ZEO.TO vs. ZWB.TO
ZEO.TO (BMO Equal Weight Oil & Gas Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both exchange-traded funds - ZEO.TO is a Energy Equities fund tracking the Solactive Equal Weight Canada Oil & Gas Index, while ZWB.TO is a Financials Equities fund actively managed by BMO. ZEO.TO is passively managed, while ZWB.TO is actively managed. Over the past 10 years, ZEO.TO returned 10.67%/yr vs 12.24%/yr for ZWB.TO. At a 0.47 correlation, their price movements are largely independent. ZEO.TO charges 0.60%/yr vs 0.71%/yr for ZWB.TO.
Performance
ZEO.TO vs. ZWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEO.TO achieves a 37.72% return, which is significantly higher than ZWB.TO's 16.23% return. Over the past 10 years, ZEO.TO has underperformed ZWB.TO with an annualized return of 10.67%, while ZWB.TO has yielded a comparatively higher 12.24% annualized return.
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%
ZWB.TO
- 1D
- -0.31%
- 1M
- 5.06%
- YTD
- 16.23%
- 6M
- 21.03%
- 1Y
- 49.97%
- 3Y*
- 25.69%
- 5Y*
- 13.82%
- 10Y*
- 12.24%
ZEO.TO vs. ZWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 16.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
Correlation
The correlation between ZEO.TO and ZWB.TO is -0.08, 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 | -0.08 |
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 | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | 0.47 |
The correlation between ZEO.TO and ZWB.TO shifts across timeframes, from -0.08 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.
ZEO.TO vs. ZWB.TO - Sectors Allocation Comparison
Sectors
ZEO.TO
ZWB.TO
Energy
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Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Financial Services
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Healthcare
-
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Industrials
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Real Estate
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Technology
-
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Utilities
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-
Energy
ZEO.TO
ZWB.TO
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Basic Materials
ZEO.TO
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ZWB.TO
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Communication Services
ZEO.TO
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ZWB.TO
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Consumer Cyclical
ZEO.TO
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ZWB.TO
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Consumer Defensive
ZEO.TO
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ZWB.TO
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Financial Services
ZEO.TO
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ZWB.TO
Healthcare
ZEO.TO
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ZWB.TO
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Industrials
ZEO.TO
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ZWB.TO
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Real Estate
ZEO.TO
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ZWB.TO
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Technology
ZEO.TO
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ZWB.TO
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Utilities
ZEO.TO
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ZWB.TO
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Return for Risk
ZEO.TO vs. ZWB.TO — Risk / Return Rank
ZEO.TO
ZWB.TO
ZEO.TO vs. ZWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) and BMO Covered Call Canadian Banks ETF (ZWB.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.
| ZEO.TO | ZWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.86 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 5.34 | 6.42 | -1.08 |
| Martin ratioReturn relative to average drawdown | 17.25 | 28.83 | -11.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZEO.TO | ZWB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.02 | 4.44 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 1.10 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.78 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | 0.74 | -0.74 |
Drawdowns
ZEO.TO vs. ZWB.TO - Drawdown Comparison
The maximum ZEO.TO drawdown since its inception was -77.71%, which is greater than ZWB.TO's maximum drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for ZEO.TO and ZWB.TO.
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Drawdown Indicators
| ZEO.TO | ZWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.71% | -39.36% | -38.35% |
Max Drawdown (1Y)Largest decline over 1 year | -9.54% | -7.82% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -14.05% | -3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -22.59% | -25.26% | +2.67% |
Max Drawdown (10Y)Largest decline over 10 years | -72.03% | -39.36% | -32.67% |
Current DrawdownCurrent decline from peak | -2.93% | -1.85% | -1.08% |
Average DrawdownAverage peak-to-trough decline | -21.98% | -5.56% | -16.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 1.74% | +1.21% |
Volatility
ZEO.TO vs. ZWB.TO - Volatility Comparison
BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) has a higher volatility of 6.99% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 4.26%. This indicates that ZEO.TO's price experiences larger fluctuations and is considered to be riskier than ZWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZEO.TO | ZWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 4.26% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.57% | 10.03% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.92% | 11.31% | +5.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 12.63% | +8.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.27% | 15.68% | +11.59% |
ZEO.TO vs. ZWB.TO - Expense Ratio Comparison
ZEO.TO has a 0.60% expense ratio, which is lower than ZWB.TO's 0.71% expense ratio.
Dividends
ZEO.TO vs. ZWB.TO - Dividend Comparison
ZEO.TO's dividend yield for the trailing twelve months is around 2.59%, less than ZWB.TO's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 5.02% | 5.38% | 6.66% | 7.62% | 7.30% | 5.46% | 5.80% | 5.53% | 5.59% | 4.80% | 5.04% | 5.64% |
Frequently Asked Questions
ZEO.TO and ZWB.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEO.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEO.TO is cheaper with a 0.60% expense ratio, compared with 0.71% for ZWB.TO.
ZEO.TO is categorized as Energy Equities, while ZWB.TO is Financials Equities. Their fees differ too: 0.60% for ZEO.TO and 0.71% for ZWB.TO.
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