ZEB.TO vs. ZAAA.NEO
ZEB.TO (BMO Equal Weight Banks Index ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZAAA.NEO is a CLO fund actively managed by BMO. ZEB.TO is passively managed, while ZAAA.NEO is actively managed. Over the past year, ZEB.TO returned 73.75% vs 8.64% for ZAAA.NEO. At a correlation of -0.10, they often move in opposite directions. ZEB.TO charges 0.25%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZEB.TO vs. ZAAA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEB.TO achieves a 30.69% return, which is significantly higher than ZAAA.NEO's 5.64% return.
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%
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZEB.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 30.69% | 44.08% |
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
Correlation
The correlation between ZEB.TO and ZAAA.NEO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.10 |
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Return for Risk
ZEB.TO vs. ZAAA.NEO — Risk / Return Rank
ZEB.TO
ZAAA.NEO
ZEB.TO vs. ZAAA.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 BMO AAA CLO ETF (ZAAA.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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.92 | ||
| Sortino ratioReturn per unit of downside risk | +4.93 | ||
| Omega ratioGain probability vs. loss probability | 2.06 | 1.37 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 8.79 | 2.89 | +5.89 |
| Martin ratioReturn relative to average drawdown | 37.78 | 7.00 | +30.79 |
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Drawdowns
ZEB.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and ZAAA.NEO.
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Drawdown Indicators
| ZEB.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -3.01% | -36.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -3.01% | -5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -1.03% | -4.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.24% | +0.72% |
Volatility
ZEB.TO vs. ZAAA.NEO - Volatility Comparison
BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.01% compared to BMO AAA CLO ETF (ZAAA.NEO) at 1.38%. This indicates that ZEB.TO's price experiences larger fluctuations and is considered to be riskier than ZAAA.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 | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 1.38% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 11.07% | 3.38% | +7.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.84% | 4.71% | +8.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.54% | 4.68% | +8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 4.68% | +12.21% |
ZEB.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZEB.TO vs. ZAAA.NEO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.31%, less than ZAAA.NEO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 0.00% | 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
ZEB.TO and ZAAA.NEO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.25% for ZEB.TO.
ZEB.TO is categorized as Financials Equities, while ZAAA.NEO is CLO. Their fees differ too: 0.25% for ZEB.TO and 0.23% for ZAAA.NEO.
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