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

ZEB.TO vs. HCAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Equal Weight Banks Index ETF (ZEB.TO) and Hamilton Enhanced Canadian Bank ETF (HCAL.TO).

ZEB.TO and HCAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZEB.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Oct 19, 2009. HCAL.TO is a passively managed fund by Hamilton Capital that tracks the performance of the Solactive Equal Weight Canada Banks Index (125%). It was launched on Oct 14, 2020. Both ZEB.TO and HCAL.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZEB.TO vs. HCAL.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 Hamilton Enhanced Canadian Bank ETF (HCAL.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020
ZEB.TO
BMO Equal Weight Banks Index ETF		1.92%43.43%24.58%10.87%-10.38%39.38%14.71%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		1.59%54.09%29.04%11.73%-17.53%51.61%16.06%

Returns By Period

In the year-to-date period, ZEB.TO achieves a 1.92% return, which is significantly higher than HCAL.TO's 1.59% return.

ZEB.TO

1D
2.47%
1M
-3.87%
YTD
1.92%
6M
14.68%
1Y
52.04%
3Y*
25.62%
5Y*
16.79%
10Y*
14.57%

HCAL.TO

1D
3.15%
1M
-5.20%
YTD
1.59%
6M
17.39%
1Y
65.41%
3Y*
30.27%
5Y*
18.83%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

Hamilton Enhanced Canadian Bank ETF

Often compared with ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TOZEB.TO vs. RY.TO
Often compared with HCAL.TO:
HCAL.TO vs. BANK.TOHCAL.TO vs. VDY.TOHCAL.TO vs. HDIV.TOHCAL.TO vs. HBNK.TOHCAL.TO vs. UMAX.TOHCAL.TO vs. HMAX.TOHCAL.TO vs. MKP.TO

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

ZEB.TO has a 0.25% expense ratio, which is lower than HCAL.TO's 0.65% expense ratio.

HCAL.TO
Hamilton Enhanced Canadian Bank ETF
ZEB.TO
BMO Equal Weight Banks Index ETF

Return for Risk

ZEB.TO vs. HCAL.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: 9898
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: 9898
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9898
Martin Ratio Rank
HCAL.TO
HCAL.TO Risk / Return Rank: 9898
Overall Rank
HCAL.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HCAL.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCAL.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCAL.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
HCAL.TO Martin Ratio Rank: 9898
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. HCAL.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 Hamilton Enhanced Canadian Bank ETF (HCAL.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.TOHCAL.TODifference

Sharpe ratio

Return per unit of total volatility

3.92

3.94

-0.02

Sortino ratio

Return per unit of downside risk

5.01

4.81

+0.20

Omega ratio

Gain probability vs. loss probability

1.77

1.74

+0.03

Calmar ratio

Return relative to maximum drawdown

6.25

6.21

+0.04

Martin ratio

Return relative to average drawdown

24.31

24.24

+0.07

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. HCAL.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 3.92, which is comparable to the HCAL.TO Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of ZEB.TO and HCAL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZEB.TOHCAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.92

3.94

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.28

1.12

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.87

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

1.45

-0.62

Correlation

The correlation between ZEB.TO and HCAL.TO is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZEB.TO vs. HCAL.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.95%, less than HCAL.TO's 3.82% yield.

TTM20252024202320222021202020192018201720162015
ZEB.TO
BMO Equal Weight Banks Index ETF		2.95%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%
HCAL.TO
Hamilton Enhanced Canadian Bank ETF		3.82%4.20%6.12%7.37%7.47%4.99%3.14%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZEB.TO vs. HCAL.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than HCAL.TO's maximum drawdown of -35.05%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and HCAL.TO.

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Drawdown Indicators

ZEB.TOHCAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.69%

-35.05%

-4.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-10.65%

+2.21%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

-35.05%

+9.08%

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

—

—

Current Drawdown

Current decline from peak

-5.86%

-7.66%

+1.80%

Average Drawdown

Average peak-to-trough decline

-5.70%

-9.89%

+4.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

2.73%

-0.56%

Volatility

ZEB.TO vs. HCAL.TO - Volatility Comparison

The current volatility for BMO Equal Weight Banks Index ETF (ZEB.TO) is 5.82%, while Hamilton Enhanced Canadian Bank ETF (HCAL.TO) has a volatility of 7.53%. This indicates that ZEB.TO experiences smaller price fluctuations and is considered to be less risky than HCAL.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.TOHCAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

7.53%

-1.71%

Volatility (6M)

Calculated over the trailing 6-month period

9.97%

12.55%

-2.58%

Volatility (1Y)

Calculated over the trailing 1-year period

13.34%

16.68%

-3.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

16.86%

-3.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.82%

16.89%

-0.07%