ZWB.TO vs. OILY.TO

Last updated Jun 4, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and OILY.TO (Evolve Canadian Energy Enhanced Yield Index Fund ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while OILY.TO is a Energy Equities fund tracking the Solactive Canada Energy Top 10 Index. ZWB.TO is actively managed, while OILY.TO is passively managed. Over the past year, ZWB.TO returned 49.97% vs 50.69% for OILY.TO. At a correlation of -0.06, they often move in opposite directions. ZWB.TO charges 0.71%/yr vs 0.60%/yr for OILY.TO.

Performance

ZWB.TO vs. OILY.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 Evolve Canadian Energy Enhanced Yield Index Fund ETF (OILY.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 lower than OILY.TO's 35.40% 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%

OILY.TO

• 1D: 1.11%
• 1M: 1.56%
• YTD: 35.40%
• 6M: 30.26%
• 1Y: 50.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
ZWB.TO BMO Covered Call Canadian Banks ETF	16.23%	38.97%
OILY.TO Evolve Canadian Energy Enhanced Yield Index Fund ETF	35.40%	3.96%

Correlation

The correlation between ZWB.TO and OILY.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.06

Return for Risk

ZWB.TO vs. OILY.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

OILY.TO

OILY.TO Risk / Return Rank: 77
OILY.TO Sharpe Ratio Rank: 80
OILY.TO Sortino Ratio Rank: 72
OILY.TO Omega Ratio Rank: 72
OILY.TO Calmar Ratio Rank: 84
OILY.TO Martin Ratio Rank: 74

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. OILY.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 Evolve Canadian Energy Enhanced Yield Index Fund ETF (OILY.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	OILY.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	2.64	+1.80
Sortino ratio: Return per unit of downside risk	6.16	3.29	+2.86
Omega ratio: Gain probability vs. loss probability	1.86	1.43	+0.42
Calmar ratio: Return relative to maximum drawdown	6.42	4.57	+1.85
Martin ratio: Return relative to average drawdown	28.83	14.01	+14.82
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. OILY.TO - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 4.44, which is higher than the OILY.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of ZWB.TO and OILY.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	OILY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	2.64	+1.80
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	1.35	-0.61

Drawdowns

ZWB.TO vs. OILY.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than OILY.TO's maximum drawdown of -22.70%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and OILY.TO.

Drawdown Indicators

	ZWB.TO	OILY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-22.70%	-16.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-11.14%	+3.32%
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%	-3.20%	+1.35%
Average Drawdown Average peak-to-trough decline	-5.56%	-4.49%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	3.63%	-1.89%

Volatility

ZWB.TO vs. OILY.TO - Volatility Comparison

The current volatility for BMO Covered Call Canadian Banks ETF (ZWB.TO) is 4.26%, while Evolve Canadian Energy Enhanced Yield Index Fund ETF (OILY.TO) has a volatility of 7.95%. This indicates that ZWB.TO experiences smaller price fluctuations and is considered to be less risky than OILY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWB.TO	OILY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	7.95%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	16.44%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	19.34%	-8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	25.01%	-12.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	25.01%	-9.33%

ZWB.TO vs. OILY.TO - Expense Ratio Comparison

ZWB.TO has a 0.71% expense ratio, which is higher than OILY.TO's 0.60% expense ratio.

Dividends

ZWB.TO vs. OILY.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, less than OILY.TO's 12.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OILY.TO Evolve Canadian Energy Enhanced Yield Index Fund ETF	12.68%	11.50%	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 OILY.TO in my portfolio?

ZWB.TO and OILY.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWB.TO or OILY.TO?

On fees, OILY.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWB.TO or OILY.TO?

OILY.TO is cheaper with a 0.60% expense ratio, compared with 0.71% for ZWB.TO.

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

ZWB.TO is categorized as Financials Equities, while OILY.TO is Energy Equities. They also come from different issuers: BMO and Evolve. Their fees differ too: 0.71% for ZWB.TO and 0.60% for OILY.TO.