PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZUB.TO vs. ZWB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUB.TO vs. ZWB.TO

Last updated Jul 1, 2026
See Documentation

ZUB.TO (BMO Equal Weight US Banks Hedged to CAD Index ETF) and ZWB.TO (BMO Covered Call Canadian Banks ETF) are both Financials Equities funds from BMO. Over the past 10 years, ZUB.TO returned 11.27%/yr vs 13.52%/yr for ZWB.TO. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

ZUB.TO vs. ZWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and BMO Covered Call Canadian Banks ETF (ZWB.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZUB.TO achieves a 9.98% return, which is significantly lower than ZWB.TO's 27.50% return. Over the past 10 years, ZUB.TO has underperformed ZWB.TO with an annualized return of 11.27%, while ZWB.TO has yielded a comparatively higher 13.52% annualized 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%

ZWB.TO

1D
0.65%
1M
10.15%
YTD
27.50%
6M
26.99%
1Y
59.36%
3Y*
29.02%
5Y*
16.13%
10Y*
13.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUB.TO vs. ZWB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUB.TO
BMO Equal Weight US Banks Hedged to CAD Index ETF		9.98%20.24%33.07%-6.02%-23.00%39.30%-10.15%33.34%-19.80%17.05%
ZWB.TO
BMO Covered Call Canadian Banks ETF		27.50%34.91%19.41%6.67%-11.00%30.81%1.68%14.32%-8.08%11.52%

Correlation

The correlation between ZUB.TO and ZWB.TO is 0.62, 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

0.62

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.67

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2011

0.64

The correlation between ZUB.TO and ZWB.TO has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Equal Weight US Banks Hedged to CAD Index ETF

BMO Covered Call Canadian Banks ETF

Often compared with ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. RBNK.TOZWB.TO vs. SRU-UN.TO

Return for Risk

ZUB.TO vs. ZWB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUB.TO
ZUB.TO Risk / Return Rank: 3737
Overall Rank
ZUB.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
ZUB.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZUB.TO Omega Ratio Rank: 4040
Omega Ratio Rank
ZUB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZUB.TO Martin Ratio Rank: 3232
Martin Ratio Rank
ZWB.TO
ZWB.TO Risk / Return Rank: 9797
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZUB.TO vs. ZWB.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 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.

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.TOZWB.TODifference
Sharpe ratioReturn per unit of total volatility
1.26
5.17

-3.92

Sortino ratioReturn per unit of downside risk
1.81
7.05

-5.24

Omega ratioGain probability vs. loss probability

1.23

1.98

-0.74

Calmar ratioReturn relative to maximum drawdown

1.53

7.63

-6.10

Martin ratioReturn relative to average drawdown

4.15

34.24

-30.09

ZUB.TO vs. ZWB.TO - Sharpe Ratio Comparison

The current ZUB.TO Sharpe Ratio is 1.26, which is lower than the ZWB.TO Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of ZUB.TO and ZWB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

ZUB.TO vs. ZWB.TO - Drawdown Comparison

The maximum ZUB.TO drawdown since its inception was -55.05%, 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 ZUB.TO and ZWB.TO.

Loading charts...

Drawdown Indicators

ZUB.TOZWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.05%

-39.36%

-15.69%

Max Drawdown (1Y)

Largest decline over 1 year

-17.10%

-7.82%

-9.28%

Max Drawdown (3Y)

Largest decline over 3 years

-27.33%

-14.05%

-13.28%

Max Drawdown (5Y)

Largest decline over 5 years

-52.97%

-25.26%

-27.71%

Max Drawdown (10Y)

Largest decline over 10 years

-55.05%

-39.36%

-15.69%

Current Drawdown

Current decline from peak

-0.87%

0.00%

-0.87%

Average Drawdown

Average peak-to-trough decline

-14.13%

-5.53%

-8.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.29%

1.74%

+4.55%

Volatility

ZUB.TO vs. ZWB.TO - Volatility Comparison

BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) has a higher volatility of 4.73% compared to BMO Covered Call Canadian Banks ETF (ZWB.TO) at 2.60%. This indicates that ZUB.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.

Loading charts...

Volatility by Period

ZUB.TOZWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

2.60%

+2.13%

Volatility (6M)

Calculated over the trailing 6-month period

15.24%

10.00%

+5.24%

Volatility (1Y)

Calculated over the trailing 1-year period

20.79%

11.54%

+9.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.92%

12.65%

+15.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.16%

15.65%

+14.51%

Dividends

ZUB.TO vs. ZWB.TO - Dividend Comparison

ZUB.TO's dividend yield for the trailing twelve months is around 1.78%, less than ZWB.TO's 4.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZWB.TO
BMO Covered Call Canadian Banks ETF		4.73%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

ZUB.TO and ZWB.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Portfolio Optimizer

Find the right allocation for ZUB.TO and ZWB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer