ZWB.TO vs. ZEO

Last updated Jun 4, 2026

ZWB.TO (BMO Covered Call Canadian Banks ETF) is Financials Equities fund actively managed by BMO, while ZEO (Zeo Energy Corp) is a stock. Over the past 3 years, ZWB.TO returned 25.69%/yr vs -57.44%/yr for ZEO. At a correlation of -0.08, they often move in opposite directions.

Performance

ZWB.TO vs. ZEO - 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 Zeo Energy Corp (ZEO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZWB.TO is traded in CAD, while ZEO is traded in USD. To make them comparable, the ZEO 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 16.23% return, which is significantly higher than ZEO's -25.65% return.

ZWB.TO

• 1D: -0.31%
• 1M: 5.06%
• YTD: 16.23%
• 6M: 21.03%
• 1Y: 49.97%
• 3Y*: 25.69%
• 5Y*: 13.82%
• 10Y*: 12.24%

ZEO

• 1D: -13.03%
• 1M: -16.72%
• YTD: -25.65%
• 6M: -33.02%
• 1Y: -71.46%
• 3Y*: -57.44%
• 5Y*: —
• 10Y*: —

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

ZWB.TO vs. ZEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZWB.TO BMO Covered Call Canadian Banks ETF	16.23%	34.91%	19.41%	6.67%	-11.00%	1.35%
ZEO Zeo Energy Corp	-25.65%	-69.68%	-66.92%	6.50%	11.66%	-0.31%

Correlation

The correlation between ZWB.TO and ZEO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	-0.08

The correlation between ZWB.TO and ZEO shifts across timeframes, from -0.08 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZWB.TO vs. ZEO — 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: 95
ZWB.TO Sharpe Ratio Rank: 96
ZWB.TO Sortino Ratio Rank: 97
ZWB.TO Omega Ratio Rank: 97
ZWB.TO Calmar Ratio Rank: 92
ZWB.TO Martin Ratio Rank: 94

ZEO

ZEO Risk / Return Rank: 12
ZEO Sharpe Ratio Rank: 12
ZEO Sortino Ratio Rank: 10
ZEO Omega Ratio Rank: 13
ZEO Calmar Ratio Rank: 8
ZEO Martin Ratio Rank: 15

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. ZEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Covered Call Canadian Banks ETF (ZWB.TO) and Zeo Energy Corp (ZEO). 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	ZEO	Difference
Sharpe ratio: Return per unit of total volatility	4.44	-0.68	+5.12
Sortino ratio: Return per unit of downside risk	6.16	-1.07	+7.22
Omega ratio: Gain probability vs. loss probability	1.86	0.89	+0.97
Calmar ratio: Return relative to maximum drawdown	6.42	-0.86	+7.28
Martin ratio: Return relative to average drawdown	28.83	-1.19	+30.02
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. ZEO - Sharpe Ratio Comparison

The current ZWB.TO Sharpe Ratio is 4.44, which is higher than the ZEO Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of ZWB.TO and ZEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZWB.TO	ZEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	-0.68	+5.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	-0.33	+1.07

Drawdowns

ZWB.TO vs. ZEO - Drawdown Comparison

The maximum ZWB.TO drawdown since its inception was -39.36%, smaller than the maximum ZEO drawdown of -95.16%. Use the drawdown chart below to compare losses from any high point for ZWB.TO and ZEO.

Drawdown Indicators

	ZWB.TO	ZEO	Difference
Max Drawdown Largest peak-to-trough decline	-39.36%	-95.16%	+55.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-83.57%	+75.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-95.16%	+81.11%
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	-1.85%	-92.90%	+91.05%
Average Drawdown Average peak-to-trough decline	-5.56%	-41.38%	+35.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	59.84%	-58.10%

Volatility

ZWB.TO vs. ZEO - Volatility Comparison

The current volatility for BMO Covered Call Canadian Banks ETF (ZWB.TO) is 4.26%, while Zeo Energy Corp (ZEO) has a volatility of 26.27%. This indicates that ZWB.TO experiences smaller price fluctuations and is considered to be less risky than ZEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWB.TO	ZEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	26.27%	-22.01%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	75.81%	-65.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	106.83%	-95.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	129.37%	-116.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	129.37%	-113.69%

Dividends

ZWB.TO vs. ZEO - Dividend Comparison

ZWB.TO's dividend yield for the trailing twelve months is around 5.02%, while ZEO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZEO Zeo Energy Corp	0.00%	0.00%	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	5.02%	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 ZEO in my portfolio?

ZWB.TO and ZEO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.