation
The correlation between ZEB.TO and CJP.NEO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2009 | 0.42 |
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Return for Risk
ZEB.TO vs. CJP.NEO — Risk / Return Rank
ZEB.TO
CJP.NEO
ZEB.TO vs. CJP.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.TO) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). 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.
| ZEB.TO | CJP.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.57 | ||
| Sortino ratioReturn per unit of downside risk | +3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.51 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 8.09 | 4.58 | +3.51 |
| Martin ratioReturn relative to average drawdown | 34.80 | 17.20 | +17.60 |
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Drawdowns
ZEB.TO vs. CJP.NEO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, roughly equal to the maximum CJP.NEO drawdown of -38.36%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and CJP.NEO.
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Drawdown Indicators
| ZEB.TO | CJP.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -38.36% | -1.33% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -10.99% | +2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | -20.86% | +6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | -20.86% | -5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -37.75% | -1.94% |
Current DrawdownCurrent decline from peak | 0.00% | -1.88% | +1.88% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -11.15% | +5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 2.92% | -0.96% |
Volatility
ZEB.TO vs. CJP.NEO - Volatility Comparison
The current volatility for BMO Equal Weight Banks Index ETF (ZEB.TO) is 4.52%, while iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) has a volatility of 5.03%. This indicates that ZEB.TO experiences smaller price fluctuations and is considered to be less risky than CJP.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZEB.TO | CJP.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 5.03% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.13% | 13.58% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 18.26% | -5.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.55% | 18.37% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 19.59% | -2.69% |
ZEB.TO vs. CJP.NEO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is lower than CJP.NEO's 0.71% expense ratio.
Dividends
ZEB.TO vs. CJP.NEO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.41%, more than CJP.NEO's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 1.26% | 1.48% | 1.71% | 1.24% | 1.96% | 1.56% | 1.97% | 2.42% | 2.38% | 1.48% | 0.97% | 0.84% |
ZEB.TO BMO Equal Weight Banks Index ETF | 2.41% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
Frequently Asked Questions
ZEB.TO and CJP.NEO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEB.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.71% for CJP.NEO.
ZEB.TO is categorized as Financials Equities, while CJP.NEO is Japan Equities. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while CJP.NEO tracks FTSE RAFI Japan Canadian Dollar Hedged Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.25% for ZEB.TO and 0.71% for CJP.NEO.
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