ZEB.TO vs. TBNK.TO

Last updated Jun 24, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and TBNK.TO (TD Canadian Bank Dividend Index ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while TBNK.TO is a Dividend fund tracking the Solactive Canadian Bank Dividend Index (CA NTR). Both are passively managed. Over the past 3 years, ZEB.TO returned 38.03%/yr vs 37.03%/yr for TBNK.TO. Their correlation of 0.94 suggests significant overlap in exposure. ZEB.TO charges 0.25%/yr vs 0.28%/yr for TBNK.TO.

Performance

ZEB.TO vs. TBNK.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 TD Canadian Bank Dividend Index ETF (TBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZEB.TO having a 30.69% return and TBNK.TO slightly lower at 30.50%.

ZEB.TO

• 1D: 0.40%
• 1M: 8.37%
• YTD: 30.69%
• 6M: 30.37%
• 1Y: 73.75%
• 3Y*: 38.03%
• 5Y*: 20.42%
• 10Y*: 17.12%

TBNK.TO

• 1D: 0.64%
• 1M: 7.49%
• YTD: 30.50%
• 6M: 30.25%
• 1Y: 72.14%
• 3Y*: 37.03%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZEB.TO BMO Equal Weight Banks Index ETF	30.69%	43.43%	24.58%	8.07%
TBNK.TO TD Canadian Bank Dividend Index ETF	30.50%	44.62%	20.33%	7.99%

Correlation

The correlation between ZEB.TO and TBNK.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	0.94

The correlation between ZEB.TO and TBNK.TO has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

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

Sectors	ZEB.TO	TBNK.TO
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ZEB.TO vs. TBNK.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: 97
ZEB.TO Sharpe Ratio Rank: 98
ZEB.TO Sortino Ratio Rank: 98
ZEB.TO Omega Ratio Rank: 98
ZEB.TO Calmar Ratio Rank: 96
ZEB.TO Martin Ratio Rank: 97

TBNK.TO

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

ZEB.TO vs. TBNK.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 TD Canadian Bank Dividend Index ETF (TBNK.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.

	ZEB.TO	TBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.77	5.65	+0.13
Sortino ratio: Return per unit of downside risk	7.66	7.71	-0.05
Omega ratio: Gain probability vs. loss probability	2.06	2.03	+0.03
Calmar ratio: Return relative to maximum drawdown	8.79	8.79	0.00
Martin ratio: Return relative to average drawdown	37.78	38.15	-0.36

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

The current ZEB.TO Sharpe Ratio is 5.77, which is comparable to the TBNK.TO Sharpe Ratio of 5.65. The chart below compares the historical Sharpe Ratios of ZEB.TO and TBNK.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

ZEB.TO vs. TBNK.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than TBNK.TO's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and TBNK.TO.

Drawdown Indicators

	ZEB.TO	TBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.69%	-15.03%	-24.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-8.25%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-15.03%	+0.23%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.64%	-2.41%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.90%	+0.06%

Volatility

ZEB.TO vs. TBNK.TO - Volatility Comparison

BMO Equal Weight Banks Index ETF (ZEB.TO) and TD Canadian Bank Dividend Index ETF (TBNK.TO) have volatilities of 4.01% and 4.08%, 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

	ZEB.TO	TBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.08%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	11.21%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	12.84%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	12.82%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	12.82%	+4.07%

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

ZEB.TO has a 0.25% expense ratio, which is lower than TBNK.TO's 0.28% expense ratio.

Dividends

ZEB.TO vs. TBNK.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.31%, more than TBNK.TO's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBNK.TO TD Canadian Bank Dividend Index ETF	2.24%	2.89%	4.03%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEB.TO BMO Equal Weight Banks Index ETF	2.31%	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

Can I hold both ZEB.TO and TBNK.TO in my portfolio?

With a correlation of 0.97, ZEB.TO and TBNK.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZEB.TO or TBNK.TO?

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.

Which ETF is cheaper, ZEB.TO or TBNK.TO?

ZEB.TO is cheaper with a 0.25% expense ratio, compared with 0.28% for TBNK.TO.

What is the main difference between ZEB.TO and TBNK.TO?

ZEB.TO is categorized as Financials Equities, while TBNK.TO is Dividend. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while TBNK.TO tracks Solactive Canadian Bank Dividend Index (CA NTR). They also come from different issuers: BMO and TD. Their fees differ too: 0.25% for ZEB.TO and 0.28% for TBNK.TO.