ZWB.TO vs. SIXY.TO

Last updated Jun 24, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and SIXY.TO (Evolve Big Six Canadian Banks UltraYield Index ETF) are both Financials Equities funds. ZWB.TO is actively managed, while SIXY.TO is passively managed. With a 0.99 correlation, they move nearly in lockstep. ZWB.TO charges 0.72%/yr vs 0.60%/yr for SIXY.TO.

Performance

ZWB.TO vs. SIXY.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 Big Six Canadian Banks UltraYield Index ETF (SIXY.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 26.23% return, which is significantly lower than SIXY.TO's 28.03% 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%

SIXY.TO

• 1D: 0.35%
• 1M: 8.45%
• YTD: 28.03%
• 6M: 27.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
ZWB.TO BMO Covered Call Canadian Banks ETF	26.23%	5.52%
SIXY.TO Evolve Big Six Canadian Banks UltraYield Index ETF	28.03%	6.25%

Correlation

The correlation between ZWB.TO and SIXY.TO is 0.99 - 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 Dec 2, 2025	0.99

Return for Risk

ZWB.TO vs. SIXY.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: 97
ZWB.TO Sharpe Ratio Rank: 98
ZWB.TO Sortino Ratio Rank: 98
ZWB.TO Omega Ratio Rank: 98
ZWB.TO Calmar Ratio Rank: 95
ZWB.TO Martin Ratio Rank: 96

SIXY.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SIXY.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 Big Six Canadian Banks UltraYield Index ETF (SIXY.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	SIXY.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.36	—	—
Sortino ratio: Return per unit of downside risk	7.28	—	—
Omega ratio: Gain probability vs. loss probability	2.02	—	—
Calmar ratio: Return relative to maximum drawdown	7.89	—	—
Martin ratio: Return relative to average drawdown	35.44	—	—

Drawdowns

ZWB.TO vs. SIXY.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than SIXY.TO's maximum drawdown of -9.64%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and SIXY.TO.

Drawdown Indicators

	ZWB.TO	SIXY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-9.64%	-29.72%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.54%	-1.64%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	—	—

Volatility

Volatility by Period

	ZWB.TO	SIXY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	16.68%	-5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	16.68%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	16.68%	-1.01%

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

ZWB.TO has a 0.72% expense ratio, which is higher than SIXY.TO's 0.60% expense ratio.

Dividends

ZWB.TO vs. SIXY.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 4.62%, less than SIXY.TO's 8.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIXY.TO Evolve Big Six Canadian Banks UltraYield Index ETF	8.78%	1.59%	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	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

Can I hold both ZWB.TO and SIXY.TO in my portfolio?

With a correlation of 0.99, ZWB.TO and SIXY.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.

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

On fees, SIXY.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 SIXY.TO?

SIXY.TO is cheaper with a 0.60% expense ratio, compared with 0.72% for ZWB.TO.

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

They also come from different issuers: BMO and Evolve. Their fees differ too: 0.72% for ZWB.TO and 0.60% for SIXY.TO.