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

ZEB.TO vs. ZEO.TO

Last updated Jun 4, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index. Both are passively managed. Over the past 10 years, ZEB.TO returned 15.82%/yr vs 10.67%/yr for ZEO.TO. At a 0.46 correlation, their price movements are largely independent. ZEB.TO charges 0.25%/yr vs 0.60%/yr for ZEO.TO.

Performance

ZEB.TO vs. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.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 19.22% return, which is significantly lower than ZEO.TO's 37.72% return. Over the past 10 years, ZEB.TO has outperformed ZEO.TO with an annualized return of 15.82%, while ZEO.TO has yielded a comparatively lower 10.67% annualized return.

ZEB.TO

1D
-0.43%
1M
5.51%
YTD
19.22%
6M
24.72%
1Y
60.22%
3Y*
32.73%
5Y*
18.18%
10Y*
15.82%

ZEO.TO

1D
0.65%
1M
2.51%
YTD
37.72%
6M
32.21%
1Y
50.73%
3Y*
27.08%
5Y*
25.42%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZEB.TO
BMO Equal Weight Banks Index ETF		19.22%43.43%24.58%10.87%-10.38%39.38%3.52%16.06%-8.85%14.26%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		37.72%12.35%21.51%5.98%39.67%63.65%-28.56%16.50%-25.62%-12.74%

Correlation

The correlation between ZEB.TO and ZEO.TO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.09

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

0.21

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

0.34

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

0.43

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2009

0.46

The correlation between ZEB.TO and ZEO.TO shifts across timeframes, from -0.09 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZEB.TO
ZEO.TO

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

100.0%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

ZEB.TO
100.0%
ZEO.TO

-

Basic Materials

ZEB.TO

-

ZEO.TO

-

Communication Services

ZEB.TO

-

ZEO.TO

-

Consumer Cyclical

ZEB.TO

-

ZEO.TO

-

Consumer Defensive

ZEB.TO

-

ZEO.TO

-

Energy

ZEB.TO

-

ZEO.TO
100.0%

Healthcare

ZEB.TO

-

ZEO.TO

-

Industrials

ZEB.TO

-

ZEO.TO

-

Real Estate

ZEB.TO

-

ZEO.TO

-

Technology

ZEB.TO

-

ZEO.TO

-

Utilities

ZEB.TO

-

ZEO.TO

-

Compare stocks, funds, or ETFs

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BMO Equal Weight Banks Index ETF

BMO Equal Weight Oil & Gas Index 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 ZEO.TO:
ZEO.TO vs. XEG.TOZEO.TO vs. NRGY.TOZEO.TO vs. ENCC.TOZEO.TO vs. XLEZEO.TO vs. ZWEN.TOZEO.TO vs. VFV.TOZEO.TO vs. HXT.TO

Return for Risk

ZEB.TO vs. ZEO.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: 9696
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9595
Martin Ratio Rank
ZEO.TO
ZEO.TO Risk / Return Rank: 8686
Overall Rank
ZEO.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ZEO.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZEO.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZEO.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
ZEO.TO Martin Ratio Rank: 8484
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. ZEO.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 BMO Equal Weight Oil & Gas Index ETF (ZEO.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.TOZEO.TODifference
Sharpe ratioReturn per unit of total volatility
4.79
3.02

+1.77

Sortino ratioReturn per unit of downside risk
6.54
3.86

+2.68

Omega ratioGain probability vs. loss probability

1.90

1.52

+0.38

Calmar ratioReturn relative to maximum drawdown

7.17

5.34

+1.83

Martin ratioReturn relative to average drawdown

30.84

17.25

+13.60

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. ZEO.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 4.79, which is higher than the ZEO.TO Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of ZEB.TO and ZEO.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.TOZEO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.79

3.02

+1.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.35

1.21

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.39

+0.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

0.00

+0.88

Drawdowns

ZEB.TO vs. ZEO.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, smaller than the maximum ZEO.TO drawdown of -77.71%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and ZEO.TO.

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Drawdown Indicators

ZEB.TOZEO.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.69%

-77.71%

+38.02%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-9.54%

+1.10%

Max Drawdown (3Y)

Largest decline over 3 years

-14.80%

-17.62%

+2.82%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

-22.59%

-3.38%

Max Drawdown (10Y)

Largest decline over 10 years

-39.69%

-72.03%

+32.34%

Current Drawdown

Current decline from peak

-2.00%

-2.93%

+0.93%

Average Drawdown

Average peak-to-trough decline

-5.65%

-21.98%

+16.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

2.95%

-0.99%

Volatility

ZEB.TO vs. ZEO.TO - Volatility Comparison

The current volatility for BMO Equal Weight Banks Index ETF (ZEB.TO) is 4.89%, while BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a volatility of 6.99%. This indicates that ZEB.TO experiences smaller price fluctuations and is considered to be less risky than ZEO.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.TOZEO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.89%

6.99%

-2.10%

Volatility (6M)

Calculated over the trailing 6-month period

11.14%

14.57%

-3.43%

Volatility (1Y)

Calculated over the trailing 1-year period

12.62%

16.92%

-4.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.52%

21.17%

-7.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.91%

27.27%

-10.36%

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

ZEB.TO has a 0.25% expense ratio, which is lower than ZEO.TO's 0.60% expense ratio.

Dividends

ZEB.TO vs. ZEO.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.54%, less than ZEO.TO's 2.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ZEB.TO
BMO Equal Weight Banks Index ETF		2.54%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF		2.59%3.42%3.86%4.82%4.69%3.27%5.54%3.55%3.57%2.46%2.50%4.09%

Frequently Asked Questions

ZEB.TO and ZEO.TO have a correlation of -0.09, 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 0.60% for ZEO.TO.

ZEB.TO is categorized as Financials Equities, while ZEO.TO is Energy Equities. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while ZEO.TO tracks Solactive Equal Weight Canada Oil & Gas Index. Their fees differ too: 0.25% for ZEB.TO and 0.60% for ZEO.TO.

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