ZWB.TO vs. HPYB.TO

Last updated Jun 4, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and HPYB.TO (Harvest Premium Yield Canadian Bank ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while HPYB.TO is a Large Cap Blend Equities fund actively managed by Harvest. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep.

Performance

ZWB.TO vs. HPYB.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 Harvest Premium Yield Canadian Bank ETF (HPYB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

HPYB.TO

• 1D: 0.00%
• 1M: 3.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ZWB.TO BMO Covered Call Canadian Banks ETF	15.41%
HPYB.TO Harvest Premium Yield Canadian Bank ETF	10.74%

Correlation

The correlation between ZWB.TO and HPYB.TO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.95

Return for Risk

ZWB.TO vs. HPYB.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

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. HPYB.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 Harvest Premium Yield Canadian Bank ETF (HPYB.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	HPYB.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	—	—
Sortino ratio: Return per unit of downside risk	6.16	—	—
Omega ratio: Gain probability vs. loss probability	1.86	—	—
Calmar ratio: Return relative to maximum drawdown	6.42	—	—
Martin ratio: Return relative to average drawdown	28.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZWB.TO	HPYB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	2.52	-1.78

Drawdowns

ZWB.TO vs. HPYB.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than HPYB.TO's maximum drawdown of -6.37%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and HPYB.TO.

Drawdown Indicators

	ZWB.TO	HPYB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-6.37%	-32.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.36%	—	—
Current Drawdown Current decline from peak	-1.85%	-0.94%	-0.91%
Average Drawdown Average peak-to-trough decline	-5.56%	-1.40%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	—	—

Volatility

Volatility by Period

	ZWB.TO	HPYB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	12.87%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	12.87%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	12.87%	+2.81%

Dividends

ZWB.TO vs. HPYB.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, which matches HPYB.TO's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPYB.TO Harvest Premium Yield Canadian Bank ETF	5.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 HPYB.TO in my portfolio?

With a correlation of 0.95, ZWB.TO and HPYB.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

What is the main difference between ZWB.TO and HPYB.TO?

ZWB.TO is categorized as Financials Equities, while HPYB.TO is Large Cap Blend Equities. They also come from different issuers: BMO and Harvest.