ZWB.TO vs. XBAL.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and XBAL.TO (iShares Core Balanced ETF Portfolio) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while XBAL.TO is a Diversified Portfolio fund actively managed by iShares. Both are actively managed. Over the past 10 years, ZWB.TO returned 12.43%/yr vs 7.64%/yr for XBAL.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZWB.TO charges 0.71%/yr vs 0.20%/yr for XBAL.TO.
Performance
ZWB.TO vs. XBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWB.TO achieves a 18.31% return, which is significantly higher than XBAL.TO's 7.00% return. Over the past 10 years, ZWB.TO has outperformed XBAL.TO with an annualized return of 12.43%, while XBAL.TO has yielded a comparatively lower 7.64% annualized return.
ZWB.TO
- 1D
- 0.35%
- 1M
- 5.16%
- YTD
- 18.31%
- 6M
- 20.90%
- 1Y
- 52.20%
- 3Y*
- 26.73%
- 5Y*
- 14.38%
- 10Y*
- 12.43%
XBAL.TO
- 1D
- -1.00%
- 1M
- 1.25%
- YTD
- 7.00%
- 6M
- 5.87%
- 1Y
- 16.40%
- 3Y*
- 14.11%
- 5Y*
- 7.96%
- 10Y*
- 7.64%
ZWB.TO vs. XBAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWB.TO BMO Covered Call Canadian Banks ETF | 18.31% | 34.91% | 19.41% | 6.67% | -11.00% | 30.81% | 1.68% | 14.32% | -8.08% | 11.52% |
XBAL.TO iShares Core Balanced ETF Portfolio | 7.00% | 11.90% | 15.80% | 13.05% | -11.16% | 10.16% | 10.73% | 15.34% | -2.73% | 5.55% |
Correlation
The correlation between ZWB.TO and XBAL.TO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.51 |
The correlation between ZWB.TO and XBAL.TO shifts across timeframes, from 0.51 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
ZWB.TO vs. XBAL.TO - Sectors Allocation Comparison
Sectors
ZWB.TO
XBAL.TO
Financial Services
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Healthcare
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
ZWB.TO
XBAL.TO
Basic Materials
ZWB.TO
-
XBAL.TO
Communication Services
ZWB.TO
-
XBAL.TO
Consumer Cyclical
ZWB.TO
-
XBAL.TO
Consumer Defensive
ZWB.TO
-
XBAL.TO
Energy
ZWB.TO
-
XBAL.TO
Healthcare
ZWB.TO
-
XBAL.TO
Industrials
ZWB.TO
-
XBAL.TO
Real Estate
ZWB.TO
-
XBAL.TO
Technology
ZWB.TO
-
XBAL.TO
Utilities
ZWB.TO
-
XBAL.TO
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Return for Risk
ZWB.TO vs. XBAL.TO — Risk / Return Rank
ZWB.TO
XBAL.TO
ZWB.TO vs. XBAL.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 Core Balanced ETF Portfolio (XBAL.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 | XBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.36 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.71 | 2.72 | +3.99 |
| Martin ratioReturn relative to average drawdown | 30.11 | 11.39 | +18.72 |
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 | XBAL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.62 | 1.92 | +2.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 0.91 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.79 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.65 | +0.10 |
Drawdowns
ZWB.TO vs. XBAL.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than XBAL.TO's maximum drawdown of -28.55%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and XBAL.TO.
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Drawdown Indicators
| ZWB.TO | XBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -28.55% | -10.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -6.06% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -9.34% | -4.71% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -17.10% | -8.16% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -20.93% | -18.43% |
Current DrawdownCurrent decline from peak | -0.10% | -1.20% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -3.36% | -2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.44% | +0.30% |
Volatility
ZWB.TO vs. XBAL.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 3.89% compared to iShares Core Balanced ETF Portfolio (XBAL.TO) at 3.07%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than XBAL.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 | XBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 3.07% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 7.30% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 8.59% | +2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.64% | 8.81% | +3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 9.77% | +5.91% |
ZWB.TO vs. XBAL.TO - Expense Ratio Comparison
ZWB.TO has a 0.71% expense ratio, which is higher than XBAL.TO's 0.20% expense ratio.
Dividends
ZWB.TO vs. XBAL.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 4.93%, more than XBAL.TO's 2.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XBAL.TO iShares Core Balanced ETF Portfolio | 2.13% | 2.27% | 2.72% | 2.43% | 2.12% | 1.78% | 2.04% | 2.31% | 3.47% | 3.00% | 3.72% | 3.38% |
ZWB.TO BMO Covered Call Canadian Banks ETF | 4.93% | 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 XBAL.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBAL.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBAL.TO is cheaper with a 0.20% expense ratio, compared with 0.71% for ZWB.TO.
ZWB.TO is categorized as Financials Equities, while XBAL.TO is Diversified Portfolio. They also come from different issuers: BMO and iShares. Their fees differ too: 0.71% for ZWB.TO and 0.20% for XBAL.TO.
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