ZWB.TO vs. HXF.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and HXF.TO (Global X S&P/TSX Capped Financials Index Corporate Class ETF) are both Financials Equities funds. ZWB.TO is actively managed, while HXF.TO is passively managed. Over the past 10 years, ZWB.TO returned 12.24%/yr vs 14.63%/yr for HXF.TO. At a 0.43 correlation, their price movements are largely independent. ZWB.TO charges 0.71%/yr vs 0.25%/yr for HXF.TO.
Performance
ZWB.TO vs. HXF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWB.TO achieves a 16.23% return, which is significantly higher than HXF.TO's 10.81% return. Over the past 10 years, ZWB.TO has underperformed HXF.TO with an annualized return of 12.24%, while HXF.TO has yielded a comparatively higher 14.63% 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%
HXF.TO
- 1D
- -1.17%
- 1M
- 3.65%
- YTD
- 10.81%
- 6M
- 16.65%
- 1Y
- 40.51%
- 3Y*
- 29.70%
- 5Y*
- 17.03%
- 10Y*
- 14.63%
ZWB.TO vs. HXF.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% |
HXF.TO Global X S&P/TSX Capped Financials Index Corporate Class ETF | 10.81% | 35.34% | 30.20% | 12.45% | -9.00% | 35.14% | 1.80% | 21.45% | -9.50% | 12.67% |
Correlation
The correlation between ZWB.TO and HXF.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.43 |
The correlation between ZWB.TO and HXF.TO shifts across timeframes, from 0.41 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
ZWB.TO vs. HXF.TO - Sectors Allocation Comparison
Sectors
ZWB.TO
HXF.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
HXF.TO
Basic Materials
ZWB.TO
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HXF.TO
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Communication Services
ZWB.TO
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HXF.TO
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Consumer Cyclical
ZWB.TO
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HXF.TO
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Consumer Defensive
ZWB.TO
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HXF.TO
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Energy
ZWB.TO
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HXF.TO
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Healthcare
ZWB.TO
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HXF.TO
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Industrials
ZWB.TO
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HXF.TO
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Real Estate
ZWB.TO
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HXF.TO
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Technology
ZWB.TO
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HXF.TO
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Utilities
ZWB.TO
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HXF.TO
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Return for Risk
ZWB.TO vs. HXF.TO — Risk / Return Rank
ZWB.TO
HXF.TO
ZWB.TO vs. HXF.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 Global X S&P/TSX Capped Financials Index Corporate Class ETF (HXF.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 | HXF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.65 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 5.14 | +1.28 |
| Martin ratioReturn relative to average drawdown | 28.83 | 20.92 | +7.91 |
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 | HXF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.44 | 3.23 | +1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 1.18 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.87 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.82 | -0.08 |
Drawdowns
ZWB.TO vs. HXF.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, roughly equal to the maximum HXF.TO drawdown of -39.77%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and HXF.TO.
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Drawdown Indicators
| ZWB.TO | HXF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -39.77% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -7.94% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -12.90% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -21.66% | -3.60% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -39.77% | +0.41% |
Current DrawdownCurrent decline from peak | -1.85% | -2.56% | +0.71% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -5.09% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.95% | -0.21% |
Volatility
ZWB.TO vs. HXF.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 4.26% compared to Global X S&P/TSX Capped Financials Index Corporate Class ETF (HXF.TO) at 3.84%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than HXF.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 | HXF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 3.84% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.03% | 11.14% | -1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.31% | 12.65% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.63% | 14.46% | -1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 16.94% | -1.26% |
ZWB.TO vs. HXF.TO - Expense Ratio Comparison
ZWB.TO has a 0.71% expense ratio, which is higher than HXF.TO's 0.25% expense ratio.
Dividends
ZWB.TO vs. HXF.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, while HXF.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HXF.TO Global X S&P/TSX Capped Financials Index Corporate Class ETF | 0.00% | 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
ZWB.TO and HXF.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXF.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXF.TO is cheaper with a 0.25% expense ratio, compared with 0.71% for ZWB.TO.
They also come from different issuers: BMO and Global X. Their fees differ too: 0.71% for ZWB.TO and 0.25% for HXF.TO.
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