ZWB.TO vs. FIE.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both Financials Equities funds. Both are actively managed. Over the past 10 years, ZWB.TO returned 13.33%/yr vs 12.31%/yr for FIE.TO. Their correlation of 0.88 suggests significant overlap in exposure. ZWB.TO charges 0.72%/yr vs 0.74%/yr for FIE.TO.
Performance
ZWB.TO vs. FIE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWB.TO achieves a 26.23% return, which is significantly higher than FIE.TO's 14.56% return. Over the past 10 years, ZWB.TO has outperformed FIE.TO with an annualized return of 13.33%, while FIE.TO has yielded a comparatively lower 12.31% annualized return.
ZWB.TO
- 1D
- 0.39%
- 1M
- 7.50%
- YTD
- 26.23%
- 6M
- 26.02%
- 1Y
- 61.42%
- 3Y*
- 30.29%
- 5Y*
- 15.76%
- 10Y*
- 13.33%
FIE.TO
- 1D
- 0.09%
- 1M
- 4.86%
- YTD
- 14.56%
- 6M
- 11.23%
- 1Y
- 32.60%
- 3Y*
- 26.44%
- 5Y*
- 13.03%
- 10Y*
- 12.31%
ZWB.TO vs. FIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWB.TO BMO Covered Call Canadian Banks ETF | 26.23% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
FIE.TO iShares Canadian Financial Monthly Income ETF | 14.56% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
Correlation
The correlation between ZWB.TO and FIE.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 | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.88 |
The correlation between ZWB.TO and FIE.TO has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
ZWB.TO vs. FIE.TO — Risk / Return Rank
ZWB.TO
FIE.TO
ZWB.TO vs. FIE.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 Canadian Financial Monthly Income ETF (FIE.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.
| ZWB.TO | FIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 2.02 | 1.71 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 7.89 | 4.55 | +3.34 |
| Martin ratioReturn relative to average drawdown | 35.44 | 14.80 | +20.63 |
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Drawdowns
ZWB.TO vs. FIE.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and FIE.TO.
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Drawdown Indicators
| ZWB.TO | FIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -42.24% | +2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -7.19% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -10.70% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -22.93% | -2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -42.24% | +2.88% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.54% | -4.88% | -0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.21% | -0.47% |
Volatility
ZWB.TO vs. FIE.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 3.38% compared to iShares Canadian Financial Monthly Income ETF (FIE.TO) at 2.54%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than FIE.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 | FIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 2.54% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | 7.83% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.51% | 9.02% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 10.55% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.67% | 14.06% | +1.61% |
ZWB.TO vs. FIE.TO - Expense Ratio Comparison
ZWB.TO has a 0.72% expense ratio, which is lower than FIE.TO's 0.74% expense ratio.
Dividends
ZWB.TO vs. FIE.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 4.62%, more than FIE.TO's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.34% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.62% | 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 FIE.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, ZWB.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZWB.TO is cheaper with a 0.72% expense ratio, compared with 0.74% for FIE.TO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.72% for ZWB.TO and 0.74% for FIE.TO.
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