ZWB.TO vs. CEW.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and CEW.TO (iShares Equal Weight Banc & Lifeco ETF) are both Financials Equities funds. ZWB.TO is actively managed, while CEW.TO is passively managed. Over the past 10 years, ZWB.TO returned 12.24%/yr vs 15.05%/yr for CEW.TO. Their correlation of 0.87 suggests significant overlap in exposure. ZWB.TO charges 0.71%/yr vs 0.61%/yr for CEW.TO.
Performance
ZWB.TO vs. CEW.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZWB.TO having a 16.23% return and CEW.TO slightly lower at 15.99%. Over the past 10 years, ZWB.TO has underperformed CEW.TO with an annualized return of 12.24%, while CEW.TO has yielded a comparatively higher 15.05% annualized return.
ZWB.TO
- 1D
- -0.31%
- 1M
- 5.06%
- YTD
- 16.23%
- 6M
- 21.03%
- 1Y
- 49.97%
- 3Y*
- 25.69%
- 5Y*
- 13.82%
- 10Y*
- 12.24%
CEW.TO
- 1D
- -0.28%
- 1M
- 4.69%
- YTD
- 15.99%
- 6M
- 18.59%
- 1Y
- 44.58%
- 3Y*
- 29.74%
- 5Y*
- 17.56%
- 10Y*
- 15.05%
ZWB.TO vs. CEW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWB.TO BMO Covered Call Canadian Banks ETF | 16.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
CEW.TO iShares Equal Weight Banc & Lifeco ETF | 15.99% | 32.58% | 29.48% | 17.04% | -6.85% | 29.26% | -0.63% | 25.38% | -12.85% | 11.88% |
Correlation
The correlation between ZWB.TO and CEW.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | 0.87 |
The correlation between ZWB.TO and CEW.TO has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
ZWB.TO vs. CEW.TO - Sectors Allocation Comparison
Sectors
ZWB.TO
CEW.TO
Financial Services
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Healthcare
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Industrials
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Real Estate
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Technology
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Utilities
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Financial Services
ZWB.TO
CEW.TO
Basic Materials
ZWB.TO
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CEW.TO
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Communication Services
ZWB.TO
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CEW.TO
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Consumer Cyclical
ZWB.TO
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CEW.TO
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Consumer Defensive
ZWB.TO
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CEW.TO
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Energy
ZWB.TO
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CEW.TO
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Healthcare
ZWB.TO
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CEW.TO
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Industrials
ZWB.TO
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CEW.TO
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Real Estate
ZWB.TO
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CEW.TO
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Technology
ZWB.TO
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CEW.TO
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Utilities
ZWB.TO
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CEW.TO
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Return for Risk
ZWB.TO vs. CEW.TO — Risk / Return Rank
ZWB.TO
CEW.TO
ZWB.TO vs. CEW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Canadian Banks ETF (ZWB.TO) and iShares Equal Weight Banc & Lifeco ETF (CEW.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.
| ZWB.TO | CEW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.71 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 6.29 | +0.13 |
| Martin ratioReturn relative to average drawdown | 28.83 | 23.14 | +5.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWB.TO | CEW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.44 | 3.86 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 1.31 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.89 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.59 | +0.15 |
Drawdowns
ZWB.TO vs. CEW.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, smaller than the maximum CEW.TO drawdown of -53.58%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and CEW.TO.
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Drawdown Indicators
| ZWB.TO | CEW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -53.58% | +14.22% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -7.13% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -12.74% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -22.46% | -2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -43.66% | +4.30% |
Current DrawdownCurrent decline from peak | -1.85% | -1.50% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -7.02% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.93% | -0.19% |
Volatility
ZWB.TO vs. CEW.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 4.26% compared to iShares Equal Weight Banc & Lifeco ETF (CEW.TO) at 3.65%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than CEW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWB.TO | CEW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 3.65% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.03% | 10.12% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.31% | 11.61% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.63% | 13.49% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 17.00% | -1.32% |
ZWB.TO vs. CEW.TO - Expense Ratio Comparison
ZWB.TO has a 0.71% expense ratio, which is higher than CEW.TO's 0.61% expense ratio.
Dividends
ZWB.TO vs. CEW.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, more than CEW.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEW.TO iShares Equal Weight Banc & Lifeco ETF | 2.42% | 2.75% | 3.32% | 3.87% | 3.84% | 2.93% | 3.61% | 3.20% | 2.95% | 2.47% | 2.54% | 2.74% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 5.02% | 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
ZWB.TO and CEW.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEW.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEW.TO is cheaper with a 0.61% expense ratio, compared with 0.71% for ZWB.TO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.71% for ZWB.TO and 0.61% for CEW.TO.
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