ZPW.TO vs. CBNK.TO
ZPW.TO (BMO US Put Write ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, ZPW.TO returned 11.38%/yr vs 43.24%/yr for CBNK.TO. At a 0.32 correlation, their price movements are largely independent.
Performance
ZPW.TO vs. CBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPW.TO achieves a 4.29% return, which is significantly lower than CBNK.TO's 42.99% return.
ZPW.TO
- 1D
- 0.00%
- 1M
- 1.26%
- YTD
- 4.29%
- 6M
- 4.22%
- 1Y
- 12.08%
- 3Y*
- 11.38%
- 5Y*
- 9.22%
- 10Y*
- 6.04%
CBNK.TO
- 1D
- 0.55%
- 1M
- 15.66%
- YTD
- 42.99%
- 6M
- 42.25%
- 1Y
- 96.19%
- 3Y*
- 43.24%
- 5Y*
- —
- 10Y*
- —
ZPW.TO vs. CBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZPW.TO BMO US Put Write ETF | 4.29% | 6.40% | 13.88% | 21.83% | 2.53% |
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF | 42.99% | 51.67% | 27.42% | 8.42% | -19.87% |
Correlation
The correlation between ZPW.TO and CBNK.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022 | 0.32 |
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Return for Risk
ZPW.TO vs. CBNK.TO — Risk / Return Rank
ZPW.TO
CBNK.TO
ZPW.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.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.
| ZPW.TO | CBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.47 | ||
| Sortino ratioReturn per unit of downside risk | -5.55 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 2.02 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 9.64 | -7.48 |
| Martin ratioReturn relative to average drawdown | 6.12 | 41.70 | -35.58 |
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Drawdowns
ZPW.TO vs. CBNK.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum CBNK.TO drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and CBNK.TO.
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Drawdown Indicators
| ZPW.TO | CBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -32.12% | +8.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -10.03% | +4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -17.92% | +5.57% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | 0.00% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -10.73% | +6.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.31% | -0.33% |
Volatility
ZPW.TO vs. CBNK.TO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 3.31%. This indicates that ZPW.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
| ZPW.TO | CBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 3.31% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 13.46% | -7.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 15.73% | -8.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 17.50% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 17.50% | -5.78% |
Dividends
ZPW.TO vs. CBNK.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than CBNK.TO's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
ZPW.TO BMO US Put Write ETF | 9.62% | 9.55% | 9.18% | 7.57% | 8.20% | 7.24% | 7.61% | 7.17% | 6.61% | 6.82% | 7.32% | 2.32% |
Frequently Asked Questions
ZPW.TO and CBNK.TO have a correlation of 0.30, 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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