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ZWB.TO vs. XIU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWB.TO vs. XIU.TO

Last updated Jun 9, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) and XIU.TO (iShares S&P/TSX 60 Index ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index. ZWB.TO is actively managed, while XIU.TO is passively managed. Over the past 10 years, ZWB.TO returned 12.43%/yr vs 12.76%/yr for XIU.TO. A 0.77 correlation means they provide meaningful diversification when combined. ZWB.TO charges 0.71%/yr vs 0.18%/yr for XIU.TO.

Performance

ZWB.TO vs. XIU.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 iShares S&P/TSX 60 Index ETF (XIU.TO). The values are adjusted to include any dividend payments, if applicable.

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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 XIU.TO's 9.69% return. Both investments have delivered pretty close results over the past 10 years, with ZWB.TO having a 12.43% annualized return and XIU.TO not far ahead at 12.76%.

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%

XIU.TO

1D
0.26%
1M
2.33%
YTD
9.69%
6M
11.69%
1Y
31.18%
3Y*
22.55%
5Y*
14.33%
10Y*
12.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XIU.TO
iShares S&P/TSX 60 Index ETF		9.69%28.89%20.73%11.85%-6.35%28.06%5.27%21.81%-7.82%9.58%

Correlation

The correlation between ZWB.TO and XIU.TO is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2011

0.77

The correlation between ZWB.TO and XIU.TO has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

ZWB.TO vs. XIU.TO - Sectors Allocation Comparison

Sectors
ZWB.TO
XIU.TO

Financial Services

100.0%
39.4%

Basic Materials

-

13.3%

Communication Services

-

2.0%

Consumer Cyclical

-

4.1%

Consumer Defensive

-

3.2%

Energy

-

18.6%

Healthcare

-

-

Industrials

-

7.9%

Real Estate

-

0.2%

Technology

-

8.8%

Utilities

-

2.6%

Financial Services

ZWB.TO
100.0%
XIU.TO
39.4%

Basic Materials

ZWB.TO

-

XIU.TO
13.3%

Communication Services

ZWB.TO

-

XIU.TO
2.0%

Consumer Cyclical

ZWB.TO

-

XIU.TO
4.1%

Consumer Defensive

ZWB.TO

-

XIU.TO
3.2%

Energy

ZWB.TO

-

XIU.TO
18.6%

Healthcare

ZWB.TO

-

XIU.TO

-

Industrials

ZWB.TO

-

XIU.TO
7.9%

Real Estate

ZWB.TO

-

XIU.TO
0.2%

Technology

ZWB.TO

-

XIU.TO
8.8%

Utilities

ZWB.TO

-

XIU.TO
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Covered Call Canadian Banks ETF

iShares S&P/TSX 60 Index ETF

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Often compared with XIU.TO:
XIU.TO vs. XIC.TOXIU.TO vs. ZCN.TOXIU.TO vs. XDIV.TOXIU.TO vs. XSP.TOXIU.TO vs. HXT.TOXIU.TO vs. SPYXIU.TO vs. XIT.TO

Return for Risk

ZWB.TO vs. XIU.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: 9696
Overall Rank
ZWB.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
ZWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
ZWB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9595
Martin Ratio Rank
XIU.TO
XIU.TO Risk / Return Rank: 8686
Overall Rank
XIU.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XIU.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
XIU.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XIU.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XIU.TO Martin Ratio Rank: 9090
Martin Ratio Rank
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. XIU.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 S&P/TSX 60 Index ETF (XIU.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.TOXIU.TODifference
Sharpe ratioReturn per unit of total volatility
4.62
2.62

+1.99

Sortino ratioReturn per unit of downside risk
6.38
3.49

+2.89

Omega ratioGain probability vs. loss probability

1.89

1.47

+0.42

Calmar ratioReturn relative to maximum drawdown

6.71

4.09

+2.61

Martin ratioReturn relative to average drawdown

30.11

18.93

+11.18

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. XIU.TO - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 4.62, which is higher than the XIU.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of ZWB.TO and XIU.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.

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Sharpe Ratios by Period

ZWB.TOXIU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.62

2.62

+1.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

1.12

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

0.85

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

0.55

+0.20

Drawdowns

ZWB.TO vs. XIU.TO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, smaller than the maximum XIU.TO drawdown of -46.98%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and XIU.TO.

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Drawdown Indicators

ZWB.TOXIU.TODifference

Max Drawdown

Largest peak-to-trough decline

-39.36%

-46.98%

+7.62%

Max Drawdown (1Y)

Largest decline over 1 year

-7.82%

-7.65%

-0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-14.05%

-12.36%

-1.69%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-16.36%

-8.90%

Max Drawdown (10Y)

Largest decline over 10 years

-39.36%

-35.46%

-3.90%

Current Drawdown

Current decline from peak

-0.10%

-1.68%

+1.58%

Average Drawdown

Average peak-to-trough decline

-5.56%

-6.85%

+1.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.74%

1.65%

+0.09%

Volatility

ZWB.TO vs. XIU.TO - Volatility Comparison

BMO Covered Call Canadian Banks ETF (ZWB.TO) and iShares S&P/TSX 60 Index ETF (XIU.TO) have volatilities of 3.89% and 3.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWB.TOXIU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.89%

3.96%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.91%

9.56%

+0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

11.39%

11.97%

-0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.64%

12.82%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.68%

15.02%

+0.66%

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

ZWB.TO has a 0.71% expense ratio, which is higher than XIU.TO's 0.18% expense ratio.

Dividends

ZWB.TO vs. XIU.TO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 4.93%, more than XIU.TO's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
XIU.TO
iShares S&P/TSX 60 Index ETF		2.21%2.39%2.92%3.16%3.02%2.43%3.03%2.87%3.18%2.58%2.65%3.19%
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 XIU.TO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.71% for ZWB.TO.

ZWB.TO is categorized as Financials Equities, while XIU.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.71% for ZWB.TO and 0.18% for XIU.TO.

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