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

ZWB.TO vs. XYLD

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Covered Call Canadian Banks ETF (ZWB.TO) and Global X S&P 500 Covered Call ETF (XYLD).

ZWB.TO and XYLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZWB.TO is an actively managed fund by BMO. It was launched on Jan 9, 2024. XYLD is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Jun 24, 2013.

Performance

ZWB.TO vs. XYLD - 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 Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

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ZWB.TO vs. XYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZWB.TO
BMO Covered Call Canadian Banks ETF		1.45%34.91%19.41%6.67%-11.00%30.81%1.68%14.32%-8.08%11.52%
XYLD
Global X S&P 500 Covered Call ETF		0.30%3.06%29.75%8.65%-5.79%18.51%-2.24%15.44%1.87%9.07%
Different Trading Currencies

ZWB.TO is traded in CAD, while XYLD is traded in USD. To make them comparable, the XYLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWB.TO achieves a 1.45% return, which is significantly higher than XYLD's 0.30% return. Over the past 10 years, ZWB.TO has outperformed XYLD with an annualized return of 11.23%, while XYLD has yielded a comparatively lower 8.59% annualized return.

ZWB.TO

1D
2.55%
1M
-3.53%
YTD
1.45%
6M
13.31%
1Y
42.34%
3Y*
19.89%
5Y*
12.56%
10Y*
11.23%

XYLD

1D
1.89%
1M
-1.05%
YTD
0.30%
6M
5.24%
1Y
6.85%
3Y*
11.26%
5Y*
9.18%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

Global X S&P 500 Covered Call ETF

Often compared with ZWB.TO:
ZWB.TO vs. ZEB.TOZWB.TO vs. ZWC.TOZWB.TO vs. VDY.TOZWB.TO vs. VFV.TOZWB.TO vs. XDIV.TOZWB.TO vs. SRU-UN.TOZWB.TO vs. RBNK.TO
Often compared with XYLD:
XYLD vs. JEPIXYLD vs. QYLDXYLD vs. SPYXYLD vs. RYLDXYLD vs. XYLGXYLD vs. VOOXYLD vs. HYLD.TO

ZWB.TO vs. XYLD - Expense Ratio Comparison

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

ZWB.TO
BMO Covered Call Canadian Banks ETF
XYLD
Global X S&P 500 Covered Call ETF

Return for Risk

ZWB.TO vs. XYLD — 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: 9898
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: 9898
Omega Ratio Rank
ZWB.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
ZWB.TO Martin Ratio Rank: 9797
Martin Ratio Rank
XYLD
XYLD Risk / Return Rank: 5656
Overall Rank
XYLD Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
XYLD Sortino Ratio Rank: 4848
Sortino Ratio Rank
XYLD Omega Ratio Rank: 7171
Omega Ratio Rank
XYLD Calmar Ratio Rank: 4747
Calmar Ratio Rank
XYLD Martin Ratio Rank: 6969
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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Canadian Banks ETF (ZWB.TO) and Global X S&P 500 Covered Call ETF (XYLD). 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.TOXYLDDifference

Sharpe ratio

Return per unit of total volatility

3.44

0.49

+2.95

Sortino ratio

Return per unit of downside risk

4.46

0.77

+3.68

Omega ratio

Gain probability vs. loss probability

1.70

1.14

+0.57

Calmar ratio

Return relative to maximum drawdown

5.30

0.76

+4.54

Martin ratio

Return relative to average drawdown

21.45

2.58

+18.87

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. XYLD - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 3.44, which is higher than the XYLD Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of ZWB.TO and XYLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZWB.TOXYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.44

0.49

+2.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

0.87

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.72

0.64

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.77

-0.09

Correlation

The correlation between ZWB.TO and XYLD is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZWB.TO vs. XYLD - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.49%, less than XYLD's 10.98% yield.

TTM20252024202320222021202020192018201720162015
ZWB.TO
BMO Covered Call Canadian Banks ETF		5.49%5.38%6.66%7.62%7.30%5.46%5.80%5.53%5.59%4.80%5.04%5.64%
XYLD
Global X S&P 500 Covered Call ETF		10.98%10.51%11.54%10.51%13.43%9.07%7.93%5.76%7.12%5.18%3.23%4.65%

Drawdowns

ZWB.TO vs. XYLD - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, which is greater than XYLD's maximum drawdown of -27.20%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and XYLD.

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Drawdown Indicators

ZWB.TOXYLDDifference

Max Drawdown

Largest peak-to-trough decline

-39.36%

-33.46%

-5.90%

Max Drawdown (1Y)

Largest decline over 1 year

-8.10%

-10.14%

+2.04%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-18.66%

-6.60%

Max Drawdown (10Y)

Largest decline over 10 years

-39.36%

-33.46%

-5.90%

Current Drawdown

Current decline from peak

-5.09%

-3.39%

-1.70%

Average Drawdown

Average peak-to-trough decline

-5.61%

-3.76%

-1.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.00%

1.72%

+0.28%

Volatility

ZWB.TO vs. XYLD - Volatility Comparison

BMO Covered Call Canadian Banks ETF (ZWB.TO) has a higher volatility of 5.80% compared to Global X S&P 500 Covered Call ETF (XYLD) at 4.03%. This indicates that ZWB.TO's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWB.TOXYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

4.03%

+1.77%

Volatility (6M)

Calculated over the trailing 6-month period

9.17%

6.48%

+2.69%

Volatility (1Y)

Calculated over the trailing 1-year period

12.37%

14.00%

-1.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.43%

10.59%

+1.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.62%

13.53%

+2.09%