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ZEB.TO vs. FIE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEB.TO vs. FIE.TO

Last updated Jun 9, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD. Both are passively managed. Over the past 10 years, ZEB.TO returned 16.09%/yr vs 11.60%/yr for FIE.TO. Their correlation of 0.87 suggests significant overlap in exposure. ZEB.TO charges 0.25%/yr vs 0.85%/yr for FIE.TO.

Performance

ZEB.TO vs. FIE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Banks Index ETF (ZEB.TO) and iShares Canadian Financial Monthly Income ETF (FIE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZEB.TO achieves a 21.69% return, which is significantly higher than FIE.TO's 9.86% return. Over the past 10 years, ZEB.TO has outperformed FIE.TO with an annualized return of 16.09%, while FIE.TO has yielded a comparatively lower 11.60% annualized return.

ZEB.TO

1D
0.59%
1M
5.70%
YTD
21.69%
6M
24.57%
1Y
62.87%
3Y*
33.95%
5Y*
18.84%
10Y*
16.09%

FIE.TO

1D
0.09%
1M
2.67%
YTD
9.86%
6M
9.51%
1Y
28.20%
3Y*
23.93%
5Y*
12.12%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEB.TO vs. FIE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZEB.TO
BMO Equal Weight Banks Index ETF		21.69%43.43%24.58%10.87%-10.38%39.38%3.52%16.06%-8.85%14.26%
FIE.TO
iShares Canadian Financial Monthly Income ETF		9.86%24.36%27.62%12.58%-14.35%27.34%1.33%18.97%-9.12%12.01%

Correlation

The correlation between ZEB.TO and FIE.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.90

Correlation (10Y)
Calculated over the trailing 10-year period

0.90

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2010

0.87

The correlation between ZEB.TO and FIE.TO has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

ZEB.TO vs. FIE.TO - Sectors Allocation Comparison

Sectors
ZEB.TO
FIE.TO

Financial Services

100.0%
94.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

5.9%

Technology

-

-

Utilities

-

-

Financial Services

ZEB.TO
100.0%
FIE.TO
94.1%

Basic Materials

ZEB.TO

-

FIE.TO

-

Communication Services

ZEB.TO

-

FIE.TO

-

Consumer Cyclical

ZEB.TO

-

FIE.TO

-

Consumer Defensive

ZEB.TO

-

FIE.TO

-

Energy

ZEB.TO

-

FIE.TO

-

Healthcare

ZEB.TO

-

FIE.TO

-

Industrials

ZEB.TO

-

FIE.TO

-

Real Estate

ZEB.TO

-

FIE.TO
5.9%

Technology

ZEB.TO

-

FIE.TO

-

Utilities

ZEB.TO

-

FIE.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Equal Weight Banks Index ETF

iShares Canadian Financial Monthly Income ETF

Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO
Often compared with FIE.TO:
FIE.TO vs. XEI.TOFIE.TO vs. XEQT.TOFIE.TO vs. XDIV.TOFIE.TO vs. XFN.TOFIE.TO vs. HMAX.TOFIE.TO vs. VDY.TOFIE.TO vs. FTN.TO

Return for Risk

ZEB.TO vs. FIE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZEB.TO
ZEB.TO Risk / Return Rank: 9797
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9696
Martin Ratio Rank
FIE.TO
FIE.TO Risk / Return Rank: 8888
Overall Rank
FIE.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
FIE.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
FIE.TO Omega Ratio Rank: 9494
Omega Ratio Rank
FIE.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
FIE.TO Martin Ratio Rank: 7575
Martin Ratio Rank
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.

ZEB.TO vs. FIE.TO - 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 Canadian Financial Monthly Income ETF (FIE.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.

ZEB.TOFIE.TODifference
Sharpe ratioReturn per unit of total volatility
4.97
3.16

+1.81

Sortino ratioReturn per unit of downside risk
6.76
4.30

+2.46

Omega ratioGain probability vs. loss probability

1.93

1.61

+0.32

Calmar ratioReturn relative to maximum drawdown

7.49

3.94

+3.55

Martin ratioReturn relative to average drawdown

32.20

12.80

+19.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZEB.TO vs. FIE.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 4.97, which is higher than the FIE.TO Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of ZEB.TO and FIE.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.

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Sharpe Ratios by Period

ZEB.TOFIE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.97

3.16

+1.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.40

1.16

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.96

0.83

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.70

+0.19

Drawdowns

ZEB.TO vs. FIE.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and FIE.TO.

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Drawdown Indicators

ZEB.TOFIE.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.69%

-42.24%

+2.55%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-7.19%

-1.25%

Max Drawdown (3Y)

Largest decline over 3 years

-14.80%

-10.70%

-4.10%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

-22.93%

-3.04%

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

-42.24%

+2.55%

Current Drawdown

Current decline from peak

0.00%

-0.09%

+0.09%

Average Drawdown

Average peak-to-trough decline

-5.65%

-4.89%

-0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

2.21%

-0.25%

Volatility

ZEB.TO vs. FIE.TO - Volatility Comparison

BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.62% compared to iShares Canadian Financial Monthly Income ETF (FIE.TO) at 2.86%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than FIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEB.TOFIE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.62%

2.86%

+1.76%

Volatility (6M)

Calculated over the trailing 6-month period

11.04%

7.81%

+3.23%

Volatility (1Y)

Calculated over the trailing 1-year period

12.74%

8.99%

+3.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.53%

10.55%

+2.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.91%

14.09%

+2.82%

ZEB.TO vs. FIE.TO - Expense Ratio Comparison

ZEB.TO has a 0.25% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.

Dividends

ZEB.TO vs. FIE.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.48%, less than FIE.TO's 4.53% yield.

PositionTTM20252024202320222021202020192018201720162015
FIE.TO
iShares Canadian Financial Monthly Income ETF		4.53%4.94%5.83%6.98%7.31%5.92%7.10%6.65%7.38%6.28%6.59%7.43%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.48%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 FIE.TO have a correlation of 0.85, 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 0.85% for FIE.TO.

ZEB.TO is categorized as Financials Equities, while FIE.TO is Canada Equities. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.25% for ZEB.TO and 0.85% for FIE.TO.

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