ZPH.TO vs. CBNK.TO
ZPH.TO (BMO US Put Write Hedged to CAD ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPH.TO returned 7.73%/yr vs 43.24%/yr for CBNK.TO. At a 0.41 correlation, their price movements are largely independent.
Performance
ZPH.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPH.TO achieves a -0.15% return, which is significantly lower than CBNK.TO's 42.99% return.
ZPH.TO
- 1D
- 0.30%
- 1M
- -2.07%
- YTD
- -0.15%
- 6M
- -0.22%
- 1Y
- 5.75%
- 3Y*
- 7.73%
- 5Y*
- 5.25%
- 10Y*
- —
CBNK.TO
- 1D
- 0.55%
- 1M
- 15.66%
- YTD
- 42.99%
- 6M
- 42.25%
- 1Y
- 96.19%
- 3Y*
- 43.24%
- 5Y*
- —
- 10Y*
- —
ZPH.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZPH.TO BMO US Put Write Hedged to CAD ETF | -0.15% | 9.47% | 4.21% | 22.61% | -3.30% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 42.99% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between ZPH.TO and CBNK.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.41 |
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Return for Risk
ZPH.TO vs. CBNK.TO — Risk / Return Rank
ZPH.TO
CBNK.TO
ZPH.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write Hedged to CAD ETF (ZPH.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.
| ZPH.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.25 | ||
| Sortino ratioReturn per unit of downside risk | -6.55 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 2.02 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 9.64 | -8.69 |
| Martin ratioReturn relative to average drawdown | 3.61 | 41.70 | -38.09 |
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Drawdowns
ZPH.TO vs. CBNK.TO - Drawdown Comparison
The maximum ZPH.TO drawdown since its inception was -33.38%, roughly equal to the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ZPH.TO and CBNK.TO.
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Drawdown Indicators
| ZPH.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.38% | -32.12% | -1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -10.03% | +3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -17.92% | +6.09% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | 0.00% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -10.73% | +6.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.31% | -0.71% |
Volatility
ZPH.TO vs. CBNK.TO - Volatility Comparison
The current volatility for BMO US Put Write Hedged to CAD ETF (ZPH.TO) is 2.33%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 3.31%. This indicates that ZPH.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPH.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 3.31% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 5.44% | 13.46% | -8.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 15.73% | -9.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.16% | 17.50% | -6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 17.50% | -4.89% |
Dividends
ZPH.TO vs. CBNK.TO - Dividend Comparison
ZPH.TO's dividend yield for the trailing twelve months is around 10.61%, more than CBNK.TO's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 4.87% | 5.86% | 8.25% | 9.59% | 7.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.61% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
ZPH.TO and CBNK.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Mulvihill.
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