ZUB.TO vs. HBNK.TO
ZUB.TO (BMO Equal Weight US Banks Hedged to CAD Index ETF) and HBNK.TO (Global X Equal Weight Banks Index ETF) are both Financials Equities funds. Over the past year, ZUB.TO returned 26.03% vs 70.95% for HBNK.TO. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
ZUB.TO vs. HBNK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUB.TO achieves a 9.98% return, which is significantly lower than HBNK.TO's 31.79% return.
ZUB.TO
- 1D
- -0.56%
- 1M
- 7.85%
- YTD
- 9.98%
- 6M
- 9.11%
- 1Y
- 26.03%
- 3Y*
- 28.94%
- 5Y*
- 6.82%
- 10Y*
- 11.27%
HBNK.TO
- 1D
- 0.49%
- 1M
- 10.91%
- YTD
- 31.79%
- 6M
- 31.23%
- 1Y
- 70.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZUB.TO vs. HBNK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUB.TO BMO Equal Weight US Banks Hedged to CAD Index ETF | 9.98% | 20.24% | 33.07% | 22.36% |
HBNK.TO Global X Equal Weight Banks Index ETF | 31.79% | 43.71% | 24.77% | 9.82% |
Correlation
The correlation between ZUB.TO and HBNK.TO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023 | 0.65 |
The correlation between ZUB.TO and HBNK.TO has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
ZUB.TO vs. HBNK.TO — Risk / Return Rank
ZUB.TO
HBNK.TO
ZUB.TO vs. HBNK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and Global X Equal Weight Banks Index ETF (HBNK.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.
| ZUB.TO | HBNK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.25 | ||
| Sortino ratioReturn per unit of downside risk | -5.58 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 2.00 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 8.41 | -6.88 |
| Martin ratioReturn relative to average drawdown | 4.15 | 36.58 | -32.43 |
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Drawdowns
ZUB.TO vs. HBNK.TO - Drawdown Comparison
The maximum ZUB.TO drawdown since its inception was -55.05%, which is greater than HBNK.TO's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for ZUB.TO and HBNK.TO.
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Drawdown Indicators
| ZUB.TO | HBNK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.05% | -14.78% | -40.27% |
Max Drawdown (1Y)Largest decline over 1 year | -17.10% | -8.48% | -8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -27.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -52.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.05% | — | — |
Current DrawdownCurrent decline from peak | -0.87% | 0.00% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -14.13% | -2.27% | -11.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 1.95% | +4.34% |
Volatility
ZUB.TO vs. HBNK.TO - Volatility Comparison
BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) has a higher volatility of 4.73% compared to Global X Equal Weight Banks Index ETF (HBNK.TO) at 3.52%. This indicates that ZUB.TO's price experiences larger fluctuations and is considered to be riskier than HBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUB.TO | HBNK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 3.52% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 15.24% | 11.29% | +3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.79% | 12.96% | +7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.92% | 12.69% | +15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.16% | 12.69% | +17.47% |
Dividends
ZUB.TO vs. HBNK.TO - Dividend Comparison
ZUB.TO's dividend yield for the trailing twelve months is around 1.78%, less than HBNK.TO's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBNK.TO Global X Equal Weight Banks Index ETF | 2.35% | 3.24% | 4.15% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZUB.TO BMO Equal Weight US Banks Hedged to CAD Index ETF | 1.78% | 1.96% | 2.29% | 2.91% | 2.50% | 1.88% | 2.57% | 2.13% | 1.92% | 1.15% | 1.34% | 1.42% |
Frequently Asked Questions
ZUB.TO and HBNK.TO have a correlation of 0.64, 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 Global X.
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