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

ZEB.TO vs. HMAX.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Equal Weight Banks Index ETF (ZEB.TO) and Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO).

ZEB.TO and HMAX.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. HMAX.TO is an actively managed fund by Hamilton Capital. It was launched on Jan 20, 2023.

Performance

ZEB.TO vs. HMAX.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 Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023
ZEB.TO
BMO Equal Weight Banks Index ETF		1.92%43.43%24.58%3.98%
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF		-3.41%27.20%20.65%0.77%

Returns By Period

In the year-to-date period, ZEB.TO achieves a 1.92% return, which is significantly higher than HMAX.TO's -3.41% 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%

HMAX.TO

1D
0.00%
1M
-4.99%
YTD
-3.41%
6M
5.24%
1Y
25.73%
3Y*
16.11%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Equal Weight Banks Index ETF

Hamilton Canadian Financials YIELD MAXIMIZER 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. ZSP.TOZEB.TO vs. XIC.TOZEB.TO vs. RY.TO
Often compared with HMAX.TO:
HMAX.TO vs. HDIV.TOHMAX.TO vs. BANK.TOHMAX.TO vs. HHIS.TOHMAX.TO vs. HYLDHMAX.TO vs. HYLD.TOHMAX.TO vs. VDY.TOHMAX.TO vs. UMAX.TO

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

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

HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF
ZEB.TO
BMO Equal Weight Banks Index ETF

Return for Risk

ZEB.TO vs. HMAX.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
HMAX.TO
HMAX.TO Risk / Return Rank: 9393
Overall Rank
HMAX.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
HMAX.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
HMAX.TO Omega Ratio Rank: 9494
Omega Ratio Rank
HMAX.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
HMAX.TO Martin Ratio Rank: 9292
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. HMAX.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 Canadian Financials YIELD MAXIMIZER ETF (HMAX.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.TOHMAX.TODifference

Sharpe ratio

Return per unit of total volatility

3.92

2.10

+1.82

Sortino ratio

Return per unit of downside risk

5.01

2.76

+2.25

Omega ratio

Gain probability vs. loss probability

1.77

1.43

+0.34

Calmar ratio

Return relative to maximum drawdown

6.25

2.97

+3.28

Martin ratio

Return relative to average drawdown

24.31

12.60

+11.72

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. HMAX.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 3.92, which is higher than the HMAX.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of ZEB.TO and HMAX.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.TOHMAX.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.92

2.10

+1.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.28

—

—

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

1.19

-0.36

Correlation

The correlation between ZEB.TO and HMAX.TO is 0.91, 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. HMAX.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.95%, less than HMAX.TO's 12.91% 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%
HMAX.TO
Hamilton Canadian Financials YIELD MAXIMIZER ETF		12.91%12.29%14.08%15.47%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZEB.TO vs. HMAX.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than HMAX.TO's maximum drawdown of -15.34%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and HMAX.TO.

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Drawdown Indicators

ZEB.TOHMAX.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.69%

-15.34%

-24.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-9.02%

+0.58%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

—

—

Current Drawdown

Current decline from peak

-5.86%

-6.53%

+0.67%

Average Drawdown

Average peak-to-trough decline

-5.70%

-3.07%

-2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

2.13%

+0.04%

Volatility

ZEB.TO vs. HMAX.TO - Volatility Comparison

BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 5.82% compared to Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX.TO) at 4.69%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than HMAX.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.TOHMAX.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

4.69%

+1.13%

Volatility (6M)

Calculated over the trailing 6-month period

9.97%

7.76%

+2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

13.34%

12.33%

+1.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

11.37%

+1.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.82%

11.37%

+5.45%