ZWB.TO vs. ENB-PP.TO

Last updated Jun 4, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) is Financials Equities fund actively managed by BMO, while ENB-PP.TO (Enbridge Inc.) is a stock. Over the past 10 years, ZWB.TO returned 12.24%/yr vs 11.60%/yr for ENB-PP.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

ZWB.TO vs. ENB-PP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Covered Call Canadian Banks ETF (ZWB.TO) and Enbridge Inc. (ENB-PP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWB.TO achieves a 16.23% return, which is significantly higher than ENB-PP.TO's 10.18% return. Over the past 10 years, ZWB.TO has outperformed ENB-PP.TO with an annualized return of 12.24%, while ENB-PP.TO has yielded a comparatively lower 11.60% 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%

ENB-PP.TO

• 1D: -0.50%
• 1M: 2.03%
• YTD: 10.18%
• 6M: 11.51%
• 1Y: 25.54%
• 3Y*: 23.24%
• 5Y*: 11.57%
• 10Y*: 11.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWB.TO vs. ENB-PP.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%
ENB-PP.TO Enbridge Inc.	10.18%	19.26%	30.47%	14.74%	-16.47%	46.72%	-3.99%	6.63%	-15.91%	19.44%

Correlation

The correlation between ZWB.TO and ENB-PP.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 14, 2012	0.23

The correlation between ZWB.TO and ENB-PP.TO shifts across timeframes, from 0.05 (1 year) to 0.27 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

ZWB.TO vs. ENB-PP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZWB.TO

ZWB.TO Risk / Return Rank: 95
ZWB.TO Sharpe Ratio Rank: 96
ZWB.TO Sortino Ratio Rank: 97
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 92
ZWB.TO Martin Ratio Rank: 94

ENB-PP.TO

ENB-PP.TO Risk / Return Rank: 96
ENB-PP.TO Sharpe Ratio Rank: 96
ENB-PP.TO Sortino Ratio Rank: 98
ENB-PP.TO Omega Ratio Rank: 97
ENB-PP.TO Calmar Ratio Rank: 93
ENB-PP.TO Martin Ratio Rank: 97

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.

ZWB.TO vs. ENB-PP.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 Enbridge Inc. (ENB-PP.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	ENB-PP.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	3.57	+0.87
Sortino ratio: Return per unit of downside risk	6.16	5.50	+0.66
Omega ratio: Gain probability vs. loss probability	1.86	1.74	+0.12
Calmar ratio: Return relative to maximum drawdown	6.42	6.04	+0.38
Martin ratio: Return relative to average drawdown	28.83	26.54	+2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWB.TO vs. ENB-PP.TO - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 4.44, which is comparable to the ENB-PP.TO Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of ZWB.TO and ENB-PP.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.

Sharpe Ratios by Period

	ZWB.TO	ENB-PP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	3.57	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	0.92	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.67	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.35	+0.40

Drawdowns

ZWB.TO vs. ENB-PP.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, smaller than the maximum ENB-PP.TO drawdown of -50.40%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and ENB-PP.TO.

Drawdown Indicators

	ZWB.TO	ENB-PP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-50.40%	+11.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-4.25%	-3.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-10.83%	-3.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-24.75%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-39.36%	-50.40%	+11.04%
Current Drawdown Current decline from peak	-1.85%	-0.99%	-0.86%
Average Drawdown Average peak-to-trough decline	-5.56%	-10.97%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	0.96%	+0.78%

Volatility

ZWB.TO vs. ENB-PP.TO - Volatility Comparison

BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 4.26% compared to Enbridge Inc. (ENB-PP.TO) at 1.77%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than ENB-PP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWB.TO	ENB-PP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	1.77%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	4.57%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	7.20%	+4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	12.68%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	17.34%	-1.66%

Dividends

ZWB.TO vs. ENB-PP.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, less than ENB-PP.TO's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENB-PP.TO Enbridge Inc.	6.13%	6.55%	6.81%	6.54%	7.02%	5.52%	7.62%	6.60%	6.15%	4.92%	5.59%	5.93%
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

Can I hold both ZWB.TO and ENB-PP.TO in my portfolio?

ZWB.TO and ENB-PP.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.