ZWB.TO vs. XSB.TO
ZWB.TO (BMO Covered Call Canadian Banks ETF) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - ZWB.TO is a Financials Equities fund actively managed by BMO, while XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. ZWB.TO is actively managed, while XSB.TO is passively managed. Over the past 10 years, ZWB.TO returned 12.43%/yr vs 1.93%/yr for XSB.TO. At a correlation of -0.09, they often move in opposite directions. ZWB.TO charges 0.71%/yr vs 0.10%/yr for XSB.TO.
Performance
ZWB.TO vs. XSB.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 XSB.TO's 0.80% return. Over the past 10 years, ZWB.TO has outperformed XSB.TO with an annualized return of 12.43%, while XSB.TO has yielded a comparatively lower 1.93% 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%
XSB.TO
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.80%
- 6M
- 1.10%
- 1Y
- 2.95%
- 3Y*
- 4.78%
- 5Y*
- 1.98%
- 10Y*
- 1.93%
ZWB.TO vs. XSB.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% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 0.80% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
Correlation
The correlation between ZWB.TO and XSB.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | -0.09 |
The correlation between ZWB.TO and XSB.TO shifts across timeframes, from -0.09 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZWB.TO vs. XSB.TO — Risk / Return Rank
ZWB.TO
XSB.TO
ZWB.TO vs. XSB.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 Canadian Short Term Bond Index ETF (XSB.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 | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.12 | ||
| Sortino ratioReturn per unit of downside risk | +4.26 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.29 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 6.71 | 2.01 | +4.69 |
| Martin ratioReturn relative to average drawdown | 30.11 | 6.68 | +23.42 |
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 | XSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.62 | 1.49 | +3.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 0.73 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.57 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.97 | -0.22 |
Drawdowns
ZWB.TO vs. XSB.TO - Drawdown Comparison
The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and XSB.TO.
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Drawdown Indicators
| ZWB.TO | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.36% | -8.65% | -30.71% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -1.47% | -6.35% |
Max Drawdown (3Y)Largest decline over 3 years | -14.05% | -1.47% | -12.58% |
Max Drawdown (5Y)Largest decline over 5 years | -25.26% | -6.99% | -18.27% |
Max Drawdown (10Y)Largest decline over 10 years | -39.36% | -8.65% | -30.71% |
Current DrawdownCurrent decline from peak | -0.10% | -0.34% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -0.79% | -4.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.44% | +1.30% |
Volatility
ZWB.TO vs. XSB.TO - Volatility Comparison
BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 3.89% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.75%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than XSB.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 | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 0.75% | +3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 1.68% | +8.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 1.99% | +9.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.64% | 2.72% | +9.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 3.40% | +12.28% |
ZWB.TO vs. XSB.TO - Expense Ratio Comparison
ZWB.TO has a 0.71% expense ratio, which is higher than XSB.TO's 0.10% expense ratio.
Dividends
ZWB.TO vs. XSB.TO - Dividend Comparison
ZWB.TO's dividend yield for the trailing twelve months is around 4.93%, more than XSB.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.11% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
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 XSB.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.71% for ZWB.TO.
ZWB.TO is categorized as Financials Equities, while XSB.TO is Canadian Government Bonds. They also come from different issuers: BMO and iShares. Their fees differ too: 0.71% for ZWB.TO and 0.10% for XSB.TO.
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