ZPW.TO vs. ZEB.TO
ZPW.TO (BMO US Put Write ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - ZPW.TO is a Derivative Income fund actively managed by BMO, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. ZPW.TO is actively managed, while ZEB.TO is passively managed. Over the past 10 years, ZPW.TO returned 6.04%/yr vs 17.32%/yr for ZEB.TO. At a 0.26 correlation, their price movements are largely independent. ZPW.TO charges 0.65%/yr vs 0.25%/yr for ZEB.TO.
Performance
ZPW.TO vs. ZEB.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 ZEB.TO's 32.05% return. Over the past 10 years, ZPW.TO has underperformed ZEB.TO with an annualized return of 6.04%, while ZEB.TO has yielded a comparatively higher 17.32% annualized 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%
ZEB.TO
- 1D
- 0.73%
- 1M
- 11.13%
- YTD
- 32.05%
- 6M
- 31.46%
- 1Y
- 71.16%
- 3Y*
- 36.64%
- 5Y*
- 20.81%
- 10Y*
- 17.32%
ZPW.TO vs. ZEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPW.TO BMO US Put Write ETF | 4.29% | 6.40% | 13.88% | 21.83% | -4.23% | 13.18% | 1.56% | -1.21% | 3.01% | -1.78% |
ZEB.TO BMO Equal Weight Banks Index ETF | 32.05% | 43.43% | 24.58% | 10.87% | -10.38% | 39.38% | 3.52% | 16.06% | -8.85% | 14.26% |
Correlation
The correlation between ZPW.TO and ZEB.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.26 |
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Return for Risk
ZPW.TO vs. ZEB.TO — Risk / Return Rank
ZPW.TO
ZEB.TO
ZPW.TO vs. ZEB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and BMO Equal Weight Banks Index ETF (ZEB.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 | ZEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -5.11 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 2.01 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 8.48 | -6.31 |
| Martin ratioReturn relative to average drawdown | 6.12 | 36.45 | -30.33 |
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Drawdowns
ZPW.TO vs. ZEB.TO - Drawdown Comparison
The maximum ZPW.TO drawdown since its inception was -23.77%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and ZEB.TO.
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Drawdown Indicators
| ZPW.TO | ZEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -39.69% | +15.92% |
Max Drawdown (1Y)Largest decline over 1 year | -5.61% | -8.44% | +2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -14.80% | +2.45% |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | -25.97% | +9.40% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -39.69% | +15.92% |
Current DrawdownCurrent decline from peak | -0.53% | 0.00% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -5.63% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.96% | +0.02% |
Volatility
ZPW.TO vs. ZEB.TO - Volatility Comparison
The current volatility for BMO US Put Write ETF (ZPW.TO) is 2.87%, while BMO Equal Weight Banks Index ETF (ZEB.TO) has a volatility of 3.10%. This indicates that ZPW.TO experiences smaller price fluctuations and is considered to be less risky than ZEB.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 | ZEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 3.10% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 11.14% | -5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 12.88% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.61% | 13.55% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 16.87% | -5.15% |
ZPW.TO vs. ZEB.TO - Expense Ratio Comparison
ZPW.TO has a 0.65% expense ratio, which is higher than ZEB.TO's 0.25% expense ratio.
Dividends
ZPW.TO vs. ZEB.TO - Dividend Comparison
ZPW.TO's dividend yield for the trailing twelve months is around 9.62%, more than ZEB.TO's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 2.30% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
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 ZEB.TO have a correlation of 0.31, 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 0.65% for ZPW.TO.
ZPW.TO is categorized as Derivative Income, while ZEB.TO is Financials Equities. Their fees differ too: 0.65% for ZPW.TO and 0.25% for ZEB.TO.
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